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 core profit declined YoY and QoQ as expected.</li><li>We estimate that the core operation in 2H25E will drop YoY due to a reduction in assets for sale to the fund, to about Bt700mn (vs. Bt929mn in 4Q24).</li><li>Core profit in 2H25E is also expected to fall HoH, as most 2025E transfers were recognized in 1Q25. </li></ul>

2Q25 core profit declined YoY and QoQ as expected.We estimate that the core operation in 2H25E will drop YoY due to a reduction in assets for sale to the fund, to about Bt700mn (vs. Bt929mn in 4Q24).Core profit in 2H25E is also expected to fall HoH, as most 2025E transfers were recognized in 1Q25. 

Wha Corporation - 2Q25 Earnings Weak as Expected

WHA Corp Pcl

Wha Corporation - 2Q25 Earnings Weak as Expected