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

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul><li>The 3Q24 profit was weak, as expected (due to higher gas costs QoQ, a lack of seasonal benefits, and forex losses).</li><li>We maintain our 2024-26E earnings forecasts, anticipating a recovery in 2024E core profit by 23% YoY and a 12% CAGR for 2025-26E (vs. the consensus forecast of a 19% CAGR over the next two years).</li><li>The stock price has already factored in the weak earnings momentum in 3Q24, and there is 22% upside from the fair value (FV) of Bt49.25.</li></ul>

The 3Q24 profit was weak, as expected (due to higher gas costs QoQ, a lack of seasonal benefits, and forex losses).We maintain our 2024-26E earnings forecasts, anticipating a recovery in 2024E core profit by 23% YoY and a 12% CAGR for 2025-26E (vs. the consensus forecast of a 19% CAGR over the next two years).The stock price has already factored in the weak earnings momentum in 3Q24, and there is 22% upside from the fair value (FV) of Bt49.25.

Global Power Synergy - In-Line 3Q24 Earnings with a Lack of Seasonal Catalysts and a Forex Loss