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>1Q25 operating profit declined 39% YoY and 42% QoQ, coming in 19% below expectations due to lower-than- expected sales and higher-than-expected operating expenses to sales, which more than offset the better- than-expected GPM.</li><li>Based on the valuation metrics, the short- and long-term fundamental view has been revised to buy (previously undervalued), reflecting 14% upside to the current share price.</li><li>The long-term growth outlook is revised to weak (previously viewed as poor). The tactical view is now limited downside risk (previously very limited upside risk). </li></ul>

1Q25 operating profit declined 39% YoY and 42% QoQ, coming in 19% below expectations due to lower-than- expected sales and higher-than-expected operating expenses to sales, which more than offset the better- than-expected GPM.Based on the valuation metrics, the short- and long-term fundamental view has been revised to buy (previously undervalued), reflecting 14% upside to the current share price.The long-term growth outlook is revised to weak (previously viewed as poor). The tactical view is now limited downside risk (previously very limited upside risk). 

Thai Union Group - Downbeat 1Q25 Earnings