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 4Q25 revenue of Bt4.3bn (+24% YoY, +1% QoQ), driven by mobile growth from iStore expansion.</li><li>GPM is expected at 10.15% (3Q25: 10.19%, 4Q24: 9.07%), easing slightly QoQ due to a higher mobile revenue mix with lower margins, while SG&amp;A to sales is projected to edge up to 8.15% (3Q25: 8.1%, 4Q24: 7.28%) on higher marketing and iStore expansion costs.</li><li>We maintain a Buy rating on ADVICE with an unchanged FV of Bt6.50, supported by standout growth versus peers and the lowest P/E in the sector at 10.8x.</li></ul>

We expect 4Q25 revenue of Bt4.3bn (+24% YoY, +1% QoQ), driven by mobile growth from iStore expansion.GPM is expected at 10.15% (3Q25: 10.19%, 4Q24: 9.07%), easing slightly QoQ due to a higher mobile revenue mix with lower margins, while SG&amp;A to sales is projected to edge up to 8.15% (3Q25: 8.1%, 4Q24: 7.28%) on higher marketing and iStore expansion costs.We maintain a Buy rating on ADVICE with an unchanged FV of Bt6.50, supported by standout growth versus peers and the lowest P/E in the sector at 10.8x.

ADVICE IT INFINITE Plc. (ADVICE): 성장 전망은 여전히 ​​견고함 - 매수 (예상 적정 가치 Bt6.50)

Advice IT

ADVICE IT INFINITE Plc. (ADVICE): 성장 전망은 여전히 견고함 - 매수 (예상 적정 가치 Bt6.50)

Advice IT

ADVICE IT INFINITE Plc. (ADVICE): 성장 전망은 여전히 ​​견고함 - 매수 (예상 적정 가치 Bt6.50)

ADVICE IT INFINITE Plc. (ADVICE): 성장 전망은 여전히 견고함 - 매수 (예상 적정 가치 Bt6.50)