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>We forecast a net profit of Bt2.34bn (-8% YoY, -47% QoQ) and core profit of Bt2.5bn (+9% YoY, -33% QoQ) in 2Q25E.</li><li>The QoQ decline is primarily driven by the following: i) The oil sales volume of the mobility business is likely to have dropped 5% QoQ to 6,386mn liters.</li><li>This includes a 10% QoQ retreat in commercial segment sales volume owing to seasonally lower jet fuel demand and a modest 4% QoQ recovery in the retail segment, despite the Bt0.50/liter gasoline and gasool discount campaign should have been minimal as sales volume may have significantly  missed expectations.</li></ul>

We forecast a net profit of Bt2.34bn (-8% YoY, -47% QoQ) and core profit of Bt2.5bn (+9% YoY, -33% QoQ) in 2Q25E.The QoQ decline is primarily driven by the following: i) The oil sales volume of the mobility business is likely to have dropped 5% QoQ to 6,386mn liters.This includes a 10% QoQ retreat in commercial segment sales volume owing to seasonally lower jet fuel demand and a modest 4% QoQ recovery in the retail segment, despite the Bt0.50/liter gasoline and gasool discount campaign should have been minimal as sales volume may have significantly  missed expectations.

Ptt Oil and Retail Business - Expect Weak 2Q25E Earnings