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 expected to have declined YoY and QoQ, weaker than previously anticipated.</li><li>To reflect the downward revision of ITC estimates and the risk from US trade tariffs, we have revised down our 2025-27E core profit forecasts by an average of 14% per year.</li><li>As a result, the core earnings per share (EPS) growth outlook over the next three years is projected to increase by only 0.4% per year.</li></ul>

1Q25E core profit is expected to have declined YoY and QoQ, weaker than previously anticipated.To reflect the downward revision of ITC estimates and the risk from US trade tariffs, we have revised down our 2025-27E core profit forecasts by an average of 14% per year.As a result, the core earnings per share (EPS) growth outlook over the next three years is projected to increase by only 0.4% per year.

Thai Union Group - Weaker-Than-Expected 1Q25E Earnings/2025-27E Earnings Forecasts Revised Down