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. The valuation metrics suggest that the stock is attractive from a fundamental perspective, with the current share price implying upside of approximately 30% to the fair value of Bt1.80 (based on a required return of 15.1%).</li><li>However, this attractiveness is offset by a weak long- term growth outlook, with earnings per share expected to grow at just a CAGR of 4.5% during 2025-27E, compared to the industry average of +6.5%.</li><li>SIRI reported a 1Q25 net profit of Bt814mn (-38% YoY, -35% QoQ), which was 25% and 16% above our and the market’s expectations, respectively.</li></ul>

We maintain our Neutral rating. The valuation metrics suggest that the stock is attractive from a fundamental perspective, with the current share price implying upside of approximately 30% to the fair value of Bt1.80 (based on a required return of 15.1%).However, this attractiveness is offset by a weak long- term growth outlook, with earnings per share expected to grow at just a CAGR of 4.5% during 2025-27E, compared to the industry average of +6.5%.SIRI reported a 1Q25 net profit of Bt814mn (-38% YoY, -35% QoQ), which was 25% and 16% above our and the market’s expectations, respectively.

Sansiri - Softer 1Q25 Profit but Exceeded Expectations

Sansiri Public

Sansiri - Softer 1Q25 Profit but Exceeded Expectations