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>The 3Q24 results turned to a loss as expected (due to sustained low refining margins and stock losses). We maintain our earnings forecast.</li><li>We expect the 2024E core profit to decline YoY, though to a lesser extent than peers (owing to the full-year consolidation of BSRC and OKEA's new petroleum acquisitions).</li><li>We anticipate an upward trend in 2025-26E (15% CAGR), supported by the new contribution from the SAF project.</li></ul>

The 3Q24 results turned to a loss as expected (due to sustained low refining margins and stock losses). We maintain our earnings forecast.We expect the 2024E core profit to decline YoY, though to a lesser extent than peers (owing to the full-year consolidation of BSRC and OKEA's new petroleum acquisitions).We anticipate an upward trend in 2025-26E (15% CAGR), supported by the new contribution from the SAF project.

Bangchak Corporation -In-Line 3Q24 Net Loss Due to Stock Losses