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 2Q25E to mark the lowest quarter of the year, turning to a net loss, primarily due to stock losses.</li>
<li>However, the momentum is expected to improve QoQ in 3Q25E, driven by strong gasoline crack spreads — benefiting SPRC as a max- gasoline refinery — supported by the US driving season and limited gasoline output from the Dangote refinery.</li>
<li>This underpins an upward revision to our 2025-27E core profit forecasts, although the 2025E net profit is revised down due mainly to the impact of stock losses.</li>
</ul>


We expect 2Q25E to mark the lowest quarter of the year, turning to a net loss, primarily due to stock losses.
However, the momentum is expected to improve QoQ in 3Q25E, driven by strong gasoline crack spreads — benefiting SPRC as a max- gasoline refinery — supported by the US driving season and limited gasoline output from the Dangote refinery.
This underpins an upward revision to our 2025-27E core profit forecasts, although the 2025E net profit is revised down due mainly to the impact of stock losses.


Star Petroleum Refining - Stock Loss to Be Behind 2Q25E Net Loss