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>SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.</li><li>9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.</li><li>We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.</li></ul>

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

Synnex Thailand

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E