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 / Equity Bottom-Up

<ul><li>SAT posted 4Q25 net profit of Bt197mn (-7% YoY, +2% QoQ), 15% / 12% below our and market estimates due to weaker agricultural machinery parts revenue, though GPM expanded for a fifth straight quarter.</li><li>Despite 2025 revenue falling 8% YoY, core profit rose 5% to Bt733mn (4% below our estimate) on strong GPM.</li><li>We remain confident in 2026 growth, supported by a modest pickup in pickup truck production, which should sustain GPM expansion and lift profit to Bt807mn (+11% YoY).</li></ul>

SAT posted 4Q25 net profit of Bt197mn (-7% YoY, +2% QoQ), 15% / 12% below our and market estimates due to weaker agricultural machinery parts revenue, though GPM expanded for a fifth straight quarter.Despite 2025 revenue falling 8% YoY, core profit rose 5% to Bt733mn (4% below our estimate) on strong GPM.We remain confident in 2026 growth, supported by a modest pickup in pickup truck production, which should sustain GPM expansion and lift profit to Bt807mn (+11% YoY).

Somboon Advance Technology Plc. (SAT): Earnings Miss, But Strong GPM...