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 expect strong 3Q25E core and net profit, driven by better enterprise margin and stock gains.</li><li>We cut 2025–26E core profit forecasts to reflect higher OPEX in 4Q25–1Q26E ahead of refinery maintenance in 1Q26E.</li><li>Core profit should bottom in 2025–26E and rebound in 2027E as refinery throughput normalizes (expect 2Y core EPS at +14% CAGR).</li></ul>

We expect strong 3Q25E core and net profit, driven by better enterprise margin and stock gains.We cut 2025–26E core profit forecasts to reflect higher OPEX in 4Q25–1Q26E ahead of refinery maintenance in 1Q26E.Core profit should bottom in 2025–26E and rebound in 2027E as refinery throughput normalizes (expect 2Y core EPS at +14% CAGR).

STAR PETROLEUM REFINING Plc. (SPRC): Solid 3Q25E...