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>Core profit for 2Q25E is expected to decline YoY but rise QoQ, as recovering sales and margins should be partially offset by the stronger baht, higher operating expenses, and increased tax payments.</li><li>To reflect the earnings downgrade for ITC, we have revised down TU’s core profit estimates for 2025-27E by an average of 2% per year, resulting in projected core profit growth of a -1% CAGR over the next three years.</li><li>Based on the revised earnings forecasts and updated macroeconomic assumptions, we derive a new fair value of Bt9.20, using a required return of 10.3% (previously Bt11.50 and 8.2%, respectively).</li></ul>

Core profit for 2Q25E is expected to decline YoY but rise QoQ, as recovering sales and margins should be partially offset by the stronger baht, higher operating expenses, and increased tax payments.To reflect the earnings downgrade for ITC, we have revised down TU’s core profit estimates for 2025-27E by an average of 2% per year, resulting in projected core profit growth of a -1% CAGR over the next three years.Based on the revised earnings forecasts and updated macroeconomic assumptions, we derive a new fair value of Bt9.20, using a required return of 10.3% (previously Bt11.50 and 8.2%, respectively).

Thai Union Group - 2Q25E Profit to Decline YoY but Increase QoQ