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>3Q25 net loss was in line. Slow petrochemical price and spread recovery posting downside risk to 2025E net loss is priced in. The stock is trading at 0.31x 2026E PBV (–1.5 S.D.).</li><li>Maintain Buy (2026E FV Bt31.25). Positive catalysts—business portfolio adjustment, ethane ramp-up, EBITDA uplift, and deleveraging—should drive 2026–27E profit turnaround and boost the balance sheet.</li><li>Global petrochemical reforms should aid price and spread recovery.</li></ul>

3Q25 net loss was in line. Slow petrochemical price and spread recovery posting downside risk to 2025E net loss is priced in. The stock is trading at 0.31x 2026E PBV (–1.5 S.D.).Maintain Buy (2026E FV Bt31.25). Positive catalysts—business portfolio adjustment, ethane ramp-up, EBITDA uplift, and deleveraging—should drive 2026–27E profit turnaround and boost the balance sheet.Global petrochemical reforms should aid price and spread recovery.

PTT GLOBAL CHEMICAL Plc. (PTTGC): 3Q25 Loss In Line; Restructuring To Lift 2026E Momentum

PTT Global Chemical

PTT GLOBAL CHEMICAL Plc. (PTTGC): 3Q25 Loss In Line; Restructuring To Lift 2026E Momentum