Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

<p>Despite PTG’s solid 1H21 earnings, the possible slowdown of the company’s business recovery due to the prolonged pandemic will put its share price under pressure. However, we expect its sturdy business platform to see the resumption of earnings momentum upon the easing of the COVID-19 outbreak. We thus maintain a Buy rating, with the newly revised 2021E TP of Bt19.</p>

Despite PTG’s solid 1H21 earnings, the possible slowdown of the company’s business recovery due to the prolonged pandemic will put its share price under pressure. However, we expect its sturdy business platform to see the resumption of earnings momentum upon the easing of the COVID-19 outbreak. We thus maintain a Buy rating, with the newly revised 2021E TP of Bt19.

Thailand

PTG Energy PCL provides ready-made gasoline at retail stations. The Company operates gasoline tank farms and gasoline retail stations throughout Thailand.

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PTG Energy PCL (PTG TB)

Company Update PTG Energy Plc. (PTG)

Solid 1H21 earnings; weak momentum in the quarter ahead, maintain a Buy rating, with the newly revised 2021E TP of Bt19.

Krungthai XSpring

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