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>2025 guidance: The company targets oil sales volume growth of 5-10% YoY and expects the non-oil businesses to drive growth, with non-oil sales revenue (excluding LPG) projected to grow by 40-50% YoY and the GP contribution from non- oil businesses increasing to 30-35%.</li><li>Strong growth expected in non-oil businesses: i) Punthai Coffee remains the flagship business, with 2024 sales revenue growth of 83% YoY and a GPM of 53%, fueled by an aggressive expansion plan to add 600 touchpoints YoY, reaching 1,947 touchpoints in 2025E, with a long-term goal of 5,000 touchpoints by 2028E.</li><li>The expansion will focus on high-potential major districts nationwide. ii) AUTOBACS (automotive service and maintenance centers) aims to expand its customer base, targeting sales revenue of Bt1.7bn in 2025E (2024 sales revenue was recorded at Bt1.0bn, up 76% YoY, with a GPM of 22%). </li></ul>

2025 guidance: The company targets oil sales volume growth of 5-10% YoY and expects the non-oil businesses to drive growth, with non-oil sales revenue (excluding LPG) projected to grow by 40-50% YoY and the GP contribution from non- oil businesses increasing to 30-35%.Strong growth expected in non-oil businesses: i) Punthai Coffee remains the flagship business, with 2024 sales revenue growth of 83% YoY and a GPM of 53%, fueled by an aggressive expansion plan to add 600 touchpoints YoY, reaching 1,947 touchpoints in 2025E, with a long-term goal of 5,000 touchpoints by 2028E.The expansion will focus on high-potential major districts nationwide. ii) AUTOBACS (automotive service and maintenance centers) aims to expand its customer base, targeting sales revenue of Bt1.7bn in 2025E (2024 sales revenue was recorded at Bt1.0bn, up 76% YoY, with a GPM of 22%). 

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