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 Utilities / Thematic (Sector/Industry)

<ul><li>The Energy Regulatory Commission (ERC) has opened a public hearing on power tariffs (Ft) for Jan–Apr 2026 under two scenarios: (i) Bt4.58/unit and (ii) Bt3.94/unit (unchanged).</li><li>We see scenario (ii)—maintaining the tariff at Bt3.94/unit and Ft at Bt0.1572/unit—as the most likely, consistent with the government’s earlier guidance.</li><li>We maintain Overweight rating on the power sector, supported by lower tariff-intervention risk amid declining gas costs, steady IU margins, and the government’s Quick Big Win policy to fast-track Direct PPA projects for data centers (2.0GW, expected to open for bidding by December 2025).</li></ul>

The Energy Regulatory Commission (ERC) has opened a public hearing on power tariffs (Ft) for Jan–Apr 2026 under two scenarios: (i) Bt4.58/unit and (ii) Bt3.94/unit (unchanged).We see scenario (ii)—maintaining the tariff at Bt3.94/unit and Ft at Bt0.1572/unit—as the most likely, consistent with the government’s earlier guidance.We maintain Overweight rating on the power sector, supported by lower tariff-intervention risk amid declining gas costs, steady IU margins, and the government’s Quick Big Win policy to fast-track Direct PPA projects for data centers (2.0GW, expected to open for bidding by December 2025).

Power: ERC Opens Hearing on Jan–Apr 2026 Power Tariff...