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 ongoing macroeconomic uncertainties and financial market volatility, we are in the process of reviewing and updating the valuation method for the banking sector. (Previously rated Neutral, FV Bt122.00)</li><li>SCB reported a 1Q25 net profit of Bt12.5bn (+10.8% YoY, +6.8% QoQ), about 5% above both our and the market’s expectations, supported by lower-than-expected expenses.</li><li>Expenses declined (-6.2% YoY, -2.3% QoQ), reflecting effective cost control and the discontinuation of non- profitable operations under Purple Ventures (Robinhood).</li></ul>

Due to ongoing macroeconomic uncertainties and financial market volatility, we are in the process of reviewing and updating the valuation method for the banking sector. (Previously rated Neutral, FV Bt122.00)SCB reported a 1Q25 net profit of Bt12.5bn (+10.8% YoY, +6.8% QoQ), about 5% above both our and the market’s expectations, supported by lower-than-expected expenses.Expenses declined (-6.2% YoY, -2.3% QoQ), reflecting effective cost control and the discontinuation of non- profitable operations under Purple Ventures (Robinhood).

SCB TB - Upbeat 1Q25 Earnings Due to Lower-Than-Expected Expenses

Siam Commercial Bank

SCB TB - Upbeat 1Q25 Earnings Due to Lower-Than-Expected Expenses