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 3Q25E net profit to have declined YoY and remained flat QoQ.</li><li>We maintain our cautious view on crude oil prices over the next two years, expecting Dubai crude to decline from USD70/bbl in 2025E to USD65/bbl in 2027E.</li><li>Petroleum sales volume is expected to accelerate in 4Q25E, marking the year’s peak at 550–560kboe/d, in line with the company’s full-year guidance of 512–517kboe/d.</li></ul>

We expect 3Q25E net profit to have declined YoY and remained flat QoQ.We maintain our cautious view on crude oil prices over the next two years, expecting Dubai crude to decline from USD70/bbl in 2025E to USD65/bbl in 2027E.Petroleum sales volume is expected to accelerate in 4Q25E, marking the year’s peak at 550–560kboe/d, in line with the company’s full-year guidance of 512–517kboe/d.

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