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 maintain our Outperform rating and the 12M fair value of Bt169, based on the earnings yield and a required rate of return of 9.5%.</li><li>We now expect PTTEP to report a 2Q23E net profit of Bt20.1bn (-2%YoY, +4%QoQ), better than our first estimate and the consensus estimate by around 19-25%.</li><li>We expect positive earnings momentum in 2024-25E, with NP growth forecast at a 6% CAGR, driven by higher sales volume (+7% CAGR).</li></ul>

We maintain our Outperform rating and the 12M fair value of Bt169, based on the earnings yield and a required rate of return of 9.5%.We now expect PTTEP to report a 2Q23E net profit of Bt20.1bn (-2%YoY, +4%QoQ), better than our first estimate and the consensus estimate by around 19-25%.We expect positive earnings momentum in 2024-25E, with NP growth forecast at a 6% CAGR, driven by higher sales volume (+7% CAGR).

PTT Exploration & Production

Ptt Exploration and Production PTTEP