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 expect PTTGC to return to core profit and net profit in 1Q26E (likely the strongest quarter of the year).</li><li>We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of Bt8.2bn; iii) an impairment loss of Bt5.0bn; and iv) a gain from the sale of non-core assets of Bt2.3bn.</li><li>Despite the company’s lower feedstock disruption risk (vs. naphtha-based crackers) and positive developments (portfolio restructuring, ethane ramp-up, EBITDA uplift, and debt deleveraging), which should support more stable core profit (we forecast 2026–28E core EPS CAGR of +11%, below peers due to a high base in 2026E) and a stronger balance sheet, the stock has risen +67% YTD and appears overvalued based on our new 12M fair value of Bt32.25 (following the upward earnings revision, while maintaining our target EV/EBITDA at 8.0x).</li></ul>

We expect PTTGC to return to core profit and net profit in 1Q26E (likely the strongest quarter of the year).We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of Bt8.2bn; iii) an impairment loss of Bt5.0bn; and iv) a gain from the sale of non-core assets of Bt2.3bn.Despite the company’s lower feedstock disruption risk (vs. naphtha-based crackers) and positive developments (portfolio restructuring, ethane ramp-up, EBITDA uplift, and debt deleveraging), which should support more stable core profit (we forecast 2026–28E core EPS CAGR of +11%, below peers due to a high base in 2026E) and a stronger balance sheet, the stock has risen +67% YTD and appears overvalued based on our new 12M fair value of Bt32.25 (following the upward earnings revision, while maintaining our target EV/EBITDA at 8.0x).

PTT GLOBAL CHEMICAL Plc. (PTTGC): Expected To Turn Profitable In 1Q26E

PTT Global Chemical

PTT GLOBAL CHEMICAL Plc. (PTTGC): Expected To Turn Profitable In 1Q26E