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>The outlook for 2Q25E is negative, with profit expected to have declined by 31% YoY and 15% QoQ due to weak SSSG and a narrower GPM, as well as an increase in operating expenses to sales both YoY and QoQ.</li><li>Momentum in 3Q is typically the low season of the year. Our current forecasts are maintained.</li><li>Valuation metrics: The fundamental view is downgraded to sell (previously neutral), and the tactical upside risk is seen as very limited upside ( previously neutral) , as the share price has risen above the fair value of Bt4. 86 (based on an 8% required return, reflecting a PER of 13x).</li></ul>

The outlook for 2Q25E is negative, with profit expected to have declined by 31% YoY and 15% QoQ due to weak SSSG and a narrower GPM, as well as an increase in operating expenses to sales both YoY and QoQ.Momentum in 3Q is typically the low season of the year. Our current forecasts are maintained.Valuation metrics: The fundamental view is downgraded to sell (previously neutral), and the tactical upside risk is seen as very limited upside ( previously neutral) , as the share price has risen above the fair value of Bt4. 86 (based on an 8% required return, reflecting a PER of 13x).

Siam Global House - 2Q25E 수익은 전년 대비 31%, 전분기 대비 15% 감소할 것으로 예상