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 1Q24 core profit grew in line with the projection, accounting for 21% of our full-year 2024E core profit forecast, which we have maintained.</li><li>We also maintain our view expecting strong LT earnings momentum (with a stable IU margin, higher electricity sales volume, and the kick-off of new projects), as well as potential RE capacity expansion overseas (RE currently accounts for 45% of the firm’s power portfolio vs. the target of &gt;50% in 2030E). Our Outperform rating is also maintained (FV: Bt35.0).</li><li>BGRIM reported a 1Q24 NP of Bt379mn (-5% YoY, -18.5% QoQ), in line with our estimate.</li></ul>

The 1Q24 core profit grew in line with the projection, accounting for 21% of our full-year 2024E core profit forecast, which we have maintained.We also maintain our view expecting strong LT earnings momentum (with a stable IU margin, higher electricity sales volume, and the kick-off of new projects), as well as potential RE capacity expansion overseas (RE currently accounts for 45% of the firm’s power portfolio vs. the target of &gt;50% in 2030E). Our Outperform rating is also maintained (FV: Bt35.0).BGRIM reported a 1Q24 NP of Bt379mn (-5% YoY, -18.5% QoQ), in line with our estimate.

B.grimm Power - In-Line, Solid Core Profit in 1Q24, with FX Loss Weighing on NP

B Grimm Power

B.grimm Power - In-Line, Solid Core Profit in 1Q24, with FX Loss Weighing on NP