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>4Q24 NP exceeded our expectation by 15%, while 2024 NP was a bit higher (4%) than our estimate.</li><li>The year 2024 performance declined YoY, consistent with the market GIM, along with huge stock losses.</li><li>We maintain our 2025-26E earnings estimates and expect 2-year core EPS growth at a -13% CAGR.</li></ul>

4Q24 NP exceeded our expectation by 15%, while 2024 NP was a bit higher (4%) than our estimate.The year 2024 performance declined YoY, consistent with the market GIM, along with huge stock losses.We maintain our 2025-26E earnings estimates and expect 2-year core EPS growth at a -13% CAGR.

Thai Oil - Upbeat 4Q24 Earnings Due to Hedging Gain; Risks Regarding CFP Remain

Thai Oil Pcl

Thai Oil - Upbeat 4Q24 Earnings Due to Hedging Gain; Risks Regarding CFP Remain