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 Energy / Thematic (Sector/Industry)

<ul><li>The new gas pricing structure is expected to lift new pool gas by Bt7– 9/mmbtu (+2–3% vs. single pool gas), creating a downside risk of –3% to –4% for BGRIM’s and GPSC’s 2026E earnings and fair value if the Ft is unchanged, and potentially –7% to –10% if part of the Ft is reduced.</li><li>Conversely, the PTT group (PTT, PTTGC) should benefit from lower gas costs, implying upside risk of +6–7% to PTT’s 2026E earnings.</li><li>We downgrade the power sector to Neutral (from Overweight), as SPP operators may face pressure with the new pool gas outlook becoming a negative surprise (vs. earlier expectations of lower costs and reduced tariff-intervention risk). </li></ul>

The new gas pricing structure is expected to lift new pool gas by Bt7– 9/mmbtu (+2–3% vs. single pool gas), creating a downside risk of –3% to –4% for BGRIM’s and GPSC’s 2026E earnings and fair value if the Ft is unchanged, and potentially –7% to –10% if part of the Ft is reduced.Conversely, the PTT group (PTT, PTTGC) should benefit from lower gas costs, implying upside risk of +6–7% to PTT’s 2026E earnings.We downgrade the power sector to Neutral (from Overweight), as SPP operators may face pressure with the new pool gas outlook becoming a negative surprise (vs. earlier expectations of lower costs and reduced tariff-intervention risk). 

Global Power Synergy Company Ltd (GPSC TB)

Energy (Power): New Pool Gas Rises — A Negative Surprise With Adverse Impact On SPPs