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.

Technical Analysis

PTT Exploration & Production / Technical Analysis

<ul>
<li>The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a sell-off in semiconductor stocks across Asian markets.</li>
<li>We therefore expect the index to remain above 1,600 points for now.</li>
<li>We continue to recommend buying on weakness, as the index has yet to show a clear bearish signal and still has the potential to rebound.</li>
</ul>


The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a sell-off in semiconductor stocks across Asian markets.
We therefore expect the index to remain above 1,600 points for now.
We continue to recommend buying on weakness, as the index has yet to show a clear bearish signal and still has the potential to rebound.


Krungthai XSpring Technical Eng. August 25, 2026

Cross Asset Strategy

<ul>
<li>SET expected to extend gains, supported by fund inflows ahead of Thailand Focus</li>
<li>The US may further expand buybacks of medium- to long-term Treasuries.</li>
<li>Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.</li>
</ul>


SET expected to extend gains, supported by fund inflows ahead of Thailand Focus
The US may further expand buybacks of medium- to long-term Treasuries.
Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.


Krungthai XSpring Zoom Eng. August 24, 2026

Equity Bottom-Up

PTT Exploration & Production / Equity Bottom-Up

<ul><li>We expect 4Q25E NP of Bt17.0bn, supported by positive oneoff items (results on February 9, 2026).</li><li>The share price trades at a discount to our 12M FWD FV of Bt115.50, based on the earnings yield method (required return of 12.6% derived from estimated ERP using macro and stock-specific factors).</li><li>We see no positive catalysts for the share price over the next 12 months, as oil prices trend lower amid oversupply (we estimate each USD1 decline reduces profit by around 2%), the baht remains strong, and DPS and ROE should trend down in line with earnings, beginning in 2025E.</li></ul>

We expect 4Q25E NP of Bt17.0bn, supported by positive oneoff items (results on February 9, 2026).The share price trades at a discount to our 12M FWD FV of Bt115.50, based on the earnings yield method (required return of 12.6% derived from estimated ERP using macro and stock-specific factors).We see no positive catalysts for the share price over the next 12 months, as oil prices trend lower amid oversupply (we estimate each USD1 decline reduces profit by around 2%), the baht remains strong, and DPS and ROE should trend down in line with earnings, beginning in 2025E.

PTT Exploration and Production Plc. (PTTEP): 4Q25E NP Aided by One-Offs...

<ul><li>We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.</li><li>The absence of a sharp decline suggests that the uptrend remains intact.</li><li>We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.</li></ul>

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.The absence of a sharp decline suggests that the uptrend remains intact.We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.

Krungthai XSpring Technical Eng. August 19, 2026

<ul><li>Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).</li><li>The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).</li><li>The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).</li></ul>

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).

Krungthai XSpring Zoom Eng. August 18, 2026

Thailand

PTT Exploration and Production Public Company Limited, also known as PTTEP, is a national petroleum exploration and production company. It focuses on the exploration, development, and production of petroleum, including crude oil, natural gas, condensate, and liquified petroleum gas. The company also invests in renewable energy and related businesses, such as gas pipeline transportation and solar power. Headquartered in Bangkok, Thailand, the company was founded on June 20, 1985.

PTT Exploration and Production (PTTEP-R TB)

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PTT Exploration and Production (PTTEP-R TB)

Krungthai XSpring Technical Eng. August 25, 2026

The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 24, 2026

SET expected to extend gains, supported by fund inflows ahead of Thailand Focus The US may further expand buybacks of medium- to long-term...

Krungthai XSpring

PTT Exploration and Production Plc. (PTTEP): 4Q25E NP Aided by One-Offs...

The share price trades at a discount to our 12M FWD FV of Bt115.50, based on the earnings yield method (required return of 12.6% derived from...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2026

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited. The absence of a sharp decline suggests that...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 18, 2026

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)