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 weak 3Q24E net profit due to a forex loss, while core profit should have remained strong.</li><li>We have revised up the 2024E core profit and net profit by 16%, mostly because of non- core items, while maintaining our forecast for core profit growth at a 10% CAGR for 2025-26E, driven by the scheduled commercial kick-off of projects in the pipeline.</li><li>In addition, there is growth potential in green power both domestically (RE 2, industrial solutions/data center, private PPA) and internationally. </li></ul>

We expect weak 3Q24E net profit due to a forex loss, while core profit should have remained strong.We have revised up the 2024E core profit and net profit by 16%, mostly because of non- core items, while maintaining our forecast for core profit growth at a 10% CAGR for 2025-26E, driven by the scheduled commercial kick-off of projects in the pipeline.In addition, there is growth potential in green power both domestically (RE 2, industrial solutions/data center, private PPA) and internationally. 

B.grimm Power - Forex Loss to Weigh on Net Profit, but Strong Core Profit in 3Q24E

B Grimm Power

B.grimm Power - Forex Loss to Weigh on Net Profit, but Strong Core Profit in 3Q24E