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

Sri Trang Gloves Thailand  / Equity Bottom-Up

<ul><li>We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PER of 25.7x.</li><li>STGT reported strong net profit in 1Q25, supported by a GPM that hit a three-quarter high, creating upside risk to our estimates.</li><li>However, there is a possibility that margins could decline over the remaining nine months of the year from the 1Q25 level.</li></ul>

We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PER of 25.7x.STGT reported strong net profit in 1Q25, supported by a GPM that hit a three-quarter high, creating upside risk to our estimates.However, there is a possibility that margins could decline over the remaining nine months of the year from the 1Q25 level.

Sri Trang Gloves - Strong 1Q25 Earnings, Supported by an Impressive GPM