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 maintain our view that OR’s performance already peaked in 1Q25, with challenges ahead in 2H25E from seasonal effects in 3Q, marketing margin pressure, and accelerating SG&amp;A expenses amid intense competition in the oil retail business.</li><li>The company did not extend its gasoline-gasohol discount campaign launched during April to June as sales volume was below the targets.</li><li>In addition, unrest in Cambodia and the boycott of Thai products could pose downside risks to oil and Café Amazon sales for the global business in 2H25E.</li></ul>

We maintain our view that OR’s performance already peaked in 1Q25, with challenges ahead in 2H25E from seasonal effects in 3Q, marketing margin pressure, and accelerating SG&amp;A expenses amid intense competition in the oil retail business.The company did not extend its gasoline-gasohol discount campaign launched during April to June as sales volume was below the targets.In addition, unrest in Cambodia and the boycott of Thai products could pose downside risks to oil and Café Amazon sales for the global business in 2H25E.

Ptt Oil and Retail Business - Weak 2Q25 Earnings as Expected