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>SVI delivered the strongest performance in the sector in 2024, with profit growth of 37% YoY. However, in 2025E we expect profit to decline to Bt638mn (-51% YoY) due to a slowdown in orders in 1H25 as well as significant GPM pressure from the stronger baht.</li><li>Our strategy team views that the baht will continue its appreciation trend, reaching Bt29.7/USD in 2Q26E. This will be a major headwind for SVI’s future outlook.</li><li>We have a Neutral recommendation on SVI with a fair value of Bt6.00, based on a required return of 4.3%, equivalent to a P/E multiple of 17x (mean level).</li></ul>

SVI delivered the strongest performance in the sector in 2024, with profit growth of 37% YoY. However, in 2025E we expect profit to decline to Bt638mn (-51% YoY) due to a slowdown in orders in 1H25 as well as significant GPM pressure from the stronger baht.Our strategy team views that the baht will continue its appreciation trend, reaching Bt29.7/USD in 2Q26E. This will be a major headwind for SVI’s future outlook.We have a Neutral recommendation on SVI with a fair value of Bt6.00, based on a required return of 4.3%, equivalent to a P/E multiple of 17x (mean level).

SVI Plc. (SVI): From An Outperformer Last Year To An Underperformer This Year

SVI Pcl

SVI Plc. (SVI): From An Outperformer Last Year To An Underperformer This Year