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>We estimate SAT’s 2Q25E core profit at Bt148mn (+6% YoY, -21% QoQ), showing a solid YoY recovery in line with industry trends, though declining QoQ due to a slowdown in the agricultural machinery customer segment.</li><li>We downgrade our rating from Outperform to Neutral as the share price has moved closer to our fair value, reducing the valuation rating.</li><li>We assess SAT’s fair value at Bt13.20, equivalent to a P/E of 7.1x (-1 S.D.).</li></ul>

We estimate SAT’s 2Q25E core profit at Bt148mn (+6% YoY, -21% QoQ), showing a solid YoY recovery in line with industry trends, though declining QoQ due to a slowdown in the agricultural machinery customer segment.We downgrade our rating from Outperform to Neutral as the share price has moved closer to our fair value, reducing the valuation rating.We assess SAT’s fair value at Bt13.20, equivalent to a P/E of 7.1x (-1 S.D.).

Somboon Advance Technology - Solid GPM to Have Boosted Growth in 2Q25E