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>We turned more positive on SPRC’s earnings outlook after yesterday’s analyst meeting.</li><li>OPEX pressure should ease in 4Q25–1Q26E following the shift in maintenance allocation to 30% OPEX and 70% CAPEX (from 70%:30%).</li><li>Refining margins have gained in 4Q25E, with SG GRM QTD averaging USD8.95/bbl, on strong gasoil and jet crack spreads amid limited supply from refinery maintenance in North America and the Middle East in Oct, plus disruptions at Russian refineries from Ukraine attacks.</li></ul>

We turned more positive on SPRC’s earnings outlook after yesterday’s analyst meeting.OPEX pressure should ease in 4Q25–1Q26E following the shift in maintenance allocation to 30% OPEX and 70% CAPEX (from 70%:30%).Refining margins have gained in 4Q25E, with SG GRM QTD averaging USD8.95/bbl, on strong gasoil and jet crack spreads amid limited supply from refinery maintenance in North America and the Middle East in Oct, plus disruptions at Russian refineries from Ukraine attacks.

STAR PETROLEUM REFINING Plc. (SPRC): More Positive On Earnings As OPEX Pressure Eases