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 maintain our Neutral rating, as the valuation metrics suggest the stock is attractive from a fundamental standpoint, offering roughly 19% upside to our new fair value of Bt1.82 and a 1H25 dividend yield of 3.3% (DPS of Bt0.05, XD on August 28).</li><li>A key highlight supporting this quarter’s earnings was the drop in SG&amp;A expenses to just 15.4% of total revenue, compared with 19.6% in 2Q24.</li><li>SIRI reported 2Q25 net profit of Bt1.21bn (-12% YoY, +49% QoQ), beating market expectations by 14%, mainly due to lower-than-expected administrative expenses.</li></ul>

We maintain our Neutral rating, as the valuation metrics suggest the stock is attractive from a fundamental standpoint, offering roughly 19% upside to our new fair value of Bt1.82 and a 1H25 dividend yield of 3.3% (DPS of Bt0.05, XD on August 28).A key highlight supporting this quarter’s earnings was the drop in SG&amp;A expenses to just 15.4% of total revenue, compared with 19.6% in 2Q24.SIRI reported 2Q25 net profit of Bt1.21bn (-12% YoY, +49% QoQ), beating market expectations by 14%, mainly due to lower-than-expected administrative expenses.

SANSIRI Plc. (SIRI): Upbeat 2Q25 Earnings; To Accelerate In 2H25E

Sansiri Public

SANSIRI Plc. (SIRI): Upbeat 2Q25 Earnings; To Accelerate In 2H25E