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>Expecting that one-off gains will boost 2Q25E net profit above the market’s expectations, we have revised up our 2025E net profit forecast.</li><li>However, we maintain our core profit estimate for the year.</li><li>We also retain our view expecting a 2-year core EPS CAGR of -6% (2025-27E) due to a flat market GRM and market GIM, as well as higher financing costs related to additional capital expenditures for the Clean Fuel Project (CFP).</li></ul>

Expecting that one-off gains will boost 2Q25E net profit above the market’s expectations, we have revised up our 2025E net profit forecast.However, we maintain our core profit estimate for the year.We also retain our view expecting a 2-year core EPS CAGR of -6% (2025-27E) due to a flat market GRM and market GIM, as well as higher financing costs related to additional capital expenditures for the Clean Fuel Project (CFP).

Thai Oil - Expect Solid 2Q25E NP Given One-Off Gains Offsetting Stock Losses

Thai Vegetable Oil

Thai Oil - Expect Solid 2Q25E NP Given One-Off Gains Offsetting Stock Losses