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>BCPG maintains a positive outlook on the PJM power market and capacity revenue, which are on an upward trend in 2025-26E and expected to remain high in 2027E, driven by increasing load forecasts and tight electricity supply-reserve margins.</li><li>This aligns with our view that the profit contributions from the US CCGT power plant will remain strong and serve as a key profit driver during this period.</li><li>We maintain our core profit forecasts for 2025-27E at a CAGR of 11%, outperforming the sector, supported by US CCGT, Nam San 3A &amp; 3B, and new profit streams from projects in the pipeline.</li></ul>

BCPG maintains a positive outlook on the PJM power market and capacity revenue, which are on an upward trend in 2025-26E and expected to remain high in 2027E, driven by increasing load forecasts and tight electricity supply-reserve margins.This aligns with our view that the profit contributions from the US CCGT power plant will remain strong and serve as a key profit driver during this period.We maintain our core profit forecasts for 2025-27E at a CAGR of 11%, outperforming the sector, supported by US CCGT, Nam San 3A &amp; 3B, and new profit streams from projects in the pipeline.

BCPG - Robust Outlook for PJM – Strong Contributions from US CCGT

BCPG PCL

BCPG - Robust Outlook for PJM – Strong Contributions from US CCGT