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>1Q25 core profit (excluding a stock gain) declined YoY and QoQ due to a contraction in the GRM.</li><li>We maintain our 2025-27E core profit forecasts (2-year core EPS CAGR of - 6%), based on conservative assumptions for the GRM and higher financial costs to support additional capital expenditures for the Clean Fuel Project (CFP).</li><li>We maintain our Neutral rating with a 12-month fair value of Bt28.00. </li></ul>

1Q25 core profit (excluding a stock gain) declined YoY and QoQ due to a contraction in the GRM.We maintain our 2025-27E core profit forecasts (2-year core EPS CAGR of - 6%), based on conservative assumptions for the GRM and higher financial costs to support additional capital expenditures for the Clean Fuel Project (CFP).We maintain our Neutral rating with a 12-month fair value of Bt28.00. 

Thai Oil - In-Line 1Q25 NP — Contracting GRM; Stock Gain a Key Cushion

Thai Oil Pcl

Thai Oil - In-Line 1Q25 NP — Contracting GRM; Stock Gain a Key Cushion