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 1Q25E core profit (excluding stock gains) to decline YoY and QoQ, mainly due to a correction in the gross refining margin (GRM).</li><li>Accordingly, we have revised down our 2025-27E core profit forecasts by 7-8%, reflecting a more conservative assumption for the GRM.</li><li>Under the new estimates, we forecast negative 2-year core EPS growth at a CAGR of -6%.</li></ul>

We expect 1Q25E core profit (excluding stock gains) to decline YoY and QoQ, mainly due to a correction in the gross refining margin (GRM).Accordingly, we have revised down our 2025-27E core profit forecasts by 7-8%, reflecting a more conservative assumption for the GRM.Under the new estimates, we forecast negative 2-year core EPS growth at a CAGR of -6%.

Thai Oil - Weak GRM and Core Profit in 1Q25E; Downward Revision to 2025-27E Earnings

Thai Oil Pcl

Thai Oil - Weak GRM and Core Profit in 1Q25E; Downward Revision to 2025-27E Earnings