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

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<li>SAT’s GPM likely improved YoY for the fourth consecutive quarter despite lower revenue, leading us to estimate 3Q25 core profit at Bt173mn (+8% YoY, +13% QoQ).</li>
<li>We downgrade our rating from Outperform to Neutral, as the share price has risen close to our fair value of Bt13.90, equivalent to a P/E of 7.7x (–1 S.D.).</li>
<li>We accordingly estimate SAT’s 3Q25 revenue at Bt1.7bn (–10% YoY, +2% QoQ), declining YoY on lower vehicle and agricultural machinery output but rebounding QoQ with stronger agricultural machinery production.</li>
</ul>


SAT’s GPM likely improved YoY for the fourth consecutive quarter despite lower revenue, leading us to estimate 3Q25 core profit at Bt173mn (+8% YoY, +13% QoQ).
We downgrade our rating from Outperform to Neutral, as the share price has risen close to our fair value of Bt13.90, equivalent to a P/E of 7.7x (–1 S.D.).
We accordingly estimate SAT’s 3Q25 revenue at Bt1.7bn (–10% YoY, +2% QoQ), declining YoY on lower vehicle and agricultural machinery output but rebounding QoQ with stronger agricultural machinery production.


SOMBOON ADVANCE TECHNOLOGY Plc. (SAT): GPM To Drive Earnings Despite Lower Revenue