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 hold a neutral view on 1Q25E core profit, which is expected to be flat YoY and QoQ owing to a decline in SSSG, with 1Q25E forecast to account for 24% of the 2025E earnings.</li><li>The valuation metrics suggest maintaining a Neutral rating, reflecting a neutral view on both the current fundamentals and the tactical outlook, alongside weak long-term growth prospects (expect a 9% CAGR over the next three years).</li><li>KTX has revised the fair value to Bt8.25 using the earnings yield method, based on a required return of 6.8%, with updated macro assumptions of Rf = 2.07% and MRP = 5.58% (previously Bt8.80, 5.9%, Rf = 2.27%, and MRP = 4.43%).</li></ul>

We hold a neutral view on 1Q25E core profit, which is expected to be flat YoY and QoQ owing to a decline in SSSG, with 1Q25E forecast to account for 24% of the 2025E earnings.The valuation metrics suggest maintaining a Neutral rating, reflecting a neutral view on both the current fundamentals and the tactical outlook, alongside weak long-term growth prospects (expect a 9% CAGR over the next three years).KTX has revised the fair value to Bt8.25 using the earnings yield method, based on a required return of 6.8%, with updated macro assumptions of Rf = 2.07% and MRP = 5.58% (previously Bt8.80, 5.9%, Rf = 2.27%, and MRP = 4.43%).

ホームプロダクトセンター - 2025年第1四半期のコア利益は前年同期比、前四半期比で安定、SSSGは減少

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ホームプロダクトセンター - 2025年第1四半期のコア利益は前年同期比、前四半期比で安定、SSSGは減少