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>We downgrade our rating to Neutral from Outperform, with a 12-month forward fair value of Bt7.10, based on the earnings yield method and a required return of 4.00%, implying a target PER of 24.8x.</li><li>We remain positive on PSL’s long-term outlook, supported by an industry upcycle driven by US tariff policy.</li><li>We expect PSL to report a 3Q25E net profit of Bt413mn, up 48% YoY from Bt280mn in 3Q24 and reversing from a net loss of Bt43mn in 2Q25.</li></ul>

We downgrade our rating to Neutral from Outperform, with a 12-month forward fair value of Bt7.10, based on the earnings yield method and a required return of 4.00%, implying a target PER of 24.8x.We remain positive on PSL’s long-term outlook, supported by an industry upcycle driven by US tariff policy.We expect PSL to report a 3Q25E net profit of Bt413mn, up 48% YoY from Bt280mn in 3Q24 and reversing from a net loss of Bt43mn in 2Q25.

PRECIOUS SHIPPING Plc. (PSL): Long-Term Uptrend Intact, But Short-Term Seasonal Slowdown Ahead

Precious Shipping

PRECIOUS SHIPPING Plc. (PSL): Long-Term Uptrend Intact, But Short-Term Seasonal Slowdown Ahead