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 profit came in above expectations, driven by a better-than-expected gross profit margin (GPM) and lower-than-expected operating expenses.</li><li>However, 1H25 core profit was recorded at Bt1.8bn, down 23% YoY, due to an 8% decline in sales (despite an improved GPM and lower operating expenses).</li><li>TU revised its full-year sales target to a 1-2% decline (from the previous +1-3%), implying that 2H25E sales must grow 6% YoY — an ambitious goal given the strong baht and sluggish economy.</li></ul>

2Q25 profit came in above expectations, driven by a better-than-expected gross profit margin (GPM) and lower-than-expected operating expenses.However, 1H25 core profit was recorded at Bt1.8bn, down 23% YoY, due to an 8% decline in sales (despite an improved GPM and lower operating expenses).TU revised its full-year sales target to a 1-2% decline (from the previous +1-3%), implying that 2H25E sales must grow 6% YoY — an ambitious goal given the strong baht and sluggish economy.

Thai Union Group - Upbeat 2Q25 Earnings; Still Challenging in 2H25E