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)

Vietnam Energy / Thematic (Sector/Industry)

<ul><li>We maintain our Neutral sector weighting on power stocks and reiterate our top picks: GULF (Buy; FV Bt64.75), supported by a strong earnings profile and high growth potential through debt leverage and M&amp;A; and BCPG (downgraded to Outperform from Buy) following the recent price rally, with FV unchanged at Bt9.00, backed by standout 3Q25E earnings and strong profit contribution from US CCGT assets (c.70% of operating MW).</li><li>The base effect of gas costs should support an improvement in IU margin QoQ in 3Q25E.</li><li>We expect 3Q25E earnings momentum for the power sector to be mixed.</li></ul>

We maintain our Neutral sector weighting on power stocks and reiterate our top picks: GULF (Buy; FV Bt64.75), supported by a strong earnings profile and high growth potential through debt leverage and M&amp;A; and BCPG (downgraded to Outperform from Buy) following the recent price rally, with FV unchanged at Bt9.00, backed by standout 3Q25E earnings and strong profit contribution from US CCGT assets (c.70% of operating MW).The base effect of gas costs should support an improvement in IU margin QoQ in 3Q25E.We expect 3Q25E earnings momentum for the power sector to be mixed.

Global Power Synergy Company Ltd (GPSC TB)

Energy (Power): Easing Challenges; 3Q Peak Generation