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

Somboon Advance Technology P / Equity Bottom-Up

<ul><li>Although SAT’s revenue declined by 11% YoY in 1Q25, effective cost control led to an improved GPM and allowed core profit to remain stable at Bt188mn (+3% YoY, -11% QoQ), in line with market expectations.</li><li>The industry outlook remains weak, and we believe auto production will continue to decline YoY until late 3Q25.</li><li>However, SAT may maintain stable profit — outperforming the broader industry — on account of its strong cost management.</li></ul>

Although SAT’s revenue declined by 11% YoY in 1Q25, effective cost control led to an improved GPM and allowed core profit to remain stable at Bt188mn (+3% YoY, -11% QoQ), in line with market expectations.The industry outlook remains weak, and we believe auto production will continue to decline YoY until late 3Q25.However, SAT may maintain stable profit — outperforming the broader industry — on account of its strong cost management.

SAT TB - Stable Profit, Despite Lower Revenue, Thanks to Effective Cost Management