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>The 2023 core profit was in line with our expectation, but the 4Q23 core profit fell short of the estimate by 9% due to higher- than-expected operating expenses.</li><li>The firm normally sees higher operating expenses in 2H of each year as it seeks to expand markets to bolster sales for the following year.</li><li>The outlook for 1H each year is supported by the peak sales season for beverages in the domestic and Asian markets.</li></ul>

The 2023 core profit was in line with our expectation, but the 4Q23 core profit fell short of the estimate by 9% due to higher- than-expected operating expenses.The firm normally sees higher operating expenses in 2H of each year as it seeks to expand markets to bolster sales for the following year.The outlook for 1H each year is supported by the peak sales season for beverages in the domestic and Asian markets.

Sappe -Downbeat 4Q23 Earnings but In-Line 2023 Earnings

Sappe Pcl

Sappe -Downbeat 4Q23 Earnings but In-Line 2023 Earnings