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>Weak consumption and fierce competition in the restaurant industry pressure sales, especially for a business size with margins highly sensitive to revenue, leading to a sharp drop in performance.</li><li>We maintain our “Outperform” call with a new 12M FWD fair value of Bt5.55, based on a 5.8% required return, implying a PER of 17.2x (from Bt6.85, 5.7% required return).</li><li>Given the 3Q25E outlook pressured by weak consumer spending, KTX has cut OKJ’s 2025–2027E NP forecasts by 23%, 14%, and 15% to Bt146mn, Bt204mn, and Bt243mn, respectively.</li></ul>

Weak consumption and fierce competition in the restaurant industry pressure sales, especially for a business size with margins highly sensitive to revenue, leading to a sharp drop in performance.We maintain our “Outperform” call with a new 12M FWD fair value of Bt5.55, based on a 5.8% required return, implying a PER of 17.2x (from Bt6.85, 5.7% required return).Given the 3Q25E outlook pressured by weak consumer spending, KTX has cut OKJ’s 2025–2027E NP forecasts by 23%, 14%, and 15% to Bt146mn, Bt204mn, and Bt243mn, respectively.

Pluk Phak Praw Rak Mae Plc. (OKJ): 3Q25E Profit Likely Pressured By Sales Headwinds

Ohhaju

Pluk Phak Praw Rak Mae Plc. (OKJ): 3Q25E Profit Likely Pressured By Sales Headwinds