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)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>We view a large-scale escalation in Middle East tensions as a structural risk stemming from potential supply loss if the Strait of Hormuz is closed, which could add a USD10–20/bbl risk premium to oil prices.</li><li>PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the stock’s +21% YTD gain.</li><li>Meanwhile, LNG supply disruption and a higher JKM price could pose downside risks to IU margins and earnings of SPP power producers (BGRIM, GPSC).</li></ul>

We view a large-scale escalation in Middle East tensions as a structural risk stemming from potential supply loss if the Strait of Hormuz is closed, which could add a USD10–20/bbl risk premium to oil prices.PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the stock’s +21% YTD gain.Meanwhile, LNG supply disruption and a higher JKM price could pose downside risks to IU margins and earnings of SPP power producers (BGRIM, GPSC).

Energy: ME Tension / Hormuz Risk + Risk Premium / Oil Prices Up – Upstream Benefits Most