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

PTT Exploration & Production / Equity Bottom-Up

<ul><li>We forecast weak 4Q20E earnings for PTTEP, weighed down by the low quarter for the gas price.</li><li>Meanwhile, stronger sales volume will be the company's earnings cushion in 2021-22E, and we project core earnings growth at a 9% CAGR.</li><li>We maintain our Hold rating (with the 21E TP of Bt105), with the share price to be cushioned by the market's optimism over Saudi Arabia's surprise voluntary production cut and the improving oil fundamentals in 2H21E.</li></ul>

We forecast weak 4Q20E earnings for PTTEP, weighed down by the low quarter for the gas price.Meanwhile, stronger sales volume will be the company's earnings cushion in 2021-22E, and we project core earnings growth at a 9% CAGR.We maintain our Hold rating (with the 21E TP of Bt105), with the share price to be cushioned by the market's optimism over Saudi Arabia's surprise voluntary production cut and the improving oil fundamentals in 2H21E.

Stronger Sales Volume as the Earnings Cushion in 2021-22E