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.

Thematic (Sector/Industry)

<ul><li>Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, in his capacity as Chairman of the Committee on Fuel Price Structure Review, convened a meeting with refinery representatives on April 3 to gather input and request detailed data on the oil pricing structure.</li><li>We assess a case study based on a subsidy contribution assumption, benchmarked against a reduction in refining margins of every USD5/bbl (approximately Bt1/liter), applied to diesel and gasoline production over a one-month period.</li><li>We expect policy risk stemming from recent news flow to weigh on sentiment and share prices of refinery stocks.</li></ul>

Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, in his capacity as Chairman of the Committee on Fuel Price Structure Review, convened a meeting with refinery representatives on April 3 to gather input and request detailed data on the oil pricing structure.We assess a case study based on a subsidy contribution assumption, benchmarked against a reduction in refining margins of every USD5/bbl (approximately Bt1/liter), applied to diesel and gasoline production over a one-month period.We expect policy risk stemming from recent news flow to weigh on sentiment and share prices of refinery stocks.

Energy (Refinery): Government To Overhaul Oil Pricing Structure - Neutral

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 points and the support at 1,285/1,268 points.</li><li>Crude oil prices rebounded this morning (WTI +1.17%, Brent +1.1%) after OPEC+ agreed to raise its production quota for November by 137k barrels per day, keeping it unchanged from October.</li><li>Thailand's September inflation data will be released today, with consensus expecting a contraction of –0.63% YoY, slightly narrower than August's –0.79% YoY.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 points and the support at 1,285/1,268 points.Crude oil prices rebounded this morning (WTI +1.17%, Brent +1.1%) after OPEC+ agreed to raise its production quota for November by 137k barrels per day, keeping it unchanged from October.Thailand's September inflation data will be released today, with consensus expecting a contraction of –0.63% YoY, slightly narrower than August's –0.79% YoY.

Krungthai XSpring Zoom Eng. October 6, 2025

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Energy (Refinery): Government To Overhaul Oil Pricing Structure - Neutral

We assess a case study based on a subsidy contribution assumption, benchmarked against a reduction in refining margins of every USD5/bbl...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 6, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 points and the support at 1,285/1,268 points.

Krungthai XSpring

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