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 hold a neutral view on the 2Q24 core profit (excluding the extra gain from the ERWPF fund cancellation), which aligned with expectations at Bt145m (+2% YoY, -49% QoQ).</li><li>This was supported by the YoY expansion of RevPAR and improved operations in Japan due to seasonal factors.</li><li>In the short term, we estimate the 3Q24E core profit to remain flat both YoY and QoQ, with an expected improvement in 4Q24E as the year-end tourism season begins.</li></ul>

We hold a neutral view on the 2Q24 core profit (excluding the extra gain from the ERWPF fund cancellation), which aligned with expectations at Bt145m (+2% YoY, -49% QoQ).This was supported by the YoY expansion of RevPAR and improved operations in Japan due to seasonal factors.In the short term, we estimate the 3Q24E core profit to remain flat both YoY and QoQ, with an expected improvement in 4Q24E as the year-end tourism season begins.

The Erawan Group - In-Line 2Q24 Core Profit