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

<p>We remain confident in the company’s solid earnings base, with olefins and derivatives to remain the key contributors in the years ahead. Meanwhile, its strategic move toward high-value business (HVB) with the recent acquisition of Allnex, engaging in industrial coating resins, will enhance its earnings base and earnings quality, with the first contribution in 2022E. We maintain a Buy rating.</p>

We remain confident in the company’s solid earnings base, with olefins and derivatives to remain the key contributors in the years ahead. Meanwhile, its strategic move toward high-value business (HVB) with the recent acquisition of Allnex, engaging in industrial coating resins, will enhance its earnings base and earnings quality, with the first contribution in 2022E. We maintain a Buy rating.

Thailand

PTT Global Chemical PCL is a fully integrated petrochemical and chemical company. The Company's products are derived from its main product, Olefins, namely ethylene and propylene.

PTT Global Chemical (PTTGC TB)

Company Update: PTT Global Chemical Plc.

We remain confident in the company’s solid earnings base, with olefins and derivatives to remain the key contributors in the years ahead.

Krungthai XSpring