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>BGRIM reported a 2Q23 net profit of Bt678mn, reversing from the net loss of Bt193mn in 2Q22 and expanding 70% QoQ, in line with our projection of Bt668mn.</li><li>Excluding the FX impact, the firm reported a core profit of Bt855mn (+184% YoY, +157% QoQ) in 2Q23.</li><li>The positive factors included the wider margin of electricity sold to industrial users (IU) to Bt1.42/unit (vs. Bt0.25/unit in 2Q22 and Bt1.32/unit in 1Q23), in line with the trajectory of Ft (note that the Ft from May to August 2023 is Bt0.9127/unit, +Bt0.665/unit from the same period last year at Bt0.2477/unit but -Bt0.6365/unit from Bt1.549/unit in January to April 2023), as well as lower gas costs to Bt404/mmbtu (-4% YoY, -16% QoQ) amid a slight decline in electricity sold to IU by 3% YoY and 2% QoQ to 834GWh; 2) larger electricity volume sold to EGAT by 7% QoQ to 2,270GWh on the full- quarter contribution of BGPM2R (SPP replacement; COD in March 2023); and 3) larger steam sales volume to IU of 219k tons (+14% YoY, +12% QoQ), offsetting the lower steam price by 7% QoQ in line with the gas price.</li></ul>

BGRIM reported a 2Q23 net profit of Bt678mn, reversing from the net loss of Bt193mn in 2Q22 and expanding 70% QoQ, in line with our projection of Bt668mn.Excluding the FX impact, the firm reported a core profit of Bt855mn (+184% YoY, +157% QoQ) in 2Q23.The positive factors included the wider margin of electricity sold to industrial users (IU) to Bt1.42/unit (vs. Bt0.25/unit in 2Q22 and Bt1.32/unit in 1Q23), in line with the trajectory of Ft (note that the Ft from May to August 2023 is Bt0.9127/unit, +Bt0.665/unit from the same period last year at Bt0.2477/unit but -Bt0.6365/unit from Bt1.549/unit in January to April 2023), as well as lower gas costs to Bt404/mmbtu (-4% YoY, -16% QoQ) amid a slight decline in electricity sold to IU by 3% YoY and 2% QoQ to 834GWh; 2) larger electricity volume sold to EGAT by 7% QoQ to 2,270GWh on the full- quarter contribution of BGPM2R (SPP replacement; COD in March 2023); and 3) larger steam sales volume to IU of 219k tons (+14% YoY, +12% QoQ), offsetting the lower steam price by 7% QoQ in line with the gas price.

Earnings Review - B.Grimm Power Plc. (BGRIM)

B Grimm Power

Earnings Review - B.Grimm Power Plc. (BGRIM)