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 expect the 4Q24E earnings to have improved QoQ, supported by a better market GIM, with negligible stock impacts.</li><li>However, the 2024E net profit is likely to decline YoY, in line with the lower market GIM and stock losses.</li><li>We maintain our 2025-26E earnings forecasts, projecting 2-year core EPS growth at a -21% CAGR, which underperforms the sector.</li></ul>

We expect the 4Q24E earnings to have improved QoQ, supported by a better market GIM, with negligible stock impacts.However, the 2024E net profit is likely to decline YoY, in line with the lower market GIM and stock losses.We maintain our 2025-26E earnings forecasts, projecting 2-year core EPS growth at a -21% CAGR, which underperforms the sector.

Thai Oil  - 4Q24E Earnings to Have Improved QoQ; CFP the Overhang

Thai Oil Pcl

Thai Oil - 4Q24E Earnings to Have Improved QoQ; CFP the Overhang