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>We expect the 4Q24E core profit to decline YoY and QoQ, weaker than previously anticipated.</li><li>This prompted us to revise down the 2024E profit forecast by 2% and lower the 2025-26E core profit estimates, reflecting the risk of the 15% GMT implementation.</li><li>Consequently, core profit growth for the next two years is projected at only 5% CAGR.</li></ul>

We expect the 4Q24E core profit to decline YoY and QoQ, weaker than previously anticipated.This prompted us to revise down the 2024E profit forecast by 2% and lower the 2025-26E core profit estimates, reflecting the risk of the 15% GMT implementation.Consequently, core profit growth for the next two years is projected at only 5% CAGR.

Thai Union Group - Weaker than Previously Expected 4Q24E Earnings