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 PTG to post a net loss of Bt198mn in 1Q26E, driven by a weak marketing margin of around Bt1.29/litre.</li><li>Following these revisions, we derive a new 12M FV of Bt8.25 (from Bt10.20) and maintain a Neutral rating, as the stock appears fully valued.</li><li>We cut our 2026–28E net profit forecasts by 39%/17%/16% to reflect lower marketing margins and fuel sales volumes, alongside rising SG&amp;A.</li></ul>

We expect PTG to post a net loss of Bt198mn in 1Q26E, driven by a weak marketing margin of around Bt1.29/litre.Following these revisions, we derive a new 12M FV of Bt8.25 (from Bt10.20) and maintain a Neutral rating, as the stock appears fully valued.We cut our 2026–28E net profit forecasts by 39%/17%/16% to reflect lower marketing margins and fuel sales volumes, alongside rising SG&amp;A.

PTG ENERGY Plc. (PTG): Expected To Swing To A Loss In 1Q26E On Weak Marketing Margins...

PTG Energy

PTG ENERGY Plc. (PTG): Expected To Swing To A Loss In 1Q26E On Weak Marketing Margins...