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>3Q25 NP was in line, impacted by refinery maintenance and major unit shutdowns (lower utilization rate and market GIM), partly offset by stock gains and gain from bond buyback.</li><li>3Q25 NP was Bt2.15bn, in line (vs loss Bt4.2bn in 3Q24, –67% QoQ).</li><li>It was hit by shutdowns at CDU-3 (30 days) and major unit shutdowns (aromatics and lube plants, 45 days each), partly offset by stock and NRV gains of Bt1.58bn and bond buyback gain of Bt1.37bn.</li><li>We maintain 2Y core EPS growth (2025–27E) at +12% CAGR, supported by strong market GRM and improving financial position from deleveraging via asset monetization (Bt18.23bn, to complete in Dec-25) to cut high-cost debts and fund additional CAPEX for CFP, with an expected clear work plan under the budget to meet COD expected in 3Q28.</li></ul>

3Q25 NP was in line, impacted by refinery maintenance and major unit shutdowns (lower utilization rate and market GIM), partly offset by stock gains and gain from bond buyback.3Q25 NP was Bt2.15bn, in line (vs loss Bt4.2bn in 3Q24, –67% QoQ).It was hit by shutdowns at CDU-3 (30 days) and major unit shutdowns (aromatics and lube plants, 45 days each), partly offset by stock and NRV gains of Bt1.58bn and bond buyback gain of Bt1.37bn.We maintain 2Y core EPS growth (2025–27E) at +12% CAGR, supported by strong market GRM and improving financial position from deleveraging via asset monetization (Bt18.23bn, to complete in Dec-25) to cut high-cost debts and fund additional CAPEX for CFP, with an expected clear work plan under the budget to meet COD expected in 3Q28.

THAI OIL Plc. (TOP): 3Q25 NP In Line On Stock Gain And One-Time Gain

Thai Oil Pcl

THAI OIL Plc. (TOP): 3Q25 NP In Line On Stock Gain And One-Time Gain