FSX is a holding company focused on comprehensive investment services, with core businesses in Securities Brokerage, Investment Banking, and Wealth Management.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 621.51 | 659.21 | 1,525.98 | 1,644.11 |
| Expenses | 770.33 | 802.80 | 1,634.90 | 1,836.79 |
| Net Profit (Loss) | -155.46 | -145.11 | -63.01 | -195.15 |
| Assets | 6,289.63 | 5,821.69 | 5,697.32 | 6,022.88 |
| Liabilities | 2,856.13 | 3,372.18 | 2,098.60 | 3,432.39 |
| Shareholders' Equity | 3,422.52 | 2,442.89 | 3,592.26 | 2,583.78 |
| Operating | -84.73 | 90.19 | -86.26 | -47.04 |
| Investing | -66.83 | -27.14 | -12.39 | -93.73 |
| Financing | -29.34 | -13.38 | 452.06 | 37.89 |
| EPS (Baht) | -0.19 | -0.25 | -0.09 | -0.34 |
| GP Margin (%) | -19.75 | -10.34 | -2.68 | -4.84 |
| NP Margin (%) | -24.82 | -22.03 | -4.15 | -11.89 |
| D/E Ratio (x) | 0.83 | 1.38 | 0.58 | 1.32 |
| ROE (%) | -2.50 | -9.97 | -2.04 | -7.55 |
| ROA (%) | -0.98 | -2.87 | -0.70 | -2.07 |
In 2025, the securities business is expected to face increasing competition due to economic factors both domestically and internationally, especially the uncertainty surrounding U.S. international trade policies. Investor confidence was impacted as reflected in the daily trading volume. Therefore, FSX plans to adapt to changing market conditions and revenue structure as follows:
1) Diversify income into the Wealth Management business to build stable long-term income and reduce reliance on brokerage fee income, which is affected by trading value volatility.
2) Enhance online services by focusing on developing the Finansia HERO platform ver. 2.0, which increases service efficiency to become a One-Stop Trading Platform that provides investment services in a variety of comprehensive products.
3) Focus on expanding into the Digital Asset Brokerage business. In 2025, the focus is on structuring the Digital eco-system, such as applying for a Digital Assets brokerage license and Strategic Partnership to provide clients with access to a trusted digital asset platform.
4) Focus on enhancing employees knowledge through continuous training programs to expand capabilities for tackling business development in the digital age and create a New Growth Engine for the securities industry.
5) Focus on reducing environmental impact by aiming for Net Zero, which will create new opportunities in the capital market that align with future growth.
Environmental FSX has been certified for ISO 14064-1 by Bureau Veritas (Thailand) and has also received the Carbon Footprint for Organization (CFO) certification from TGO.
Social FSX emphasizes respect for human rights, promotes equality, and continuously develops its personnel. It also works to build trust with customers and create value for communities to foster sustainable growth.
Governance FSX promotes sustainable business practices by adhering to laws and anti-corruption policies, as well as assessing risks and ensuring technology security to maintain transparency and benefit stakeholders.
FSX is constantly preparing and adapting to ensure stable and sustainable business growth. FSS, a subsidiary operating securities brokerage business, has formed a strategic partnership with KuCoin Thailand to further expand its investment ecosystem. This collaboration enables FSS to extend service to a new investment channel that effectively and securely meets the needs of investors interested in digital assets, hence, reducing reliance on traditional brokerage income and diversifying into faster-growing, higher-margin markets. This initiative aligns with the government’s goal to position Thailand as a regional hub for the digital economy.
Q2 2025 Operating Results
FSX's consolidated financial statements reported a net loss of THB 155.46 million, an increase of 7.13% YoY and 50.38% QoQ, reflecting the impact of sluggish capital market. Total revenue declined to THB 283.99 million, or a 16.08% decrease QoQ, while total expenses decreased by 5.15% QoQ.
Key Highlights
1) Securities Brokerage (FSS) remains the core revenue base
- Brokerage fees continued to account for over 50% of total revenue, although the proportion declined from 61% to 57% QoQ.
- Brokerage revenue decreased by THB 42.88 million, in line with the 4.45% decrease in the market's average daily trading value. However, the company maintained its 8th rank in Equity market share (4.22%), and improved from 9th to 8th in TFEX, reflecting strong competitive potential.
2) Revenue Structure Diversification
- While brokerage revenue decreased, revenue from other core businesses, such as securities underwriting fees and financial advisory fees, increased from 9% to 17% of total revenue QoQ.
- The lower dependency on brokerage income demonstrates FSX’s progress in diversifying revenue streams to mitigate market volatility.
3) Cost Management
- Operating expenses decreased, particularly employee compensation, which decreased by THB 11.54 million QoQ, consistent with the contraction in brokerage revenue. However, the gross profit margin decreased from -12.72% to -28.11% QoQ, despite partial cost management.
- Overall, the Company shows flexibility in adjusting its cost structure, but the key challenge remains in managing fixed costs amidst volatile revenues.
April 22, FSX has been consecutively awarded the Carbon Footprint of Organization (CFO) certification by TGO for the 3rd year, underscoring the Company's ongoing commitment to environmental care and sustainability.
FSX manages all business units with careful attention to risk, with
a risk management structure consisting of the Risk Management
and Governance Committee, Audit Committee, Nomination and
Remuneration Committee, Corporate Governance and
Sustainability Committee, Technology Committee, Internal Audit
Department, and Cybersecurity and Data Protection Department.
These bodies are responsible for defining policies and frameworks
for risk management and overseeing enterprise-level risk operations. Additionally, FSX has policy to maintain sufficient liquidity and working capital for crisis situations and emergencies, as well as to manage costs and expenses within appropriate levels.
1) FSS received Runner-up "SET Broker Champion" and Runner-up "TFEX Broker Champion" of the Year from SET in the City 2025
2) FSSIA won 4 awards at the IAA Best Analyst Awards 2024, held on April 23, 2025
| as of 30/06/25 | FSX | FIN | SET |
|---|---|---|---|
| P/E (X) | - | 15.95 | 14.76 |
| P/BV (X) | 0.22 | 0.96 | 1.03 |
| Dividend yield (%) | - | 3.17 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 769.73 | 1,703.24 | 1,519.42 |
| Price (B/Share) | 0.94 | 2.08 | 2.62 |
| P/E (X) | - | - | - |
| P/BV (X) | 0.22 | 0.48 | 0.55 |
