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 a forex loss to have pressured 3Q24E to turn into a loss, but core profit is expected to have grown strongly QoQ due to seasonality and in line with expectations.</li><li>We maintain our core profit estimates for 2024-26E but revise down the 2024E net profit by 14% given a forex loss.</li><li>The outlook for 2025-26E core profit shows strong growth (projecting a 26% CAGR), driven by the commercial kick-off of projects in the pipeline, amid the potential for power capacity expansion (focused on renewable energy). The fair value (FV) for 2025E is Bt7.76 (vs. Bt7.83 previously), which remains attractive with upside gain of around 12%, amid moderate tactical risk (vs. very limited downside risk previously).</li></ul>

We expect a forex loss to have pressured 3Q24E to turn into a loss, but core profit is expected to have grown strongly QoQ due to seasonality and in line with expectations.We maintain our core profit estimates for 2024-26E but revise down the 2024E net profit by 14% given a forex loss.The outlook for 2025-26E core profit shows strong growth (projecting a 26% CAGR), driven by the commercial kick-off of projects in the pipeline, amid the potential for power capacity expansion (focused on renewable energy). The fair value (FV) for 2025E is Bt7.76 (vs. Bt7.83 previously), which remains attractive with upside gain of around 12%, amid moderate tactical risk (vs. very limited downside risk previously).

Bcpg - Expect 3Q24E Net Loss Due to Forex Losses; Core Profit Growth QoQ

BCPG PCL

Bcpg - Expect 3Q24E Net Loss Due to Forex Losses; Core Profit Growth QoQ