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

PTT Oil & Retail Business  / Equity Bottom-Up

<ul><li>1Q25 profit was outstanding (with strong margins across all business segments and lower SG&amp;A expenses, despite a QoQ decline in oil sales volume due to seasonality).</li><li>However, challenges are expected in the remaining quarters (GP/liter may decrease in 2Q because of gasoline and gasohol discount campaigns aimed at regaining market share, and there is risk of oil inventory losses; the mobility business may see oil sales volume being seasonally impacted in 3Q; the global business likely peaked in 1Q; and SG&amp;A expenses may accelerate in 2Q- 4Q in line with increased business activities).</li><li>We maintain our 2025-27E profit forecasts (expecting 2Y core EPS growth at a 10% CAGR).</li></ul>

1Q25 profit was outstanding (with strong margins across all business segments and lower SG&amp;A expenses, despite a QoQ decline in oil sales volume due to seasonality).However, challenges are expected in the remaining quarters (GP/liter may decrease in 2Q because of gasoline and gasohol discount campaigns aimed at regaining market share, and there is risk of oil inventory losses; the mobility business may see oil sales volume being seasonally impacted in 3Q; the global business likely peaked in 1Q; and SG&amp;A expenses may accelerate in 2Q- 4Q in line with increased business activities).We maintain our 2025-27E profit forecasts (expecting 2Y core EPS growth at a 10% CAGR).

PTT Oil and Retail Business - 1Q25 Outstanding Earnings as Expected