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>TOP reported progress on debt reduction and positive CFP developments, easing market concerns amid improving refining margins (market GRM: high base in 4Q25, softening QoQ in 1Q26E but remaining elevated; 2026–27E at mid-cycle), supporting our upward revision to 2026–27E core profit forecasts.</li><li>We maintain an Outperform call with a 12M FV of Bt44.75 (from Bt36.75), supported by an attractive current valuation and 26–28E core EPS growth of 11% CAGR (above peers), with neutral tactical risks.</li><li>TOP has accelerated debt deleveraging totaling USD1,483mn since 2025 (USD933mn from bond buybacks and loan repayments; USD550mn bond buyback in Jan 2026 funded by asset monetization).</li></ul>

TOP reported progress on debt reduction and positive CFP developments, easing market concerns amid improving refining margins (market GRM: high base in 4Q25, softening QoQ in 1Q26E but remaining elevated; 2026–27E at mid-cycle), supporting our upward revision to 2026–27E core profit forecasts.We maintain an Outperform call with a 12M FV of Bt44.75 (from Bt36.75), supported by an attractive current valuation and 26–28E core EPS growth of 11% CAGR (above peers), with neutral tactical risks.TOP has accelerated debt deleveraging totaling USD1,483mn since 2025 (USD933mn from bond buybacks and loan repayments; USD550mn bond buyback in Jan 2026 funded by asset monetization).

THAI OIL Plc. (TOP): Debt Deleveraging Progress; CFP Progress; GRM Outlook

Thai Oil

THAI OIL Plc. (TOP): Debt Deleveraging Progress; CFP Progress; GRM Outlook