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

Thematic (Sector/Industry)

Thailand Energy / Thematic (Sector/Industry)

<ul><li>The Energy Regulatory Commission (ERC) announced the selection of winners for the RE 2.1 program, totaling 2,145MW (EGCO at 448MW, GUNKUL at 319MW, GPSC at 192.9MW, TSE at 136.1MW, BGRIM at 51.1MW, and BANPU Next at 6.6MW), with the COD scheduled between 2026-30 (the COD of approximately 80% is in 2028-30).</li><li>This represents a marginal increase in capacity for mid-sized to large power operators, namely EGCO (6%), GPSC (1%), and BGRIM (1%), but it is significant for GUNKUL (around 22%) and TSE (around 56%), aligning with the upside risk to long-term earnings.</li><li>We view that the power sector continues to face headwinds (with SPP power stocks underperforming IPP stocks) due to the slower pace of the interest rate downcycle, delays in the PDP 2024 plan (the draft, which underwent a public hearing in mid-June 2024, may require additional revisions and approval from the Energy Policy and Planning Office (EPPO) and the Cabinet, expected no earlier than 1H25E), and market concerns over government intervention in electricity tariffs.</li></ul>

The Energy Regulatory Commission (ERC) announced the selection of winners for the RE 2.1 program, totaling 2,145MW (EGCO at 448MW, GUNKUL at 319MW, GPSC at 192.9MW, TSE at 136.1MW, BGRIM at 51.1MW, and BANPU Next at 6.6MW), with the COD scheduled between 2026-30 (the COD of approximately 80% is in 2028-30).This represents a marginal increase in capacity for mid-sized to large power operators, namely EGCO (6%), GPSC (1%), and BGRIM (1%), but it is significant for GUNKUL (around 22%) and TSE (around 56%), aligning with the upside risk to long-term earnings.We view that the power sector continues to face headwinds (with SPP power stocks underperforming IPP stocks) due to the slower pace of the interest rate downcycle, delays in the PDP 2024 plan (the draft, which underwent a public hearing in mid-June 2024, may require additional revisions and approval from the Energy Policy and Planning Office (EPPO) and the Cabinet, expected no earlier than 1H25E), and market concerns over government intervention in electricity tariffs.

Global Power Synergy Company Ltd (GPSC TB)

Industry Update Energy (Power) - DECEMBER 19, 2024