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>SIRI reported a 2Q23 net profit of Bt1.62bn, in line with the market’s projection but 24% better than our estimate, due mainly to the booking of after-tax gain from land sales amounting to Bt402mn.</li><li>Excluding this extra item, SIRI’s core profit was Bt1.22bn (+32% YoY and +10% QoQ), 7% lower than our expectation, as the gross profit margin (GPM) was narrower than expected (at 32.2% vs. the expected 32.5%), and SG&amp;A expenses were 20% higher than expected.</li><li>Revenue increased by 26% YoY and 20% QoQ to Bt9.2bn, driven by revenue from property project sales (+21% YoY and 19% QoQ to Bt8.0bn, accounting for 87% of total revenue).</li></ul>

SIRI reported a 2Q23 net profit of Bt1.62bn, in line with the market’s projection but 24% better than our estimate, due mainly to the booking of after-tax gain from land sales amounting to Bt402mn.Excluding this extra item, SIRI’s core profit was Bt1.22bn (+32% YoY and +10% QoQ), 7% lower than our expectation, as the gross profit margin (GPM) was narrower than expected (at 32.2% vs. the expected 32.5%), and SG&amp;A expenses were 20% higher than expected.Revenue increased by 26% YoY and 20% QoQ to Bt9.2bn, driven by revenue from property project sales (+21% YoY and 19% QoQ to Bt8.0bn, accounting for 87% of total revenue).

Earnings Review - Sansiri Plc. (SIRI) - AUGUST 15, 2023

Sansiri Public

Earnings Review - Sansiri Plc. (SIRI) - AUGUST 15, 2023