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 take a neutral view on asset monetization (through lease and leaseback transactions), which is part of the deleveraging plan to mitigate credit rating risk and increase opportunity for issuing perpetual bonds.</li><li>TOP is proceeding with its asset monetization plan through lease and leaseback transactions by establishing a new subsidiary (TOP 51%, PTT Tank subsidiary 49%) to lease out certain infrastructure assets (crude oil storage tanks, single buoy mooring (SBM), truck loading station, and land).</li><li>TOP will receive Bt18.23bn in cash to reduce debt, which is expected to lower net D/E by 0.15x (to 0.45x) and net debt/EBITDA by 1.83x (to 8.54x).</li></ul>

We take a neutral view on asset monetization (through lease and leaseback transactions), which is part of the deleveraging plan to mitigate credit rating risk and increase opportunity for issuing perpetual bonds.TOP is proceeding with its asset monetization plan through lease and leaseback transactions by establishing a new subsidiary (TOP 51%, PTT Tank subsidiary 49%) to lease out certain infrastructure assets (crude oil storage tanks, single buoy mooring (SBM), truck loading station, and land).TOP will receive Bt18.23bn in cash to reduce debt, which is expected to lower net D/E by 0.15x (to 0.45x) and net debt/EBITDA by 1.83x (to 8.54x).

THAI OIL Plc. (TOP): Asset Monetization: Deleveraging, Lower Credit Risk, Earnings Hit

Thai Oil

THAI OIL Plc. (TOP): Asset Monetization: Deleveraging, Lower Credit Risk, Earnings Hit