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 very strong 2Q26E core profit of Bt16.0bn, although negative one-off items should have reduced net profit to Bt7.6bn.</li>
<li>The result is driven by robust market GRM and market GIM of USD21.0/bbl and USD23.5/bbl, respectively, underpinning our upward revisions to our 2026-28E core profit forecasts.</li>
<li>We maintain our Neutral rating with a new 12-month fair value of Bt63.50, based on a required return of 15.8%.</li>
</ul>


We expect a very strong 2Q26E core profit of Bt16.0bn, although negative one-off items should have reduced net profit to Bt7.6bn.
The result is driven by robust market GRM and market GIM of USD21.0/bbl and USD23.5/bbl, respectively, underpinning our upward revisions to our 2026-28E core profit forecasts.
We maintain our Neutral rating with a new 12-month fair value of Bt63.50, based on a required return of 15.8%.


THAI OIL Plc. (TOP): Strong 2Q26E Core Profit; One-Off Items Weigh on NP; Forecasts Raised

China

Uju Holding Limited offers online short video marketing services. The Company provides online advertising planning, production, delivery, optimization, and other services. Uju Holding provides its services throughout China.

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Uju Holding (1948 HK)

THAI OIL Plc. (TOP): Strong 2Q26E Core Profit; One-Off Items Weigh on NP; Forecasts Raised

We expect a very strong 2Q26E core profit of Bt16.0bn, although negative one-off items should have reduced net profit to Bt7.6bn. The result is...

Krungthai XSpring

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