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

Equity Bottom-Up

<div><div><div><div><ul><li>We maintain an Outperform rating (FV Bt15.44, based on a required rate of return of 5.7%). Our valuation metrics suggest that the current share price is fully valued.</li><li>The long-term earnings growth should gain positive momentum, with NP growth expected at a 24% CAGR in 2023-25E. The tactical risk is neutral.</li><li>PTG’s earnings performance is sensitive to the marketing margin, given that the oil GP contribution accounts for 77% in 2023E. </li></ul></div></div></div></div>

We maintain an Outperform rating (FV Bt15.44, based on a required rate of return of 5.7%). Our valuation metrics suggest that the current share price is fully valued.The long-term earnings growth should gain positive momentum, with NP growth expected at a 24% CAGR in 2023-25E. The tactical risk is neutral.PTG’s earnings performance is sensitive to the marketing margin, given that the oil GP contribution accounts for 77% in 2023E. 

Ptg Energy -1Q23E Earnings Recovery, with Better Momentum in 2Q and 4Q

PTG Energy PCL

Ptg Energy -1Q23E Earnings Recovery, with Better Momentum in 2Q and 4Q