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>We expect 4Q25E NP of Bt17.0bn, supported by positive oneoff items (results on February 9, 2026).</li><li>The share price trades at a discount to our 12M FWD FV of Bt115.50, based on the earnings yield method (required return of 12.6% derived from estimated ERP using macro and stock-specific factors).</li><li>We see no positive catalysts for the share price over the next 12 months, as oil prices trend lower amid oversupply (we estimate each USD1 decline reduces profit by around 2%), the baht remains strong, and DPS and ROE should trend down in line with earnings, beginning in 2025E.</li></ul>

We expect 4Q25E NP of Bt17.0bn, supported by positive oneoff items (results on February 9, 2026).The share price trades at a discount to our 12M FWD FV of Bt115.50, based on the earnings yield method (required return of 12.6% derived from estimated ERP using macro and stock-specific factors).We see no positive catalysts for the share price over the next 12 months, as oil prices trend lower amid oversupply (we estimate each USD1 decline reduces profit by around 2%), the baht remains strong, and DPS and ROE should trend down in line with earnings, beginning in 2025E.

PTT Exploration and Production Plc. (PTTEP): 4Q25E NP Aided by One-Offs...