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

PTT Exploration & Production / Equity Bottom-Up

<ul><li>Core profit and net profit momentum in 4Q24 and 2024 remained fragile, pressured by a decline in the margin per unit.</li><li>We maintain our view calling for 2Y core EPS growth (2025-26E) at a CAGR of -8%, underperforming the sector due to a downtrend in the margin per unit.</li><li>We maintain our Neutral rating and the fair value (FV) of Bt139.64.</li></ul>

Core profit and net profit momentum in 4Q24 and 2024 remained fragile, pressured by a decline in the margin per unit.We maintain our view calling for 2Y core EPS growth (2025-26E) at a CAGR of -8%, underperforming the sector due to a downtrend in the margin per unit.We maintain our Neutral rating and the fair value (FV) of Bt139.64.

4Q24 Earnings Beat Forecast by 5%; 2025-26E Earnings to Be Pressured by Margin per Unit