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 solid 3Q25E core profit growth across multiple businesses.</li><li>We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy; Bt42.50 prior).</li><li>We expect 3Q25E earnings to turn around to a net profit at Bt1.86bn (vs losses in 3Q24 and 2Q25), supported by a expected smaller stock loss of Bt1.1bn, hedging loss of about Bt800mn (mainly from gasoil spread hedging), and forex gain of roughly Bt170mn.</li></ul>

We expect solid 3Q25E core profit growth across multiple businesses.We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy; Bt42.50 prior).We expect 3Q25E earnings to turn around to a net profit at Bt1.86bn (vs losses in 3Q24 and 2Q25), supported by a expected smaller stock loss of Bt1.1bn, hedging loss of about Bt800mn (mainly from gasoil spread hedging), and forex gain of roughly Bt170mn.

BANGCHAK CORPORATION Plc. (BCP): Solid 3Q25E Core Profit...

<ul><li>The company set an ambitious target to double EBITDA growth by 2028E (from the current baseline of Bt40.0bn), supported by projects in the pipeline, EBITDA uplift initiatives, and new high-return investments.</li><li>The company reorganized into five new core business groups, adding trading business as a new flagship, which is expected to drive EBITDA uplift over the next three years:</li><li>The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&amp;P) and R&amp;M &amp; biofuels businesses.</li></ul>

The company set an ambitious target to double EBITDA growth by 2028E (from the current baseline of Bt40.0bn), supported by projects in the pipeline, EBITDA uplift initiatives, and new high-return investments.The company reorganized into five new core business groups, adding trading business as a new flagship, which is expected to drive EBITDA uplift over the next three years:The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&amp;P) and R&amp;M &amp; biofuels businesses.

BANGCHAK CORPORATION Plc. (BCP): BCP Hosted the Investor Forum 'Crafting The Future' Late Last Week

United States

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

BANGCHAK CORPORATION Plc. (BCP): Solid 3Q25E Core Profit...

We expect solid 3Q25E core profit growth across multiple businesses. We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy;...

Krungthai XSpring

BANGCHAK CORPORATION Plc. (BCP): BCP Hosted the Investor Forum 'Crafting The Future' Late Last Week

The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&P) and R&M & biofuels businesses.

Krungthai XSpring

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