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 has announced a 3% increase in its expenditures plan (Capex and Opex) for 2025-29E compared to the previous plan, along with a lower petroleum sales volume growth target of a 3.4% CAGR (vs.  +4.9% CAGR during 2024-28E).</li><li>We have revised down the net profit estimates for 2024-25E by 2% and 4%, respectively, while maintaining the 2026E net profit forecast, reflecting the updated 5-year plan.</li><li>The 2-year core EPS estimate is now revised downward to a -6% CAGR, underperforming the sector, owing to a downward trend in unit margins.</li></ul>

PTTEP has announced a 3% increase in its expenditures plan (Capex and Opex) for 2025-29E compared to the previous plan, along with a lower petroleum sales volume growth target of a 3.4% CAGR (vs.  +4.9% CAGR during 2024-28E).We have revised down the net profit estimates for 2024-25E by 2% and 4%, respectively, while maintaining the 2026E net profit forecast, reflecting the updated 5-year plan.The 2-year core EPS estimate is now revised downward to a -6% CAGR, underperforming the sector, owing to a downward trend in unit margins.

Ptt Exploration and Production -5-Year Expenditures Plan and Petroleum Sales Target

PTT E&P

Ptt Exploration and Production -5-Year Expenditures Plan and Petroleum Sales Target