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>4Q24 and 2024 profit declined by 22% and 25% YoY, respectively, due to lower sales and margins, as well as higher operating expenses to sales.</li><li>The two-year profit growth estimate is maintained at a 10% CAGR.</li><li>The valuation metrics suggest maintaining a buy view based on the current fundamentals and steady long- term growth prospects, but we adjust the tactical view to limited tactical downside risks (previously very limited downside risks).</li></ul>

4Q24 and 2024 profit declined by 22% and 25% YoY, respectively, due to lower sales and margins, as well as higher operating expenses to sales.The two-year profit growth estimate is maintained at a 10% CAGR.The valuation metrics suggest maintaining a buy view based on the current fundamentals and steady long- term growth prospects, but we adjust the tactical view to limited tactical downside risks (previously very limited downside risks).

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