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 is expected to make a good start to the year with strong 1Q24E NP of Bt5.05bn in 1Q24E (+72% QoQ, +11% YoY).</li><li>We believe the firm will be able to achieve our 2024E NP estimate, with the potential normalization of the GRM to be offset by a lower crude premium YoY.</li><li>Meanwhile, the commercial commencement of the Clean Fuel Project (CFP) in 2025E, which will generate an incremental GRM, should reaffirm our view of strong long-term earnings prospects, with projected 2024-26E EPS growth at a 23% CAGR. </li></ul>

TOP is expected to make a good start to the year with strong 1Q24E NP of Bt5.05bn in 1Q24E (+72% QoQ, +11% YoY).We believe the firm will be able to achieve our 2024E NP estimate, with the potential normalization of the GRM to be offset by a lower crude premium YoY.Meanwhile, the commercial commencement of the Clean Fuel Project (CFP) in 2025E, which will generate an incremental GRM, should reaffirm our view of strong long-term earnings prospects, with projected 2024-26E EPS growth at a 23% CAGR. 

Thai Oil - Strong 1Q24E Earnings; Good LT Earnings Momentum

Thai Oil Pcl

Thai Oil - Strong 1Q24E Earnings; Good LT Earnings Momentum