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 a sizeable net loss in 4Q25E / 2025E and revise 2026–27E core profit more conservatively amid persistent polymer oversupply (PE, PP).</li><li>However, portfolio optimization, ethane ramp-up, EBITDA uplift, and debt deleveraging should drive strong 26–28E core EPS growth (+121% CAGR from a low 2026E base) and a stronger balance sheet.</li><li>Our 12M FV is Bt28.00 (from Bt31.25), based on a target EV/EBITDA of 8.0x (peer average).</li></ul>

We expect a sizeable net loss in 4Q25E / 2025E and revise 2026–27E core profit more conservatively amid persistent polymer oversupply (PE, PP).However, portfolio optimization, ethane ramp-up, EBITDA uplift, and debt deleveraging should drive strong 26–28E core EPS growth (+121% CAGR from a low 2026E base) and a stronger balance sheet.Our 12M FV is Bt28.00 (from Bt31.25), based on a target EV/EBITDA of 8.0x (peer average).

PTT GLOBAL CHEMICAL Plc. (PTTGC): Tough 2025E; Portfolio Reshaped For Stronger Earnings

Technical Analysis

<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

Cross Asset Strategy

<ul><li>2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.</li><li>1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).</li><li>As a result, there remains slight upside risk to the 2026 earnings estimates.</li></ul>

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).As a result, there remains slight upside risk to the 2026 earnings estimates.

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

<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

<ul><li>DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.</li><li>Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.</li><li>We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.</li></ul>

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.

Krungthai XSpring Technical Eng. August 14, 2026

Thailand

PTT Global Chemical is a Thai petrochemical company that specializes in synthesizing olefins and aromatics. It also engages in crude oil and condensate refining, and produces polymers, green chemicals, and performance chemicals. The company's products serve various industries including packaging, automotive, and construction. PTT Global Chemical was founded on October 19, 2011, and is headquartered in Bangkok, Thailand.

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PTT Global Chemical (PTTGC TB)

PTT GLOBAL CHEMICAL Plc. (PTTGC): Tough 2025E; Portfolio Reshaped For Stronger Earnings

We expect a sizeable net loss in 4Q25E / 2025E and revise 2026–27E core profit more conservatively amid persistent polymer oversupply (PE, PP).

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

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating...

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

Krungthai XSpring Technical Eng. August 14, 2026

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the...

Krungthai XSpring

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