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 stock price has dropped by 17% over the past six months and is currently trading at an elevated ERP of 11.2% (90-day average; 3.0 S.D.), reflecting much of the downside risk in oil prices (Dubai crude oil prices have dropped by 15% from their peak in mid-April 2024).</li>
<li>Meanwhile, based on our lower Dubai oil price assumptions, we have made a downward adjustment in the 2025-26E net profit estimates and lowered our fair value to Bt155.5 (vs. the previous Bt163.4).</li>
<li>The valuation metrics suggest that the current valuation is attractive, with limited tactical downside risk.</li>
</ul>


PTTEP's stock price has dropped by 17% over the past six months and is currently trading at an elevated ERP of 11.2% (90-day average; 3.0 S.D.), reflecting much of the downside risk in oil prices (Dubai crude oil prices have dropped by 15% from their peak in mid-April 2024).
Meanwhile, based on our lower Dubai oil price assumptions, we have made a downward adjustment in the 2025-26E net profit estimates and lowered our fair value to Bt155.5 (vs. the previous Bt163.4).
The valuation metrics suggest that the current valuation is attractive, with limited tactical downside risk.


Ptt Exploration and Production - Earnings Revision; Limited Downside Risk

PTT E&P

Ptt Exploration and Production - Earnings Revision; Limited Downside Risk