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>3Q25 profit fell QoQ on lower fuel sales volume, a slight marketing-margin gain, and higher SG&amp;A from Punthai Coffee expansion; 2025E profit is within expectations.</li><li>We maintain 2025–27E earnings and expect 2Y core EPS +14% CAGR, driven by strong non-oil growth from aggressive Punthai Coffee expansion.</li><li>We keep our 2026 FV at Bt9.00 and upgrade to Buy (from Neutral) after the share-price pullback from challenging marketing margins, which makes the valuation more attractive with limited tactical downside.</li></ul>

3Q25 profit fell QoQ on lower fuel sales volume, a slight marketing-margin gain, and higher SG&amp;A from Punthai Coffee expansion; 2025E profit is within expectations.We maintain 2025–27E earnings and expect 2Y core EPS +14% CAGR, driven by strong non-oil growth from aggressive Punthai Coffee expansion.We keep our 2026 FV at Bt9.00 and upgrade to Buy (from Neutral) after the share-price pullback from challenging marketing margins, which makes the valuation more attractive with limited tactical downside.

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