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>SAT reported a 2Q25 core profit of Bt153mn (+10% YoY, -19% QoQ), in line with our expectations. 1H25 profit accounted for 47% of our full-year forecast of Bt724mn (+3% YoY).</li><li>We continue to believe that the auto industry has passed its trough, which should allow the company to achieve modest growth.</li><li>We upgrade our rating from Neutral to Outperform, raising our target price from Bt13.20 to Bt13.90, based on a revised house view of Rf = 1.45% and MRP = 5.26% (previously 1.48% and 6.83%). Our fair value is equivalent to a P/E of 7.7x (-1 S.D.).</li></ul>

SAT reported a 2Q25 core profit of Bt153mn (+10% YoY, -19% QoQ), in line with our expectations. 1H25 profit accounted for 47% of our full-year forecast of Bt724mn (+3% YoY).We continue to believe that the auto industry has passed its trough, which should allow the company to achieve modest growth.We upgrade our rating from Neutral to Outperform, raising our target price from Bt13.20 to Bt13.90, based on a revised house view of Rf = 1.45% and MRP = 5.26% (previously 1.48% and 6.83%). Our fair value is equivalent to a P/E of 7.7x (-1 S.D.).

Somboon Advance Technology - GPM Continued to Grow Despite Lower Revenue