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 2Q24E core profit grew further QoQ, but FX losses weighed on net profit, resulting in a weak YoY and QoQ performance.</li><li>The market has acknowledged the weakening IU margin outlook HoH in 2H24E, but the limited growth momentum of electricity sales volume to IUs (in 1H24 at +1% YoY) and the high unrealized forex losses in 1H24 may lead to downward revisions to both our core profit and net profit forecasts, as well as the consensus estimates in 2024E.</li><li>In addition, the FV and stock rating are under review (from Buy and an FV of Bt29.5 currently). </li></ul>

The 2Q24E core profit grew further QoQ, but FX losses weighed on net profit, resulting in a weak YoY and QoQ performance.The market has acknowledged the weakening IU margin outlook HoH in 2H24E, but the limited growth momentum of electricity sales volume to IUs (in 1H24 at +1% YoY) and the high unrealized forex losses in 1H24 may lead to downward revisions to both our core profit and net profit forecasts, as well as the consensus estimates in 2024E.In addition, the FV and stock rating are under review (from Buy and an FV of Bt29.5 currently). 

B.grimm Power - 2Q24 Core Profit Growth QoQ; FX Loss Pressured NP as Expected

B Grimm Power

B.grimm Power - 2Q24 Core Profit Growth QoQ; FX Loss Pressured NP as Expected