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>We hold a positive view on the recent round of non-core asset monetization, expecting Bt9.2bn in cash proceeds for debt reduction and a one-time gain of about Bt2.3bn (upside risk of 50% in 2026E), offset by a negative earnings impact of around Bt110mn (downside risk of 2% in 2026E).</li><li>PTTGC is moving ahead with its non-core asset monetization plan: i) The company will sell its 35.43% stake in Thai Tank Terminal (TTT) for Bt4.4bn (pre-tax), along with an additional earn-out of about Bt604mn tied to an 8-year extension (2044–52) of the ethane storage service agreement with TTT after the main 15-year contract expires in 2044.</li><li>We expect the deleveraging plans (perpetual bond issuance, non-core asset monetization, and extended credit terms from PTT) to strengthen the company’s financial position.</li></ul>

We hold a positive view on the recent round of non-core asset monetization, expecting Bt9.2bn in cash proceeds for debt reduction and a one-time gain of about Bt2.3bn (upside risk of 50% in 2026E), offset by a negative earnings impact of around Bt110mn (downside risk of 2% in 2026E).PTTGC is moving ahead with its non-core asset monetization plan: i) The company will sell its 35.43% stake in Thai Tank Terminal (TTT) for Bt4.4bn (pre-tax), along with an additional earn-out of about Bt604mn tied to an 8-year extension (2044–52) of the ethane storage service agreement with TTT after the main 15-year contract expires in 2044.We expect the deleveraging plans (perpetual bond issuance, non-core asset monetization, and extended credit terms from PTT) to strengthen the company’s financial position.

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