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>Despite the upbeat 2Q24 earnings, the share price is under pressure owing to the challenging marketing margin outlook in 2H24E and potential risks from the new Petroleum Act (if oil prices are controlled).</li><li>However, we believe the robust growth in oil sales volume and the non-oil businesses, particularly Punthai Coffee, supported by repeat usage from PT Max Card holders (approximately 21mn), could pose upside risks to our 2024-26E net profit forecasts.</li><li>We maintain our Outperform rating (12M FV of Bt9.12). </li></ul>

Despite the upbeat 2Q24 earnings, the share price is under pressure owing to the challenging marketing margin outlook in 2H24E and potential risks from the new Petroleum Act (if oil prices are controlled).However, we believe the robust growth in oil sales volume and the non-oil businesses, particularly Punthai Coffee, supported by repeat usage from PT Max Card holders (approximately 21mn), could pose upside risks to our 2024-26E net profit forecasts.We maintain our Outperform rating (12M FV of Bt9.12). 

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