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>4Q25 NP marked the strongest quarter of the year, driven by aggressive Punthai Coffee expansion and tight SG&amp;A control.</li><li>Our revised forecast implies 2026–28E core EPS CAGR of 8.7% (above peers) and a new 12M FV of Bt10.20 (7.7% required return).</li><li>4Q25 NP was Bt314mn (8% below estimates on higher tax), up 38% YoY and 53% QoQ, driven by non-oil GP (+88% YoY, +9% QoQ) and higher non-oil GP contribution at 40%.</li></ul>

4Q25 NP marked the strongest quarter of the year, driven by aggressive Punthai Coffee expansion and tight SG&amp;A control.Our revised forecast implies 2026–28E core EPS CAGR of 8.7% (above peers) and a new 12M FV of Bt10.20 (7.7% required return).4Q25 NP was Bt314mn (8% below estimates on higher tax), up 38% YoY and 53% QoQ, driven by non-oil GP (+88% YoY, +9% QoQ) and higher non-oil GP contribution at 40%.

PTG ENERGY Plc.: 4Q25 And 2Y Earnings Growth Driven By Punthai

PTG Energy

PTG ENERGY Plc.: 4Q25 And 2Y Earnings Growth Driven By Punthai