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 have revised down our profit estimates for 2024-26E by an average of 13% per year, reflecting a lower-than-expected gross profit margin (GPM) in 3Q24E.</li><li>Consequently, we adjusted the gross margin for 2024-26E down by 29-41 bps. Under the new estimates, sales and profit growth are projected at a CAGR of 7% and 27%, respectively, over the next three years.</li><li>The stock price has declined by 27% over the past two years (9% in 2023 and 18% YTD in 2024), reflecting eight consecutive quarters of SSSG declines, while the GPM and profit have demontrated a recovery in 2024. </li></ul>

We have revised down our profit estimates for 2024-26E by an average of 13% per year, reflecting a lower-than-expected gross profit margin (GPM) in 3Q24E.Consequently, we adjusted the gross margin for 2024-26E down by 29-41 bps. Under the new estimates, sales and profit growth are projected at a CAGR of 7% and 27%, respectively, over the next three years.The stock price has declined by 27% over the past two years (9% in 2023 and 18% YTD in 2024), reflecting eight consecutive quarters of SSSG declines, while the GPM and profit have demontrated a recovery in 2024. 

Dohome - 3Q24E to Earnings Decline YoY and QoQ

Dohome PCL

Dohome - 3Q24E to Earnings Decline YoY and QoQ