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 expect strong 3Q25E net profit, supported by higher GP/liter and record Café Amazon cups sold.</li><li>We maintain a Neutral rating with a 2026 FV of Bt14.50.</li><li>We expect 3Q25E net profit of Bt2.5bn, reversing from a Bt1.6bn net loss in 3Q24 (due to stock loss, low-base GP/liter in Mobility, forex loss, and one-off expenses), up 13% QoQ.</li></ul>

We expect strong 3Q25E net profit, supported by higher GP/liter and record Café Amazon cups sold.We maintain a Neutral rating with a 2026 FV of Bt14.50.We expect 3Q25E net profit of Bt2.5bn, reversing from a Bt1.6bn net loss in 3Q24 (due to stock loss, low-base GP/liter in Mobility, forex loss, and one-off expenses), up 13% QoQ.

PTT OIL AND RETAIL BUSINESS Plc. (OR): Strong 3Q25E...