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

Thematic (Sector/Industry)

Thailand Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Auto production in 1Q25 declined by 15% YoY but recovered by 3% QoQ, driven by concerns over the trade war, which has caused global consumers to be more cautious with spending.</li><li>The soft production is also expected to result in lower revenue and profit for automotive companies in 1Q25E. In the short term, production is expected to continue declining YoY into 2Q25E, as there are still no clear signs of recovery in the industry.</li><li>We have revised down our auto production forecast for this year to 1.44mn units (-2% YoY) and maintain our Underperform rating.</li></ul>

Auto production in 1Q25 declined by 15% YoY but recovered by 3% QoQ, driven by concerns over the trade war, which has caused global consumers to be more cautious with spending.The soft production is also expected to result in lower revenue and profit for automotive companies in 1Q25E. In the short term, production is expected to continue declining YoY into 2Q25E, as there are still no clear signs of recovery in the industry.We have revised down our auto production forecast for this year to 1.44mn units (-2% YoY) and maintain our Underperform rating.

自動車：2025年第1四半期の自動車生産台数は低調、生産予測は144万台に下方修正 - 2025年4月30日