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>We maintain a Neutral rating on the energy sector, given the lackluster earnings growth outlook for 2025-27E (+4% CAGR) and external risk factors that could negatively impact earnings, such as Trump 2.0 policies, reciprocal tariffs, and domestic risks related to government policies on energy prices.</li><li>However, the downside risk for SET ENERGY is becoming more limited, as its implied EPS running close to -1.0 S.D. BCP remains our top pick (Outperform; FV Bt42.75), supported by its 2Y core EPS growth outpacing the sector (+12% CAGR), a well-diversified business portfolio, and a solid financial position.</li><li><p>4Q24 core profit recovered QoQ; 2024 core profit declined YoY, pressured by downstream</p></li></ul>

We maintain a Neutral rating on the energy sector, given the lackluster earnings growth outlook for 2025-27E (+4% CAGR) and external risk factors that could negatively impact earnings, such as Trump 2.0 policies, reciprocal tariffs, and domestic risks related to government policies on energy prices.However, the downside risk for SET ENERGY is becoming more limited, as its implied EPS running close to -1.0 S.D. BCP remains our top pick (Outperform; FV Bt42.75), supported by its 2Y core EPS growth outpacing the sector (+12% CAGR), a well-diversified business portfolio, and a solid financial position.4Q24 core profit recovered QoQ; 2024 core profit declined YoY, pressured by downstream

Industry Update - Energy (Upstream - Downstream) MARCH 20, 2025