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 3Q24 net profit was weak due to a forex loss as expected, while core profit remained strong YoY and QoQ.</li><li>We maintain our 2024-26E core profit estimates (with 2024E expected to grow by +7% and 2025-26E at a 10% CAGR, supported by the commercial kick-off of projects in the pipeline).</li><li>The current valuation implies wider upside gain of 16% from the fair value (FV) of Bt24.52. </li></ul>

The 3Q24 net profit was weak due to a forex loss as expected, while core profit remained strong YoY and QoQ.We maintain our 2024-26E core profit estimates (with 2024E expected to grow by +7% and 2025-26E at a 10% CAGR, supported by the commercial kick-off of projects in the pipeline).The current valuation implies wider upside gain of 16% from the fair value (FV) of Bt24.52. 

B.grimm Power - 3Q24 NP Pressured by Forex Losses but Strong Core Profit

B Grimm Power

B.grimm Power - 3Q24 NP Pressured by Forex Losses but Strong Core Profit