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)

Global Power Synergy Company Ltd (GPSC TB)

<ul><li>There are ongoing risks surrounding the policy-level target to lower electricity prices, aligning with our view that the Ft rate remains on a downward trend (Ft is still within our forecast range, and we maintain our 2025E earnings estimates for SPP power producers).</li><li>Meanwhile, we believe that a revision of electricity prices through contract amendments (adder- FiT, AP-CP rate) is unlikely and would hurt power operators’ confidence, potentially undermining Thailand’s power security and the targeted increase in green power.</li><li>On the other hand, measures to adjust the pool gas portfolio and reduce “fat” appear more feasible and are expected to help lower the electricity tariff. </li></ul>

There are ongoing risks surrounding the policy-level target to lower electricity prices, aligning with our view that the Ft rate remains on a downward trend (Ft is still within our forecast range, and we maintain our 2025E earnings estimates for SPP power producers).Meanwhile, we believe that a revision of electricity prices through contract amendments (adder- FiT, AP-CP rate) is unlikely and would hurt power operators’ confidence, potentially undermining Thailand’s power security and the targeted increase in green power.On the other hand, measures to adjust the pool gas portfolio and reduce “fat” appear more feasible and are expected to help lower the electricity tariff. 

Industry Update: Energy (Power) APRIL 2, 2025