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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>GULF’s 1Q25 net profit was in line with expectations and core profit grew strongly both YoY and QoQ, signaling that GULF’s 1Q25 pro forma financial statement — given its direct 40.4% stake in ADVANC — will also be strong. We maintain our 2025-27E core profit estimates and expect 2Y core EPS growth at a 12% CAGR, outperforming the sector.</li><li>The current valuation reflects a positive outlook, with substantial upside to the 12-month fair value of Bt68.75 and limited tactical downside risk. We maintain our Outperform rating.</li><li>We continue to favor GULF for its strong business portfolio, with its power plant portfolio carrying low fuel cost risk and minimal exposure to the government’s electricity tariff subsidy policy (SPP fleet accounts for around 14%, and IU customer sales account for around 9%).</li></ul>

GULF’s 1Q25 net profit was in line with expectations and core profit grew strongly both YoY and QoQ, signaling that GULF’s 1Q25 pro forma financial statement — given its direct 40.4% stake in ADVANC — will also be strong. We maintain our 2025-27E core profit estimates and expect 2Y core EPS growth at a 12% CAGR, outperforming the sector.The current valuation reflects a positive outlook, with substantial upside to the 12-month fair value of Bt68.75 and limited tactical downside risk. We maintain our Outperform rating.We continue to favor GULF for its strong business portfolio, with its power plant portfolio carrying low fuel cost risk and minimal exposure to the government’s electricity tariff subsidy policy (SPP fleet accounts for around 14%, and IU customer sales account for around 9%).

Gulf Development - In-Line 1Q25 Net Profit with Strong Core Profit Growth YoY and QoQ