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>Due to increasing negative factors in international markets and a sharp decline in overseas sales in 1Q25, the company has revised down its sales target for this year to a decrease of 10 20% (previously projected growth of 5%) and now expects the gross profit margin to decline by 1- 2% from the 2024 levels (previously expected to remain flat).</li><li>We have revised down our core profit forecasts for 2025- 27E by an average of 23% per year, reflecting lower sales and margins based on a reduced 2025 sales target.</li><li>The valuation metrics now reflect a downgraded assessment of the current fundamentals to undervalued (from buy), along with a neutral tactical stance (previously very limited downside risk).</li></ul>

Due to increasing negative factors in international markets and a sharp decline in overseas sales in 1Q25, the company has revised down its sales target for this year to a decrease of 10 20% (previously projected growth of 5%) and now expects the gross profit margin to decline by 1- 2% from the 2024 levels (previously expected to remain flat).We have revised down our core profit forecasts for 2025- 27E by an average of 23% per year, reflecting lower sales and margins based on a reduced 2025 sales target.The valuation metrics now reflect a downgraded assessment of the current fundamentals to undervalued (from buy), along with a neutral tactical stance (previously very limited downside risk).

Sappe - Lowered Sales Target to –10%-20%; Earnings Forecasts Revised Down

Sappe Pcl

Sappe - Lowered Sales Target to –10%-20%; Earnings Forecasts Revised Down