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

PTT Exploration & Production / Equity Bottom-Up

<ul><li>We downgrade our rating to Neutral (from Outperform).</li><li>PTTEP has maintained its average petroleum sales volume projection at 464kboe/d in 2023E, with 4Q23E expected to be the best quarter of the year at 480kboe/d.</li><li>We project 3Q23E NP at Bt17.6bn (-27% YoY, -16% QoQ), with negative extra items of around Bt2.05bn.</li></ul>

We downgrade our rating to Neutral (from Outperform).PTTEP has maintained its average petroleum sales volume projection at 464kboe/d in 2023E, with 4Q23E expected to be the best quarter of the year at 480kboe/d.We project 3Q23E NP at Bt17.6bn (-27% YoY, -16% QoQ), with negative extra items of around Bt2.05bn.

Weak 3Q23E Momentum; Re-Emerging Oil Demand Risk