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>Based on the current valuation metrics, our recommendation for AH faces potential downgrade risks, aligned with the revision of our earnings projection to account for the more pronounced deterioration in the 1Q24 GPM than initially anticipated.</li><li>AH reported a 1Q24 net profit of Bt319mn (-43% YoY, +132% QoQ), 8% lower than the market’s expectation due to a deeper- than-expected deterioration of the gross profit margin (GPM).</li><li>Excluding the FX impact, the core profit amounted to Bt301mn (-50% YoY and -28% QoQ).</li></ul>

Based on the current valuation metrics, our recommendation for AH faces potential downgrade risks, aligned with the revision of our earnings projection to account for the more pronounced deterioration in the 1Q24 GPM than initially anticipated.AH reported a 1Q24 net profit of Bt319mn (-43% YoY, +132% QoQ), 8% lower than the market’s expectation due to a deeper- than-expected deterioration of the gross profit margin (GPM).Excluding the FX impact, the core profit amounted to Bt301mn (-50% YoY and -28% QoQ).

Aapico Hitech - Sharp Fall in 1Q24 GPM Pressured Earnings