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

Star Petroleum Refining / Equity Bottom-Up

<ul><li>We turned more positive on SPRC’s earnings outlook after yesterday’s analyst meeting.</li><li>OPEX pressure should ease in 4Q25–1Q26E following the shift in maintenance allocation to 30% OPEX and 70% CAPEX (from 70%:30%).</li><li>Refining margins have gained in 4Q25E, with SG GRM QTD averaging USD8.95/bbl, on strong gasoil and jet crack spreads amid limited supply from refinery maintenance in North America and the Middle East in Oct, plus disruptions at Russian refineries from Ukraine attacks.</li></ul>

We turned more positive on SPRC’s earnings outlook after yesterday’s analyst meeting.OPEX pressure should ease in 4Q25–1Q26E following the shift in maintenance allocation to 30% OPEX and 70% CAPEX (from 70%:30%).Refining margins have gained in 4Q25E, with SG GRM QTD averaging USD8.95/bbl, on strong gasoil and jet crack spreads amid limited supply from refinery maintenance in North America and the Middle East in Oct, plus disruptions at Russian refineries from Ukraine attacks.

STAR PETROLEUM REFINING Plc. (SPRC): More Positive On Earnings As OPEX Pressure Eases

<ul><li>3Q25 earnings beat our/market estimates on strong enterprise sales volumes and margins.</li><li>We maintain Outperform and lift 2026 FV to Bt5.70 (from Bt5.25).</li><li>3Q25 NP was Bt1.58bn, reversing losses of Bt2.2bn in 3Q24 and Bt812mn in 2Q25 (which reflected heavy stock losses).</li></ul>

3Q25 earnings beat our/market estimates on strong enterprise sales volumes and margins.We maintain Outperform and lift 2026 FV to Bt5.70 (from Bt5.25).3Q25 NP was Bt1.58bn, reversing losses of Bt2.2bn in 3Q24 and Bt812mn in 2Q25 (which reflected heavy stock losses).

STAR PETROLEUM REFINING Plc. (SPRC): 3Q25 Beat On Strong Enterprise Sales Volumes ...

<ul><li>We expect strong 3Q25E core and net profit, driven by better enterprise margin and stock gains.</li><li>We cut 2025–26E core profit forecasts to reflect higher OPEX in 4Q25–1Q26E ahead of refinery maintenance in 1Q26E.</li><li>Core profit should bottom in 2025–26E and rebound in 2027E as refinery throughput normalizes (expect 2Y core EPS at +14% CAGR).</li></ul>

We expect strong 3Q25E core and net profit, driven by better enterprise margin and stock gains.We cut 2025–26E core profit forecasts to reflect higher OPEX in 4Q25–1Q26E ahead of refinery maintenance in 1Q26E.Core profit should bottom in 2025–26E and rebound in 2027E as refinery throughput normalizes (expect 2Y core EPS at +14% CAGR).

STAR PETROLEUM REFINING Plc. (SPRC): Solid 3Q25E...

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 312% versus the MSCI Asia ex Japan of 179%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since its inception, it has generated a before-fee total return of 312% versus the MSCI Asia ex Japan of 179%


Thailand

Star Petroleum Refining Public Company Limited operates an oil refining business in Thailand, owning and operating a complex refinery with a processing capacity of 175,000 barrels per day. The company produces and distributes a wide range of petroleum products, including liquefied petroleum gas, gasoline, jet fuel, diesel, fuel oil, and asphalt, along with petrochemical feedstocks. Its headquarters are in Mueang Rayong, Thailand, and it was founded in 1992.

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Star Petroleum Refining (SPRC TB)

STAR PETROLEUM REFINING Plc. (SPRC): More Positive On Earnings As OPEX Pressure Eases

OPEX pressure should ease in 4Q25–1Q26E following the shift in maintenance allocation to 30% OPEX and 70% CAPEX (from 70%:30%).

Krungthai XSpring

STAR PETROLEUM REFINING Plc. (SPRC): 3Q25 Beat On Strong Enterprise Sales Volumes ...

3Q25 earnings beat our/market estimates on strong enterprise sales volumes and margins. We maintain Outperform and lift 2026 FV to Bt5.70 (from...

Krungthai XSpring

STAR PETROLEUM REFINING Plc. (SPRC): Solid 3Q25E...

We expect strong 3Q25E core and net profit, driven by better enterprise margin and stock gains. We cut 2025–26E core profit forecasts to reflect...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

The Stocks to Own in Asia – Vol. 52

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine new join the...

A. Stotz Investment Research

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