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>We expect oil retailers to continue facing challenging marketing margins in 2024E, especially amid the uptrend of global oil prices.</li><li>Meanwhile, the growth momentum of oil sales volume and non-oil businesses, as well as lower SG&amp;A/liter (thanks to high sales volume), will cushion the earnings performance for the year.</li><li>We maintain our 2024E net profit forecast of Bt960mn (flat YoY) and a Neutral rating (FV: Bt9.20).</li></ul>

We expect oil retailers to continue facing challenging marketing margins in 2024E, especially amid the uptrend of global oil prices.Meanwhile, the growth momentum of oil sales volume and non-oil businesses, as well as lower SG&amp;A/liter (thanks to high sales volume), will cushion the earnings performance for the year.We maintain our 2024E net profit forecast of Bt960mn (flat YoY) and a Neutral rating (FV: Bt9.20).

Ptg Energy -Mixed Factors in 1Q24E; Challenging Marketing Margin

PTG Energy PCL

Ptg Energy -Mixed Factors in 1Q24E; Challenging Marketing Margin