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

Thematic (Sector/Industry)

Indonesia Energy / Thematic (Sector/Industry)

<ul><li>The normalization of CPO price implies a less volatile B100-CPO spread, with no material stock impact in 2023E</li><li>Ethanol spread to be on an improving trend in 2023E, given the accelerating ethanol price in line with raw material costs</li><li>JV SAF project to be a new growth engine, with a meaningful profit contribution starting in 2025E</li></ul>

The normalization of CPO price implies a less volatile B100-CPO spread, with no material stock impact in 2023EEthanol spread to be on an improving trend in 2023E, given the accelerating ethanol price in line with raw material costsJV SAF project to be a new growth engine, with a meaningful profit contribution starting in 2025E

Core Biofuel and New Businesses to Spur Improvement