Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>AH posted 2Q25 revenue of Bt6.5bn (+% YoY, -3% QoQ), in line with our expectations.</li><li>The auto parts manufacturing business in Thailand and Malaysia grew 8% and 137% YoY, respectively, while revenue from China and Portugal fell 1% and 11% YoY, respectively.</li><li>Although 2Q25 profit came in below our expectations, it still grew YoY, while overall 1H25 profit rose 4% YoY and accounted for 56% of the full-year profit forecast of Bt752mn (+3% YoY).</li></ul>

AH posted 2Q25 revenue of Bt6.5bn (+% YoY, -3% QoQ), in line with our expectations.The auto parts manufacturing business in Thailand and Malaysia grew 8% and 137% YoY, respectively, while revenue from China and Portugal fell 1% and 11% YoY, respectively.Although 2Q25 profit came in below our expectations, it still grew YoY, while overall 1H25 profit rose 4% YoY and accounted for 56% of the full-year profit forecast of Bt752mn (+3% YoY).

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