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) reviewed EGAT’s revised proposal to cut the electricity tariff for January–April 2026 to Bt3.88/unit (down Bt0.06 from both the lower-end public hearing scenario and the previous Bt3.94/unit).</li><li>Although LNG prices are trending downward—reducing pressure on electricity tariffs and the Ft—the overall outlook for SPPs still carries downside risks to IU margins.</li><li>We maintain a Neutral stance on the power sector. Although SPP share prices have already declined in line with the downside risk range (Figure 1), GPSC may have more cushion against downside risks given that its market price sits below the downside risk band.</li></ul>

The Energy Regulatory Commission (ERC) reviewed EGAT’s revised proposal to cut the electricity tariff for January–April 2026 to Bt3.88/unit (down Bt0.06 from both the lower-end public hearing scenario and the previous Bt3.94/unit).Although LNG prices are trending downward—reducing pressure on electricity tariffs and the Ft—the overall outlook for SPPs still carries downside risks to IU margins.We maintain a Neutral stance on the power sector. Although SPP share prices have already declined in line with the downside risk range (Figure 1), GPSC may have more cushion against downside risks given that its market price sits below the downside risk band.

Global Power Synergy Company Ltd (GPSC TB)

Power: ERC Reviews Proposal To Cut The Jan–Apr 2026 Electricity Tariff To Bt3.88/Unit