Bangkok, 19 November 2025 – Fitch Ratings (Thailand) has affirmed Asia Plus Group Holdings Public Company Limited’s (ASP) National Long-Term Rating at ‘A(tha)’ and its National Short-Term Rating at ‘F1(tha)’, maintaining a Stable Outlook. The ratings reflect ASP’s well-established franchise in Thailand’s securities brokerage sector, diversified revenue mix, moderate leverage, and solid liquidity.

Key Highlights:

• Franchise Strength: ASP has a strong market position among non-bank-backed brokers, with resilience amid competitive pressures and volatility in trading volumes and equity markets.
• Profitability and Earnings: 1H25 operating profit/average equity was 2.8%, down from 9.2% in 2024, affected by subdued brokerage and fund-management income. Fitch expects only a modest near-term rebound.
• Asset Quality: Impaired loans rose to 2.6% of gross loans due to a one-off industry-wide collateral stock sell-off, but ASP maintains a 100% allowance for doubtful accounts.
• Capital and Liquidity: Net adjusted leverage stood at 1.6x, down from 1.8x in 2024. Core liquidity ratio improved to 15.8x, reflecting excess cash from subdued markets and lower margin loans.
• Group-Level Evaluation: Ratings consider consolidated operations, primarily led by Asia Plus Securities Co., with capital and liquidity broadly transferable across the group.

Rating Sensitivities:

• Negative: Operating profit/average equity below 7% for a prolonged period, rising leverage, or holding company double leverage above 120%.
• Positive: Sustained stronger performance through the cycle, diversification into stable non-brokerage businesses, and maintained capital and liquidity buffers.