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>3Q25 NP was strong as expected, driven by higher GP/liter and record Café Amazon cups sold.</li><li>We maintain Neutral with 2026 FV Bt14.50, as current valuation remains neutral amid flat 2Y core EPS growth (2025–27E) and very limited tactical downside.</li><li>OR posted 3Q25 NP of Bt2.6bn, 4% above forecast, aided by a Bt103mn receivable credit reversal.</li></ul>

3Q25 NP was strong as expected, driven by higher GP/liter and record Café Amazon cups sold.We maintain Neutral with 2026 FV Bt14.50, as current valuation remains neutral amid flat 2Y core EPS growth (2025–27E) and very limited tactical downside.OR posted 3Q25 NP of Bt2.6bn, 4% above forecast, aided by a Bt103mn receivable credit reversal.

PTT Oil And Retail Business Plc. (OR): Strong 3Q25 Earnings...