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

Thematic (Sector/Industry)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>The slowdown in automotive output put pressure on both revenue and core profit for the three auto companies under our coverage, resulting in a decline YoY and QoQ in 4Q24.</li><li>This trend is expected to continue into 1Q25E owing to weak demand both domestically and internationally, although a QoQ recovery is anticipated on the back of seasonal factors.</li><li>We foresee a potential rebound in the auto industry in 2H25E, driven by the government’s stimulus measures and greater clarity on the implementation of US reciprocal tariffs. </li></ul>

The slowdown in automotive output put pressure on both revenue and core profit for the three auto companies under our coverage, resulting in a decline YoY and QoQ in 4Q24.This trend is expected to continue into 1Q25E owing to weak demand both domestically and internationally, although a QoQ recovery is anticipated on the back of seasonal factors.We foresee a potential rebound in the auto industry in 2H25E, driven by the government’s stimulus measures and greater clarity on the implementation of US reciprocal tariffs. 

Automotive - Weak Demand on Top of Uncertainty over US Trade Policy