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 expect 3Q25E net profit (NP) to be pressured by refinery maintenance and shutdowns of key units, leading to lower utilization and weaker market GIM.</li><li>We roll forward to a 2026 fair value of Bt36.75 and upgrade to “Neutral” (from “Underperform”; Bt35.00 prior), reflecting a more positive view on valuation and 2Y core EPS growth (+13% CAGR), in line with peers amid neutral tactical risk.</li><li>We estimate 3Q25E NP at Bt2.2bn (reversing from a Bt4.2bn net loss in 3Q24, –66% QoQ), pressured by maintenance shutdowns at CDU-3 (30 days), as well as the aromatics plant (45 days) and lube oil plant (45 days).</li></ul>

We expect 3Q25E net profit (NP) to be pressured by refinery maintenance and shutdowns of key units, leading to lower utilization and weaker market GIM.We roll forward to a 2026 fair value of Bt36.75 and upgrade to “Neutral” (from “Underperform”; Bt35.00 prior), reflecting a more positive view on valuation and 2Y core EPS growth (+13% CAGR), in line with peers amid neutral tactical risk.We estimate 3Q25E NP at Bt2.2bn (reversing from a Bt4.2bn net loss in 3Q24, –66% QoQ), pressured by maintenance shutdowns at CDU-3 (30 days), as well as the aromatics plant (45 days) and lube oil plant (45 days).

THAI OIL Plc. (TOP): 3Q25E NP Boosted By Stock Gains And One-Off Items ...

Thai Oil Pcl

THAI OIL Plc. (TOP): 3Q25E NP Boosted By Stock Gains And One-Off Items ...