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>1Q25 earnings were weak (though better than expected), and the performance is projected to accelerate in the remaining quarters, supported by seasonal increases in oil sales volume in 2Q and 4Q, a recovery in marketing margins, and continued strong growth in the non-oil business.</li><li>We maintain our 2025- 27E earnings forecasts and expect 2Y core EPS to grow at a 10% CAGR, driven by the non-oil segment under its high-return investment expansion plan (with no share buyback plans).</li><li>The valuation metrics signal a positive outlook on the current valuation (the current market price is trading at a discount to the 12M FV of Bt8.75).</li></ul>

1Q25 earnings were weak (though better than expected), and the performance is projected to accelerate in the remaining quarters, supported by seasonal increases in oil sales volume in 2Q and 4Q, a recovery in marketing margins, and continued strong growth in the non-oil business.We maintain our 2025- 27E earnings forecasts and expect 2Y core EPS to grow at a 10% CAGR, driven by the non-oil segment under its high-return investment expansion plan (with no share buyback plans).The valuation metrics signal a positive outlook on the current valuation (the current market price is trading at a discount to the 12M FV of Bt8.75).

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