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 electricity tariff adjustment plan under “Thaksin's administration” targeting Bt3.7/unit aims to cut “fat” to enhance competitiveness and support the growth of the data center/AI sectors.</li><li>While the move eases the impact on SPP operators, the delays in positive developments within the power industry — such as the PDP 2024 plan, the PPA signing for RE 2.1, pilot direct PPA projects, and the third party access code — continue to exert negative pressure on power stock prices.</li><li>We maintain our recommendations on GULF (BB FV: Bt65.8) as a long-term investment choice and BCPG (Outperform; FV: Bt8.12) for quarterly investment, anticipating a strong 1Q25E performance.</li></ul>

The electricity tariff adjustment plan under “Thaksin's administration” targeting Bt3.7/unit aims to cut “fat” to enhance competitiveness and support the growth of the data center/AI sectors.While the move eases the impact on SPP operators, the delays in positive developments within the power industry — such as the PDP 2024 plan, the PPA signing for RE 2.1, pilot direct PPA projects, and the third party access code — continue to exert negative pressure on power stock prices.We maintain our recommendations on GULF (BB FV: Bt65.8) as a long-term investment choice and BCPG (Outperform; FV: Bt8.12) for quarterly investment, anticipating a strong 1Q25E performance.

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

North Bangkok Power Plant Block 1 Infrastructure Fund

Industry Update - Energy (Power): January 15, 2025