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>2Q25 net profit came in above expectations due to higher- than-expected one-off gains (i.e., a gain on bargain purchases and a gain from bond buybacks).</li><li>We maintain our 2025-27E core profit forecasts and our view expecting a -6% CAGR in 2Y core EPS growth, reflecting a flat market GRM and market GIM, as well as higher financing costs to support additional CAPEX for the CFP.</li><li>The valuation metrics indicate a neutral view on the current valuation, with limited share price upside risk, amid the 2Y core EPS growth lagging behind the sector. </li></ul>

2Q25 net profit came in above expectations due to higher- than-expected one-off gains (i.e., a gain on bargain purchases and a gain from bond buybacks).We maintain our 2025-27E core profit forecasts and our view expecting a -6% CAGR in 2Y core EPS growth, reflecting a flat market GRM and market GIM, as well as higher financing costs to support additional CAPEX for the CFP.The valuation metrics indicate a neutral view on the current valuation, with limited share price upside risk, amid the 2Y core EPS growth lagging behind the sector. 

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Thai Oil - Upbeat 2Q25 Earnings Boosted by One-Off Gains