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>Downbeat 3Q25 NP reflected OKEA impairment, but core profit rose as expected, given growth in many businesses: refinery (high GRM), marketing (higher marketing margin), and BCPG (US CCGT, Nam San 3A &amp; 3B). 2025–27E core profit is maintained, with 2Y core EPS CAGR of +11%.</li><li>We maintain 2026 FV at Bt43.00 and upgrade to Buy (from Outperform). Valuation metrics still reflect a positive view on current valuation, with 2Y core EPS growth around the sector average and very limited tactical downside risk.</li><li>3Q25 earnings turned to a Bt1.1bn NP (vs. net losses in 3Q24 and 2Q25) but missed our and market forecasts by 40% and 37%, respectively, given a Bt699mn OKEA impairment (at BCP level) on lower reserves and oil forward prices. </li></ul>

Downbeat 3Q25 NP reflected OKEA impairment, but core profit rose as expected, given growth in many businesses: refinery (high GRM), marketing (higher marketing margin), and BCPG (US CCGT, Nam San 3A &amp; 3B). 2025–27E core profit is maintained, with 2Y core EPS CAGR of +11%.We maintain 2026 FV at Bt43.00 and upgrade to Buy (from Outperform). Valuation metrics still reflect a positive view on current valuation, with 2Y core EPS growth around the sector average and very limited tactical downside risk.3Q25 earnings turned to a Bt1.1bn NP (vs. net losses in 3Q24 and 2Q25) but missed our and market forecasts by 40% and 37%, respectively, given a Bt699mn OKEA impairment (at BCP level) on lower reserves and oil forward prices. 

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