Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

<ul><li>We expect 4Q24E and 2024E core profit and net profit to be unremarkable, pressured by a declining margin per unit.</li><li>We maintain our view that 2-year core EPS (2025-26E) will contract at an average of a -8% CAGR, underperforming the sector due to a downward trend in the margin per unit and slower growth in petroleum sales volume.</li><li>We maintain our Neutral rating and the fair value (FV) of Bt139.89, reflecting the weak oil market amid the oversupply trend and demand risks stemming from the US-China trade war, as well as the declining trend for the company’s 2025-26E earnings.</li></ul>

We expect 4Q24E and 2024E core profit and net profit to be unremarkable, pressured by a declining margin per unit.We maintain our view that 2-year core EPS (2025-26E) will contract at an average of a -8% CAGR, underperforming the sector due to a downward trend in the margin per unit and slower growth in petroleum sales volume.We maintain our Neutral rating and the fair value (FV) of Bt139.89, reflecting the weak oil market amid the oversupply trend and demand risks stemming from the US-China trade war, as well as the declining trend for the company’s 2025-26E earnings.

PTT Exploration and Production - Expect Unremarkable 4Q24E and 2024E Earnings

Thematic (Sector/Industry)

<ul><li>The US labor market continues to show signs of softening.</li><li>Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.</li><li>The Finance Minister said after discussions with the Election Commission (EC) that the government cannot proceed with the Khon La Khrueng Plus Phase 2 scheme, nor other economic stimulus measures, as the caretaker cabinet is constitutionally prohibited from committing budgetary spending.</li></ul>

The US labor market continues to show signs of softening.Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.The Finance Minister said after discussions with the Election Commission (EC) that the government cannot proceed with the Khon La Khrueng Plus Phase 2 scheme, nor other economic stimulus measures, as the caretaker cabinet is constitutionally prohibited from committing budgetary spending.

Krungthai XSpring Zoom Eng. December 17, 2025

<ul><li>The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.</li><li>The index pulled back toward the support at 1,260 and 1,250 points.</li><li>We expect the 1,260–1,250 support zone to continue providing a base for rebounds.</li></ul>

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.The index pulled back toward the support at 1,260 and 1,250 points.We expect the 1,260–1,250 support zone to continue providing a base for rebounds.

Krungthai XSpring Technical Eng. December 9, 2025

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<ul><li>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

Thailand

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PTT E&P (PTTEP TB)

PTT Exploration and Production - Expect Unremarkable 4Q24E and 2024E Earnings

We maintain our Neutral rating and the fair value (FV) of Bt139.89, reflecting the weak oil market amid the oversupply trend and demand risks...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 17, 2025

Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 9, 2025

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)