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 raise our crude oil price assumptions for 2026–28E to USD80/70/70, reflecting a higher geopolitical risk premium.</li><li>Near-term pressure remains from weak 1Q26E earnings, with net profit expected at around Bt9.0bn (-45% YoY, -48% QoQ) due to large oil hedging losses.</li><li>We raise PTTEP’s 2026–28E core profit forecasts by 8% / 4% / 6%, reflecting i) higher ASP assumptions of +10% / +4% / +4% following our upward revision to crude oil prices and gas prices with a 3–6 month lag.</li></ul>

We raise our crude oil price assumptions for 2026–28E to USD80/70/70, reflecting a higher geopolitical risk premium.Near-term pressure remains from weak 1Q26E earnings, with net profit expected at around Bt9.0bn (-45% YoY, -48% QoQ) due to large oil hedging losses.We raise PTTEP’s 2026–28E core profit forecasts by 8% / 4% / 6%, reflecting i) higher ASP assumptions of +10% / +4% / +4% following our upward revision to crude oil prices and gas prices with a 3–6 month lag.

PTT Exploration And Production Plc. (PTTEP): Hedging Loss To Hit 1Q26E NP...