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 strong 3Q25 core profit of Bt194mn (+21% YoY, +27% QoQ), beating our and the market’s estimates by 12% and 15%, respectively, mainly due to higher-than-expected other income and lower tax expenses.</li><li>We maintain Neutral with an unchanged FV of Bt13.90 to capture its 9% dividend yield.</li><li>Thailand’s auto and agricultural machinery industries should gradually recover in 2026 by 4% and 3%, respectively, supporting continued earnings growth and a high dividend yield of around 9% for SAT next year.</li></ul>

SAT reported a strong 3Q25 core profit of Bt194mn (+21% YoY, +27% QoQ), beating our and the market’s estimates by 12% and 15%, respectively, mainly due to higher-than-expected other income and lower tax expenses.We maintain Neutral with an unchanged FV of Bt13.90 to capture its 9% dividend yield.Thailand’s auto and agricultural machinery industries should gradually recover in 2026 by 4% and 3%, respectively, supporting continued earnings growth and a high dividend yield of around 9% for SAT next year.

Somboon Advance Technology Plc. (SAT): Profit Beat On Higher Other Income And Lower Tax