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 take a negative view on the outlook for presales and transfers in 2Q25E, which are expected to have remained weak and pressured core profit to have declined both YoY and QoQ, despite partial revenue recognition from asset sales to the WHART fund during the quarter.</li><li>However, we maintain our view that presales will improve in 3Q25E, supported by two major clients, while transfers should pick up in 4Q25E from the recognition of sales to a data center (DC) customer on the third land plot.</li><li>As a result, the long-term average performance is expected to decline by 6%, in line with the industry.</li></ul>

We take a negative view on the outlook for presales and transfers in 2Q25E, which are expected to have remained weak and pressured core profit to have declined both YoY and QoQ, despite partial revenue recognition from asset sales to the WHART fund during the quarter.However, we maintain our view that presales will improve in 3Q25E, supported by two major clients, while transfers should pick up in 4Q25E from the recognition of sales to a data center (DC) customer on the third land plot.As a result, the long-term average performance is expected to decline by 6%, in line with the industry.

Wha Corporation - Expect Low Presales and Transfers in 2Q25E

WHA Corp Pcl

Wha Corporation - Expect Low Presales and Transfers in 2Q25E