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 downgrade our rating to Neutral from Outperform, with a 12-month forward fair value of Bt7.10, based on the earnings yield method and a required return of 4.00%, implying a target PER of 24.8x.</li><li>We remain positive on PSL’s long-term outlook, supported by an industry upcycle driven by US tariff policy.</li><li>We expect PSL to report a 3Q25E net profit of Bt413mn, up 48% YoY from Bt280mn in 3Q24 and reversing from a net loss of Bt43mn in 2Q25.</li></ul>

We downgrade our rating to Neutral from Outperform, with a 12-month forward fair value of Bt7.10, based on the earnings yield method and a required return of 4.00%, implying a target PER of 24.8x.We remain positive on PSL’s long-term outlook, supported by an industry upcycle driven by US tariff policy.We expect PSL to report a 3Q25E net profit of Bt413mn, up 48% YoY from Bt280mn in 3Q24 and reversing from a net loss of Bt43mn in 2Q25.

PRECIOUS SHIPPING Plc. (PSL): Long-Term Uptrend Intact, But Short-Term Seasonal Slowdown Ahead

<ul><li>We maintain our Outperform rating with a new 12M forward fair value of Bt7.10.</li><li>The current share price is about 8% below the fair value of Bt7.10, which is based on a required return of 4.0% and reflects a target PER of 24.8x.</li><li>US import tariff measures should help support demand for minor bulk carriers, which is PSL’s core business, while the company is also entering a seasonally strong period in September.</li></ul>

We maintain our Outperform rating with a new 12M forward fair value of Bt7.10.The current share price is about 8% below the fair value of Bt7.10, which is based on a required return of 4.0% and reflects a target PER of 24.8x.US import tariff measures should help support demand for minor bulk carriers, which is PSL’s core business, while the company is also entering a seasonally strong period in September.

Precious Shipping Plc. (PSL): Winner In The Trade War

<ul><li>KTX maintains an Outperform rating and the 12M FV of Bt7.10, based on a required return of 4.0%.</li><li>Our valuation metrics suggest that the current valuation is undervalued, alongside strong recovery prospects in 2025-27E; meanwhile, the tactical parameters are at a neutral level.</li><li>While the 2Q25 result came in below our forecast, we remain positive on the stock, as the recent rally in the dry-bulk index suggests that the impact of US tariffs on the dry-bulk shipping industry is limited.</li></ul>

KTX maintains an Outperform rating and the 12M FV of Bt7.10, based on a required return of 4.0%.Our valuation metrics suggest that the current valuation is undervalued, alongside strong recovery prospects in 2025-27E; meanwhile, the tactical parameters are at a neutral level.While the 2Q25 result came in below our forecast, we remain positive on the stock, as the recent rally in the dry-bulk index suggests that the impact of US tariffs on the dry-bulk shipping industry is limited.

Precious Shipping - Lower-Than-Expected Core Profit in 2Q25

<ul><li>We upgrade our rating on PSL to Outperform, with a new 12-month forward fair value of Bt7.10 (previously Underperform with a fair value of Bt4.50), reflecting upward revisions to the earnings forecasts and a lower required return.</li><li>The current share price is approximately 8% below the fair value of Bt7.10, which is based on a required return of 4.0%, implying a target PER of 24.8x.</li><li>The challenge from a potential decline in global trade volume due to the US import tariff situation does not appear to have significantly impacted the TC rates in the recent period.</li></ul>

We upgrade our rating on PSL to Outperform, with a new 12-month forward fair value of Bt7.10 (previously Underperform with a fair value of Bt4.50), reflecting upward revisions to the earnings forecasts and a lower required return.The current share price is approximately 8% below the fair value of Bt7.10, which is based on a required return of 4.0%, implying a target PER of 24.8x.The challenge from a potential decline in global trade volume due to the US import tariff situation does not appear to have significantly impacted the TC rates in the recent period.

PSL TB - Rise in TC Rates Appears to Reflect Only a Limited Impact from Tariff Measures

<ul><li>We downgrade our rating on PSL to Underperform and revise down our 2026E fair value to Bt4.50 (from Outperform with a fair value of Bt7.66 previously).</li><li>The current share price is 24% above our 2026E fair value of Bt4.50, which is based on a required return of 9.89%, reflecting a target PER of 10.1x.</li><li>The 1Q25 loss is expected to recover in 2Q25E; however, the dry bulk business continues to face challenges from declining global trade volumes due to the current import tariff situation.</li></ul>

We downgrade our rating on PSL to Underperform and revise down our 2026E fair value to Bt4.50 (from Outperform with a fair value of Bt7.66 previously).The current share price is 24% above our 2026E fair value of Bt4.50, which is based on a required return of 9.89%, reflecting a target PER of 10.1x.The 1Q25 loss is expected to recover in 2Q25E; however, the dry bulk business continues to face challenges from declining global trade volumes due to the current import tariff situation.

Precious Shipping - Losses Reported; Challenges Ahead

Thailand

Precious Shipping is a Thailand-based ship-owner providing global dry-bulk transportation services. The company operates dry bulk ships on a tramp shipping basis, employing its vessels on both time and voyage charters, and handles cargoes such as cement, agricultural products, steel, fertilizers, ores, coal, and logs. It was founded in 1989 and is headquartered in Bangkok, Thailand.

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Precious Shipping (PSL TB)

PRECIOUS SHIPPING Plc. (PSL): Long-Term Uptrend Intact, But Short-Term Seasonal Slowdown Ahead

We downgrade our rating to Neutral from Outperform, with a 12-month forward fair value of Bt7.10, based on the earnings yield method and a required...

Krungthai XSpring

Precious Shipping Plc. (PSL): Winner In The Trade War

US import tariff measures should help support demand for minor bulk carriers, which is PSL’s core business, while the company is also entering a...

Krungthai XSpring

Precious Shipping - Lower-Than-Expected Core Profit in 2Q25

Our valuation metrics suggest that the current valuation is undervalued, alongside strong recovery prospects in 2025-27E; meanwhile, the tactical...

Krungthai XSpring

PSL TB - Rise in TC Rates Appears to Reflect Only a Limited Impact from Tariff Measures

The current rise in the dry-bulk TC rate is unlikely to have been driven by stockpiling activities, as the goods transported by bulk carriers are...

Krungthai XSpring

Precious Shipping - Losses Reported; Challenges Ahead

We downgrade our rating on PSL to Underperform and revise down our 2026E fair value to Bt4.50 (from Outperform with a fair value of Bt7.66...

Krungthai XSpring

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