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

Bangkok Aviation Fuel Services / Equity Bottom-Up

<div><div><div><div><ul><li>Statistics trending up, with the aviation fuel volume target at 3,290mn liters in 2022E to be highly achievable</li><li>Fuel volume throughput target at NFPT unchanged at 506mn liters in 2022E, with the near 2,000mn liter level the breakeven</li><li>Plans for Capex of Bt1.9bn in 2022-23E at a maximum, mostly earmarked for 2023E and at a manageable level</li></ul></div></div></div></div>

Statistics trending up, with the aviation fuel volume target at 3,290mn liters in 2022E to be highly achievableFuel volume throughput target at NFPT unchanged at 506mn liters in 2022E, with the near 2,000mn liter level the breakevenPlans for Capex of Bt1.9bn in 2022-23E at a maximum, mostly earmarked for 2023E and at a manageable level

Bangkok Aviation Fuel Services BAFS - Earnings Recovery on Pace

Thailand

Bangkok Aviation Fuel Services Public Company Limited (BAFS) provides aviation fuel storage, hydrant systems, and aircraft refueling services at several Thai airports, including Don Mueang and Suvarnabhumi. The company also engages in fuel pipeline transportation, and electricity generation and distribution from solar power. BAFS was established in 1983 and is headquartered in Bangkok, Thailand.

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