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>1Q25E core profit is projected at Bt2.7bn, up 9% YoY but down 30% QoQ, in line with the sales and GPM trends.</li><li>Based on the valuation metrics, we downgrade our current fundamental view from buy to undervalued, as the stock has only 5% upside and the long-term growth prospects appear less attractive (previously in line with the sector).</li><li>We forecast 3-year average core profit growth of a 9% CAGR and maintain a neutral tactical view. </li></ul>

1Q25E core profit is projected at Bt2.7bn, up 9% YoY but down 30% QoQ, in line with the sales and GPM trends.Based on the valuation metrics, we downgrade our current fundamental view from buy to undervalued, as the stock has only 5% upside and the long-term growth prospects appear less attractive (previously in line with the sector).We forecast 3-year average core profit growth of a 9% CAGR and maintain a neutral tactical view. 

Cp Axtra - 1Q25E Profit Expected to Grow 9% YoY but Decline 30% QoQ

CP Axtra

Cp Axtra - 1Q25E Profit Expected to Grow 9% YoY but Decline 30% QoQ