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

<ul><li>We retain our positive view on the gross refining margin (GRM) in 2024E, driven by sustained high crack spreads of middle distillates (TOP’s yield for this product is around 55%).</li><li>The GRM momentum is expected to continue in 2025E given lower new refining capacity, which will align with the planned commercial commencement of TOP’s Clean Fuel Project (CFP) in the same year.</li><li>This is expected to foster LT EPS growth at a 23% CAGR during 2024-26E. We maintain an Outperform rating and the 12M FV of Bt62.4.</li></ul>

We retain our positive view on the gross refining margin (GRM) in 2024E, driven by sustained high crack spreads of middle distillates (TOP’s yield for this product is around 55%).The GRM momentum is expected to continue in 2025E given lower new refining capacity, which will align with the planned commercial commencement of TOP’s Clean Fuel Project (CFP) in the same year.This is expected to foster LT EPS growth at a 23% CAGR during 2024-26E. We maintain an Outperform rating and the 12M FV of Bt62.4.

Thai Oil - 4Q23 and 2023 Earnings in Line; Solid GRM Outlook

Thai Oil Pcl

Thai Oil - 4Q23 and 2023 Earnings in Line; Solid GRM Outlook