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

<p>TOP’s refinery remains the challenge to its earnings given the slow recovery of the refinery market amid concern over the spread of the Delta variant. We expect its strategic move into the olefins value chain via a 15.38% direct investment in PT Chandra Asri Petrochemical Tbk (CAP) to make a negligible incremental contribution in the early years, while there will be a possible 12% dilution effect from the company’s planned capital increase (likely in 2Q22E) until the kick-off of the new petrochemical plant expansion (CAP2) in 2026E. We maintain a Hold rating.</p>

TOP’s refinery remains the challenge to its earnings given the slow recovery of the refinery market amid concern over the spread of the Delta variant. We expect its strategic move into the olefins value chain via a 15.38% direct investment in PT Chandra Asri Petrochemical Tbk (CAP) to make a negligible incremental contribution in the early years, while there will be a possible 12% dilution effect from the company’s planned capital increase (likely in 2Q22E) until the kick-off of the new petrochemical plant expansion (CAP2) in 2026E. We maintain a Hold rating.

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