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>We assess that the plan to import LNG from the US, aimed at mitigating the impact of the reciprocal tariff measures, is just slightly positive for the country and electricity prices.</li><li>This is due to a projected reduction in pool gas prices by about Bt4/mmbtu (based on an import volume of 1mn tons per year, equivalent to roughly 3% of Thailand’s gas supply).</li><li>The expected import price is around USD10/mmbtu, representing a discount of USD2- 4/mmbtu compared to JKM prices. </li></ul>

We assess that the plan to import LNG from the US, aimed at mitigating the impact of the reciprocal tariff measures, is just slightly positive for the country and electricity prices.This is due to a projected reduction in pool gas prices by about Bt4/mmbtu (based on an import volume of 1mn tons per year, equivalent to roughly 3% of Thailand’s gas supply).The expected import price is around USD10/mmbtu, representing a discount of USD2- 4/mmbtu compared to JKM prices. 

Industry Update: Energy (Power) - JULY 9, 2025