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>A forex loss pressured the 3Q24 performance, resulting in an earnings reversal to a net loss, though the figure was smaller than expected due to a better-than-expected core profit (driven by a stronger-than-expected profit contribution from the US CCGT projects).</li><li>We maintain our 2024-26E earnings estimates, with core profit for 2025-26E expected to show an upward trend (+26% CAGR), gradually mitigating risks from the adder gap and divestment gap.</li><li>We maintain our Outperform rating and the fair value (FV) of Bt7.76, implying 23% upside from the current market price.</li></ul>

A forex loss pressured the 3Q24 performance, resulting in an earnings reversal to a net loss, though the figure was smaller than expected due to a better-than-expected core profit (driven by a stronger-than-expected profit contribution from the US CCGT projects).We maintain our 2024-26E earnings estimates, with core profit for 2025-26E expected to show an upward trend (+26% CAGR), gradually mitigating risks from the adder gap and divestment gap.We maintain our Outperform rating and the fair value (FV) of Bt7.76, implying 23% upside from the current market price.

Bcpg - Smaller-Than-Expected Losses Due to Upbeat Earnings Contribution from US CCGT

BCPG PCL

Bcpg - Smaller-Than-Expected Losses Due to Upbeat Earnings Contribution from US CCGT