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>The guarantee of USD358mn received by TOP (out of a total of USD483mn) marks a positive development for the CFP (Clean Fuel Project).</li><li>It eases the funding plan for the additional investment required for the CFP, amounting to USD1,776mn, by allowing the company to scale back or delay a bond issuance/loans and reduce interest expenses.</li><li>This is reflected in an upward revision of the net profit estimates for 2025-26E and the new fair value of Bt32.0 (previously Bt27.0).</li></ul>

The guarantee of USD358mn received by TOP (out of a total of USD483mn) marks a positive development for the CFP (Clean Fuel Project).It eases the funding plan for the additional investment required for the CFP, amounting to USD1,776mn, by allowing the company to scale back or delay a bond issuance/loans and reduce interest expenses.This is reflected in an upward revision of the net profit estimates for 2025-26E and the new fair value of Bt32.0 (previously Bt27.0).

Thai Oil - CFP: Eased Funding Plan but Challenges Remain

Thai Oil Pcl

Thai Oil - CFP: Eased Funding Plan but Challenges Remain