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 power sector continues to face persistent negative factors, including the slower pace of the downward interest rate cycle, delays in the PDP 2024 plan, postponement of the RE 2.1 power purchase agreement signing (originally scheduled for mid- February 2025), and the impact of the global minimum tax (with limited downside risk if the BOI’s compensation measures are included).</li><li>Moreover, government intervention in the electricity tariff, spurred by former Prime Minister Thaksin's comments on reducing the tariff to Bt3.70/unit, could introduce further downside risk to IU margins and 2025E earnings estimates, particularly for SPP power producers such as BGRIM and GPSC.</li><li><p>As a result, these negative factors are expected to cause the power sector to underperform the SET Index, with SPP stocks likely underperforming IPP stocks.</p></li></ul>

The power sector continues to face persistent negative factors, including the slower pace of the downward interest rate cycle, delays in the PDP 2024 plan, postponement of the RE 2.1 power purchase agreement signing (originally scheduled for mid- February 2025), and the impact of the global minimum tax (with limited downside risk if the BOI’s compensation measures are included).Moreover, government intervention in the electricity tariff, spurred by former Prime Minister Thaksin's comments on reducing the tariff to Bt3.70/unit, could introduce further downside risk to IU margins and 2025E earnings estimates, particularly for SPP power producers such as BGRIM and GPSC.As a result, these negative factors are expected to cause the power sector to underperform the SET Index, with SPP stocks likely underperforming IPP stocks.

Global Power Synergy Company Ltd (GPSC TB)

Industry Update - Energy (Power) JANUARY 7, 2025