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>4Q25 core profit grew strongly YoY and QoQ, supported by higher market GRM and well-managed OPEX.</li><li>We maintain our view of 2026–28E core profit growth at a 9% CAGR, driven by mid-cycle GRM and stable crude runs, supported by expansion into fuel marketing.</li><li>Given SPRC’s high GRM leverage (as seen in 4Q25), weaker 1Q26E earnings momentum QoQ and tighter valuation, we downgrade to Neutral with a 12M FV of Bt7.55 (required return 7.7%; previously Outperform, FV Bt7.20).</li></ul>

4Q25 core profit grew strongly YoY and QoQ, supported by higher market GRM and well-managed OPEX.We maintain our view of 2026–28E core profit growth at a 9% CAGR, driven by mid-cycle GRM and stable crude runs, supported by expansion into fuel marketing.Given SPRC’s high GRM leverage (as seen in 4Q25), weaker 1Q26E earnings momentum QoQ and tighter valuation, we downgrade to Neutral with a 12M FV of Bt7.55 (required return 7.7%; previously Outperform, FV Bt7.20).

STAR PETROLEUM REFINING Plc. (SPRC): Solid 4Q25-2025 Core Profit