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

<ul><li>The challenging marketing margin has already been priced in.</li><li>Meanwhile, the growth momentum of oil sales volume and non-oil businesses, driven by repeated uses by PT Max members in all platforms at around 20mn members, as well as lower SG&amp;A/liter (thanks to higher sales volume), will cushion the earnings performance for the year.</li><li>We maintain our 2024-26E NP forecasts calling for a 10% CAGR. </li></ul>

The challenging marketing margin has already been priced in.Meanwhile, the growth momentum of oil sales volume and non-oil businesses, driven by repeated uses by PT Max members in all platforms at around 20mn members, as well as lower SG&amp;A/liter (thanks to higher sales volume), will cushion the earnings performance for the year.We maintain our 2024-26E NP forecasts calling for a 10% CAGR. 

Ptg Energy - In-Line 1Q24 NP with Mixed Factors; Challenging Marketing Margin

PTG Energy PCL

Ptg Energy - In-Line 1Q24 NP with Mixed Factors; Challenging Marketing Margin