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

PTT Exploration & Production / Equity Bottom-Up

<ul><li>2Q26 core and net profit grew strongly in line with our expectations, driven by higher unit margins, stronger sales volumes, and oil hedging gains.</li><li>We downgrade our rating to Neutral (from Outperform) on stretched current valuations.</li><li>Should geopolitical risks intensify and persist, higher oil prices would provide upside to our forecasts.</li></ul>

2Q26 core and net profit grew strongly in line with our expectations, driven by higher unit margins, stronger sales volumes, and oil hedging gains.We downgrade our rating to Neutral (from Outperform) on stretched current valuations.Should geopolitical risks intensify and persist, higher oil prices would provide upside to our forecasts.

PTT EXPLORATION AND PRODUCTION Plc. (PTTEP): 2Q26 Earnings Strong as Expected; 2H26E Earnings to Moderate – Neutral (12M FWD Fair Value Bt154.00)