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>The electricity tariff adjustment plan under “Thaksin's administration” targeting Bt3.7/unit aims to cut “fat” to enhance competitiveness and support the growth of the data center/AI sectors.</li><li>While the move eases the impact on SPP operators, the delays in positive developments within the power industry — such as the PDP 2024 plan, the PPA signing for RE 2.1, pilot direct PPA projects, and the third party access code — continue to exert negative pressure on power stock prices.</li><li>We maintain our recommendations on GULF (BB FV: Bt65.8) as a long-term investment choice and BCPG (Outperform; FV: Bt8.12) for quarterly investment, anticipating a strong 1Q25E performance.</li></ul>

The electricity tariff adjustment plan under “Thaksin's administration” targeting Bt3.7/unit aims to cut “fat” to enhance competitiveness and support the growth of the data center/AI sectors.While the move eases the impact on SPP operators, the delays in positive developments within the power industry — such as the PDP 2024 plan, the PPA signing for RE 2.1, pilot direct PPA projects, and the third party access code — continue to exert negative pressure on power stock prices.We maintain our recommendations on GULF (BB FV: Bt65.8) as a long-term investment choice and BCPG (Outperform; FV: Bt8.12) for quarterly investment, anticipating a strong 1Q25E performance.

Industry Update - Energy (Power): January 15, 2025

<ul><li>ERC opening public hearings on electricity rates for January-April 2025 period, with scenarios 1-3 ranging from Bt4.18 to 5.49/unit</li><li>The Energy Regulatory Commission (ERC) is currently opening public hearings (from November 8-22) on the Ft rate and electricity rates for the January-April 2025 period under three scenarios, resulting in new tariff rates ranging from Bt4.18 to Bt5.49 per unit.</li></ul><ul><li>We see Scenario 3 as the most likely outcome, with the Ft and electricity rate for the January-April 2025 period remaining unchanged from the previous period at Bt0.3972 per unit and Bt4.18 per unit, respectively.</li></ul>

ERC opening public hearings on electricity rates for January-April 2025 period, with scenarios 1-3 ranging from Bt4.18 to 5.49/unitThe Energy Regulatory Commission (ERC) is currently opening public hearings (from November 8-22) on the Ft rate and electricity rates for the January-April 2025 period under three scenarios, resulting in new tariff rates ranging from Bt4.18 to Bt5.49 per unit.We see Scenario 3 as the most likely outcome, with the Ft and electricity rate for the January-April 2025 period remaining unchanged from the previous period at Bt0.3972 per unit and Bt4.18 per unit, respectively.

Thailand

North Bangkok Power Plant Block 1 Infrastructure Fund - EGAT is the electricity generating authority of Thailand. The Company combines heat and power plants using natural gas and steam-electricity. EGAT uses gas turbine and steam turbine generators.

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

North Bangkok Power Plant Block 1 Infrastructure Fund

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North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

Industry Update - Energy (Power): January 15, 2025

The electricity tariff adjustment plan under “Thaksin's administration” targeting Bt3.7/unit aims to cut “fat” to enhance competitiveness and...

Krungthai XSpring

Energy (Power) - November 12, 2024

ERC opening public hearings on electricity rates for January-April 2025 period, with scenarios 1-3 ranging from Bt4.18 to 5.49/unit

Krungthai XSpring

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