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 Exploration & Production / Equity Bottom-Up

<ul><li>We expect strong growth in 2Q26E core and net profit, driven by PTT's gas business (with GSP as the key earnings driver), as well as improved contributions from PTTEP, PTTGC, and TOP.</li><li>This underpins our upward revisions to 2026-28E core profit forecasts by 27%, 12%, and 8%, respectively.</li><li>Following the earnings revisions, we raise our 12M FV to Bt44.50 (from Bt40.00), based on a required return of 9.5%, and maintain our Outperform rating.</li></ul>

We expect strong growth in 2Q26E core and net profit, driven by PTT's gas business (with GSP as the key earnings driver), as well as improved contributions from PTTEP, PTTGC, and TOP.This underpins our upward revisions to 2026-28E core profit forecasts by 27%, 12%, and 8%, respectively.Following the earnings revisions, we raise our 12M FV to Bt44.50 (from Bt40.00), based on a required return of 9.5%, and maintain our Outperform rating.

PTT Plc. (PTT): 2Q26E Core/Net Profit to Grow Strongly on GSP, PTTEP and Downstream Strength – Outperform (12M FWD Fair Value Bt44.50)