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

PTT Exploration & Production / Equity Bottom-Up

<ul><li>We expect a good start for PTTEP's core earnings in 1Q21E, despite the projected oil hedging loss weighing on the bottom line.</li><li>We make an upward revision to its 2021-22E NP (at a 29% CAGR) on the higher Dubai price assumptions and the first incorporation of Oman Block 61 after the deal's completion.</li><li>We upgrade our rating to Buy (from Hold), with the newly revised 2021E TP of Bt132, given its solid growth platform focusing on core E&P, the LNG value chain and new businesses.</li></ul>

We expect a good start for PTTEP's core earnings in 1Q21E, despite the projected oil hedging loss weighing on the bottom line.We make an upward revision to its 2021-22E NP (at a 29% CAGR) on the higher Dubai price assumptions and the first incorporation of Oman Block 61 after the deal's completion.We upgrade our rating to Buy (from Hold), with the newly revised 2021E TP of Bt132, given its solid growth platform focusing on core E&P, the LNG value chain and new businesses.

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Hong Kong Treasury (HONG KONG GOVT)

Solid Earnings and Growth Prospects

We expect a good start for PTTEP's core earnings in 1Q21E, despite the projected oil hedging loss weighing on the bottom line. We make an upward...

Krungthai XSpring

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