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 4Q25E core profit to be flat YoY, reversing our earlier YoY decline view, as effective cost control keeps GPM high at 61% and operating expenses lower.</li><li>We raise 2025–27E core profit by 12–46% on lower-than-expected costs and reduced interest expenses following debt repayment ahead of schedule in 2026E.</li><li>We maintain an Outperform rating, with 17% upside to a 12M FV of Bt2.88 based on a 6.7% required return (from Bt3.20/5.1%), with very limited tactical upside risk.</li></ul>

We expect 4Q25E core profit to be flat YoY, reversing our earlier YoY decline view, as effective cost control keeps GPM high at 61% and operating expenses lower.We raise 2025–27E core profit by 12–46% on lower-than-expected costs and reduced interest expenses following debt repayment ahead of schedule in 2026E.We maintain an Outperform rating, with 17% upside to a 12M FV of Bt2.88 based on a 6.7% required return (from Bt3.20/5.1%), with very limited tactical upside risk.

에라완 그룹(ERW): 비용 절감에 힘입어 2025년 4분기 핵심 이익, 예상치 상회

Erawan Group

에라완 그룹(ERW): 비용 절감에 힘입어 2025년 4분기 핵심 이익, 예상치 상회