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

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Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

Thailand Materials / Thematic (Sector/Industry)

<ul><li>On April 29, 2026, PTTGC signed a non-binding memorandum of understanding (MoU) with SCG Chemicals to jointly study the strategic feasibility of establishing a joint venture in the olefins and polyolefins (polyethylene and polypropylene) business in Thailand (the “JV project”).</li><li>The JV will cover olefins and polyolefins operations in Thailand, aiming to build a regional petrochemical leader with strong competitive advantages, supported by integrated infrastructure, greater economies of scale, feedstock optimization, and a stronger downstream portfolio focused on higher value-added and more diversified products.</li><li>We view this development as positive for share prices, supported by a stronger business platform and expected synergies, which could drive a valuation re-rating. Based on an EV/EBITDA range of 8.0–9.0x, our implied fair value for PTTGC is Bt32.00–41.00.</li></ul>

On April 29, 2026, PTTGC signed a non-binding memorandum of understanding (MoU) with SCG Chemicals to jointly study the strategic feasibility of establishing a joint venture in the olefins and polyolefins (polyethylene and polypropylene) business in Thailand (the “JV project”).The JV will cover olefins and polyolefins operations in Thailand, aiming to build a regional petrochemical leader with strong competitive advantages, supported by integrated infrastructure, greater economies of scale, feedstock optimization, and a stronger downstream portfolio focused on higher value-added and more diversified products.We view this development as positive for share prices, supported by a stronger business platform and expected synergies, which could drive a valuation re-rating. Based on an EV/EBITDA range of 8.0–9.0x, our implied fair value for PTTGC is Bt32.00–41.00.

Petrochemical: Non-Binding MoU Between PTTGC And SCG Chemicals...