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>2Q25 profit declined 32% YoY and 16% QoQ, as expected, due to weak SSSG and a narrower GPM, alongside higher operating expenses as a percentage of sales on both YoY and QoQ bases.</li><li>This resulted in a 1H25 profit of Bt1.14bn, down 23% YoY, accounting for 57% of our full- year 2025E forecast.</li><li>The 3Q momentum is expected to remain soft, as it is the low season of the year. We maintain our current estimates.</li></ul>

2Q25 profit declined 32% YoY and 16% QoQ, as expected, due to weak SSSG and a narrower GPM, alongside higher operating expenses as a percentage of sales on both YoY and QoQ bases.This resulted in a 1H25 profit of Bt1.14bn, down 23% YoY, accounting for 57% of our full- year 2025E forecast.The 3Q momentum is expected to remain soft, as it is the low season of the year. We maintain our current estimates.

Siam Global House - 2Q25 Earnings Fell 32% YoY and 16% QoQ; SSSG Down 10.7%