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>4Q24-2024 profit was in line with expectations, but risks from government electricity subsidy policies and slowing economic growth could pose downside risk to the IU margin and electricity sales volume.</li><li>We have partially reflected these risks in our 2025-26E profit estimates calling for 2Y core EPS growth at a 4% CAGR (unchanged).</li><li>We maintain our Neutral rating and the 12M fair value (FV) of Bt14.90.</li></ul>

4Q24-2024 profit was in line with expectations, but risks from government electricity subsidy policies and slowing economic growth could pose downside risk to the IU margin and electricity sales volume.We have partially reflected these risks in our 2025-26E profit estimates calling for 2Y core EPS growth at a 4% CAGR (unchanged).We maintain our Neutral rating and the 12M fair value (FV) of Bt14.90.

B.grimm Power - In-Line 4Q24-2024 Earnings; Challenges to 2025- 26E Earnings Remain

B Grimm Power

B.grimm Power - In-Line 4Q24-2024 Earnings; Challenges to 2025- 26E Earnings Remain