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>Core profit and net profit in 2Q25 were 6% and 7% above expectations, respectively, but still declined YoY and QoQ.</li><li>We maintain our view expecting a downward trend in the unit margin and profit over 2025-27E, with 2Y core EPS forecast to decline at a -4.2% CAGR, amid a high correlation of around 80% between the share price and crude oil prices, which remain exposed to trade war risks.</li><li>We maintain our Neutral rating and 12M fair value at Bt112.50 (with a required return of 14.9%).</li></ul>

Core profit and net profit in 2Q25 were 6% and 7% above expectations, respectively, but still declined YoY and QoQ.We maintain our view expecting a downward trend in the unit margin and profit over 2025-27E, with 2Y core EPS forecast to decline at a -4.2% CAGR, amid a high correlation of around 80% between the share price and crude oil prices, which remain exposed to trade war risks.We maintain our Neutral rating and 12M fair value at Bt112.50 (with a required return of 14.9%).

PTT EXPLORATION AND PRODUCTION - Slightly Upbeat Core Profit

PTT E&P

PTT EXPLORATION AND PRODUCTION - Slightly Upbeat Core Profit