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 re-initiate PTTEP with an Outperform rating and a 12M FV of Bt169, based on the earnings yield and a required rate of return of 9.5%.</li><li>This signals limited downside risk to the share price, alongside OPEC+'s strategy to curb supply to support oil prices.</li><li>However, positive earnings momentum can be expected in 2024-25E (with an expected 6% CAGR), driven by potential increases in sales volume.</li></ul>

We re-initiate PTTEP with an Outperform rating and a 12M FV of Bt169, based on the earnings yield and a required rate of return of 9.5%.This signals limited downside risk to the share price, alongside OPEC+'s strategy to curb supply to support oil prices.However, positive earnings momentum can be expected in 2024-25E (with an expected 6% CAGR), driven by potential increases in sales volume.

PTT Exploration & Production

PTT Exploration and Production PTTEP