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>Given the anticipated reversal to a loss in 3Q24E (due to sustained low refining margins and stock losses), we have revised down our refining margin and earnings estimates for 2024-26E.</li><li>Core profit in 2024E is forecast to decline YoY before seeing an upward trend in 2025-26E (at 15% CAGR).</li><li>Our new fair value estimate is Bt41.35 (down from Bt43.67) with a required return of 14.8%. </li></ul>

Given the anticipated reversal to a loss in 3Q24E (due to sustained low refining margins and stock losses), we have revised down our refining margin and earnings estimates for 2024-26E.Core profit in 2024E is forecast to decline YoY before seeing an upward trend in 2025-26E (at 15% CAGR).Our new fair value estimate is Bt41.35 (down from Bt43.67) with a required return of 14.8%. 

Bangchak Corporation - Expect Net Loss in 3Q24E; Revised Down GRM/Earnings Forecasts