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>BCP reported a slight net profit in 4Q24-2024 due to stock losses.</li><li>We maintain our earnings forecasts for 2025-26E, projecting a strong 2Y core EPS CAGR of 25%, driven by the refinery business (enhanced refining efficiency and lower transport costs using VLCCs), the marketing business (network expansion and higher oil sales volume), synergy benefits from BCP-BSRC, new profit streams from SAF in 2Q25E, and BCPG’s rising core profit trend.</li><li>We maintain our Outperform rating with a fair value of Bt42.12.</li></ul>

BCP reported a slight net profit in 4Q24-2024 due to stock losses.We maintain our earnings forecasts for 2025-26E, projecting a strong 2Y core EPS CAGR of 25%, driven by the refinery business (enhanced refining efficiency and lower transport costs using VLCCs), the marketing business (network expansion and higher oil sales volume), synergy benefits from BCP-BSRC, new profit streams from SAF in 2Q25E, and BCPG’s rising core profit trend.We maintain our Outperform rating with a fair value of Bt42.12.

Bangchak Corporation - Downbeat 4Q24 NP Due to One-Off Items; Restructuring Plan