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>The 4Q24 and 2024 earnings came out in line with expectations.</li><li>We maintain our 2025-26E earnings forecasts and expect the firm to close the earnings gap by 2026E, with 2Y core EPS growing at a 13% CAGR (in line with the sector), driven by recovering oil sales volume and an improving EBITDA margin in the lifestyle business following the divestment of unprofitable operations.</li><li>The valuation metrics suggest maintaining a positive view on the current valuation, as the market price implies around 25% upside from the unchanged 12M FV of Bt14.24 and the 2Y core EPS growth is in line with the sector’s average.</li></ul>

The 4Q24 and 2024 earnings came out in line with expectations.We maintain our 2025-26E earnings forecasts and expect the firm to close the earnings gap by 2026E, with 2Y core EPS growing at a 13% CAGR (in line with the sector), driven by recovering oil sales volume and an improving EBITDA margin in the lifestyle business following the divestment of unprofitable operations.The valuation metrics suggest maintaining a positive view on the current valuation, as the market price implies around 25% upside from the unchanged 12M FV of Bt14.24 and the 2Y core EPS growth is in line with the sector’s average.

Ptt Oil and Retail Business -In-Line 4Q24/2024 Earnings