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>1Q25 earnings came in above both our and the market expectations, driven by a better-than-expected performance in the fuel marketing business (with a potential upward revision to sales volume and margins).</li><li>This could create upside risk to our earnings forecasts, while the key refinery segment remains within expectations (with the GRM in a correction phase, and the crude run expected to decline in 2026E due to scheduled major maintenance).</li><li>We may revise our rating and fair value (currently Neutral; 12M FV at Bt5.10), as the fuel marketing business could serve as a buffer to earnings amid ongoing challenges in the core refining business owing to a weak GRM.</li></ul>

1Q25 earnings came in above both our and the market expectations, driven by a better-than-expected performance in the fuel marketing business (with a potential upward revision to sales volume and margins).This could create upside risk to our earnings forecasts, while the key refinery segment remains within expectations (with the GRM in a correction phase, and the crude run expected to decline in 2026E due to scheduled major maintenance).We may revise our rating and fair value (currently Neutral; 12M FV at Bt5.10), as the fuel marketing business could serve as a buffer to earnings amid ongoing challenges in the core refining business owing to a weak GRM.

Star Petroleum Refining - Upbeat 1Q25 Earnings on Strong Fuel Marketing Business