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>Despite the upbeat 4Q23 earnings and PTG’s 2024 business targets with proactive momentum, we view that its 2024E earnings performance may be pressured by the challenges to the marketing margin faced during the year, especially given the incremental costs for quality improvement to the Euro 5 standard amid the capped retail prices for diesel, which constitutes 70% of the firm’s total oil sales volume.</li><li>In addition, the potential returns from the new businesses — hire purchase loans for second-hand trucks and waste management — may remain unattractive.</li><li>We maintain our Neutral rating, with the 12M FV at Bt9.18.</li></ul>

Despite the upbeat 4Q23 earnings and PTG’s 2024 business targets with proactive momentum, we view that its 2024E earnings performance may be pressured by the challenges to the marketing margin faced during the year, especially given the incremental costs for quality improvement to the Euro 5 standard amid the capped retail prices for diesel, which constitutes 70% of the firm’s total oil sales volume.In addition, the potential returns from the new businesses — hire purchase loans for second-hand trucks and waste management — may remain unattractive.We maintain our Neutral rating, with the 12M FV at Bt9.18.

PTG Energy - Upbeat 4Q23 Earnings; Marketing Margin to Remain Key Challenge

PTG Energy PCL

PTG Energy - Upbeat 4Q23 Earnings; Marketing Margin to Remain Key Challenge