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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>2Q25 net profit fell YoY but increased QoQ as expected.</li><li>The oil retail business has faced challenges from marketing margins and limited oil sales growth, while the non-oil business (with Punthai Coffee as the flagship) is expected to drive profit over the next two years, alongside rising SG&A expenses.</li><li>This aligns with our downward revision of 2025-27E net profit by around 4-10%.</li></ul>

2Q25 net profit fell YoY but increased QoQ as expected.The oil retail business has faced challenges from marketing margins and limited oil sales growth, while the non-oil business (with Punthai Coffee as the flagship) is expected to drive profit over the next two years, alongside rising SG&A expenses.This aligns with our downward revision of 2025-27E net profit by around 4-10%.

2Q25 Earnings Down YoY but Up QoQ; Oil Business Faces Challenges; Strong Growth for Non-Oil Business

PTG Energy

2Q25 Earnings Down YoY but Up QoQ; Oil Business Faces Challenges; Strong Growth for Non-Oil Business