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>A strong base in oil sales volume and non-oil gross profit helped improve earnings quality and reduce sensitivity to uncontrollable changes in marketing margins in 1H24.</li><li>We have revised up our 2024-26E net profit forecasts by 13-20%, reflecting faster-than- expected growth in oil sales volume and the expansion of Punthai Coffee, which offsets weaker-than-expected LPG sales volume.</li><li>We raise our 12M FV to Bt9.86 (up from Bt9.12), based on a required return of 7.5%, but maintain an Outperform rating</li></ul>

A strong base in oil sales volume and non-oil gross profit helped improve earnings quality and reduce sensitivity to uncontrollable changes in marketing margins in 1H24.We have revised up our 2024-26E net profit forecasts by 13-20%, reflecting faster-than- expected growth in oil sales volume and the expansion of Punthai Coffee, which offsets weaker-than-expected LPG sales volume.We raise our 12M FV to Bt9.86 (up from Bt9.12), based on a required return of 7.5%, but maintain an Outperform rating

Ptg Energy - Solid Growth of Oil Sales Volume and Non-Oil Business

PTG Energy PCL

Ptg Energy - Solid Growth of Oil Sales Volume and Non-Oil Business