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

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul><li>4Q24E core profit is expected to have declined QoQ, with a continued decrease in 1Q25E both YoY and QoQ due to a reduction in Middle Eastern patients.</li><li>This is ascribed to a slowdown in Kuwait patient referrals, the redistribution of UAE patients, and the full recognition of the 30-day Ramadan period in 1Q25E (compared to 20 days in 1Q24).</li><li>Moreover, intense competition remains a challenge, leading to a long-term EPS CAGR of merely +2% for 2024- 26E, which is lower than the industry average of +7%.</li></ul>

4Q24E core profit is expected to have declined QoQ, with a continued decrease in 1Q25E both YoY and QoQ due to a reduction in Middle Eastern patients.This is ascribed to a slowdown in Kuwait patient referrals, the redistribution of UAE patients, and the full recognition of the 30-day Ramadan period in 1Q25E (compared to 20 days in 1Q24).Moreover, intense competition remains a challenge, leading to a long-term EPS CAGR of merely +2% for 2024- 26E, which is lower than the industry average of +7%.

BH TB- Expect Weak 4Q24E, with Continued Pressure in 1Q25E Due to Extended Ramadan Period