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

<ul><li>We are in the process of reviewing our rating and revisiting the earnings forecasts following weaker- than-expected 1Q25 profit, which accounted for only 20% of our full-year 2025E estimate.</li><li>The decline was pressured by a shrinking loan portfolio and a narrowing interest spread.</li><li>SAWAD reported a 1Q25 net profit of Bt1.1bn (-12.8% YoY, -10.2% QoQ), which was 8% below market expectations.</li></ul>

We are in the process of reviewing our rating and revisiting the earnings forecasts following weaker- than-expected 1Q25 profit, which accounted for only 20% of our full-year 2025E estimate.The decline was pressured by a shrinking loan portfolio and a narrowing interest spread.SAWAD reported a 1Q25 net profit of Bt1.1bn (-12.8% YoY, -10.2% QoQ), which was 8% below market expectations.

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Srisawad Power 1979

Srisawad Corporation - Weak Earnings Both YoY and QoQ