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>2Q26 was outstanding, with net profit/core profit reaching Bt12.2bn/Bt16.1bn, supported by all business segments (except refinery, which softened QoQ but remained at a strong level).</li><li>We remain positive on the company's ongoing improvements, including business portfolio transformation, the ethane ramp-up, EBITDA uplift, and debt deleveraging.</li><li>We maintain our Outperform rating and 12M FV of Bt46.00, based on 7.5x EV/EBITDA.</li></ul>

2Q26 was outstanding, with net profit/core profit reaching Bt12.2bn/Bt16.1bn, supported by all business segments (except refinery, which softened QoQ but remained at a strong level).We remain positive on the company's ongoing improvements, including business portfolio transformation, the ethane ramp-up, EBITDA uplift, and debt deleveraging.We maintain our Outperform rating and 12M FV of Bt46.00, based on 7.5x EV/EBITDA.

PTT GLOBAL CHEMICAL Plc. (PTTGC): 2Q26 Net Profit Beat by 17%; Likely the Year's Peak - Outperform (12M FWD Fair Value Bt46.00)

PTT Global Chemical

PTT GLOBAL CHEMICAL Plc. (PTTGC): 2Q26 Net Profit Beat by 17%; Likely the Year's Peak - Outperform (12M FWD Fair Value Bt46.00)