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>2Q25 earnings turned to a net loss (from stock losses), but the loss was larger than expected due to higher-than- expected OPEX (from project operating expenses and turnaround costs of a planned refinery shutdown in 1Q26).</li><li>However, the 3Q25E operating momentum is expected to improve QoQ, supported by strong diesel crack spreads and a lower stock impact.</li><li>We maintain our Neutral rating and revise our 12-month FV to Bt5.85, based on a required return of 6.1%, after lowering our house view’s MRP assumption to 5.26% (previously Bt5.55, 6.3%, and 6.83%).</li></ul>

2Q25 earnings turned to a net loss (from stock losses), but the loss was larger than expected due to higher-than- expected OPEX (from project operating expenses and turnaround costs of a planned refinery shutdown in 1Q26).However, the 3Q25E operating momentum is expected to improve QoQ, supported by strong diesel crack spreads and a lower stock impact.We maintain our Neutral rating and revise our 12-month FV to Bt5.85, based on a required return of 6.1%, after lowering our house view’s MRP assumption to 5.26% (previously Bt5.55, 6.3%, and 6.83%).

Star Petroleum Refining - Stock Loss Turned 2Q25 to a Net Loss..