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>MASTER’s 3Q25 net profit dropped 18% QoQ and 60% YoY to Bt43mn, 6% below our estimate due to higher-than-expected service costs.</li><li>We maintain a Buy call as the stock has largely priced in weak results. It offers 44% upside to our new fair value (FV) of Bt13.10 (from Bt14.80), with limited tactical downside (from Neutral previously).</li><li>4Q25E earnings may recover seasonally but remain soft amid weak domestic demand. We thus lower our 2Y EPS growth forecast to 15% CAGR (from 18%).</li></ul>

MASTER’s 3Q25 net profit dropped 18% QoQ and 60% YoY to Bt43mn, 6% below our estimate due to higher-than-expected service costs.We maintain a Buy call as the stock has largely priced in weak results. It offers 44% upside to our new fair value (FV) of Bt13.10 (from Bt14.80), with limited tactical downside (from Neutral previously).4Q25E earnings may recover seasonally but remain soft amid weak domestic demand. We thus lower our 2Y EPS growth forecast to 15% CAGR (from 18%).

MASTER STYLE Plc. (MASTER): Earnings To Recover In 4Q25E On Seasonality

Master Style

MASTER STYLE Plc. (MASTER): Earnings To Recover In 4Q25E On Seasonality