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

Star Petroleum Refining / Equity Bottom-Up

<ul><li>3Q25 earnings beat our/market estimates on strong enterprise sales volumes and margins.</li><li>We maintain Outperform and lift 2026 FV to Bt5.70 (from Bt5.25).</li><li>3Q25 NP was Bt1.58bn, reversing losses of Bt2.2bn in 3Q24 and Bt812mn in 2Q25 (which reflected heavy stock losses).</li></ul>

3Q25 earnings beat our/market estimates on strong enterprise sales volumes and margins.We maintain Outperform and lift 2026 FV to Bt5.70 (from Bt5.25).3Q25 NP was Bt1.58bn, reversing losses of Bt2.2bn in 3Q24 and Bt812mn in 2Q25 (which reflected heavy stock losses).

STAR PETROLEUM REFINING Plc. (SPRC): 3Q25 Beat On Strong Enterprise Sales Volumes ...