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>PTTEP’s 2Q24 NP exceeded our estimate by 12.5% due to lower- than-expected unit costs (on the back of the reversal of over- accrued exploration expenses).</li><li>Looking ahead, we expect the 2H24E earnings to weaken HoH thanks to expected QoQ lower petroleum sales volume in 3Q24E and accelerating unit costs in 2H24E.</li><li>We maintain our view calling for a flat earnings profile over the next two years. The tactical upside risk is limited, while the current valuation is attractive. </li></ul>

PTTEP’s 2Q24 NP exceeded our estimate by 12.5% due to lower- than-expected unit costs (on the back of the reversal of over- accrued exploration expenses).Looking ahead, we expect the 2H24E earnings to weaken HoH thanks to expected QoQ lower petroleum sales volume in 3Q24E and accelerating unit costs in 2H24E.We maintain our view calling for a flat earnings profile over the next two years. The tactical upside risk is limited, while the current valuation is attractive. 

PTT E&P- 2Q24 NP Beat Forecast by 12.5% on Reversal of Exploration Expenses