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>4Q24 and 2024 earnings were in line with expectations.</li><li>We maintain our profit estimates for 2025-26E and expect 2Y core EPS to grow at a 15% CAGR, supported by a larger oil sales volume base and strong momentum in the non-oil business.</li><li>The company targets to increase the non-oil GP contribution to 30- 35% in 2025E. Meanwhile, the marketing margin remains the key challenge.</li></ul>

4Q24 and 2024 earnings were in line with expectations.We maintain our profit estimates for 2025-26E and expect 2Y core EPS to grow at a 15% CAGR, supported by a larger oil sales volume base and strong momentum in the non-oil business.The company targets to increase the non-oil GP contribution to 30- 35% in 2025E. Meanwhile, the marketing margin remains the key challenge.

PTG ENERGY - In-Line 4Q24 Earnings Growth QoQ

PTG Energy PCL

PTG ENERGY - In-Line 4Q24 Earnings Growth QoQ