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 declined by 17% YTD, largely pricing in the negative factors, including weak oil demand and a downtrend in oil prices (with the Dubai crude oil price down 20% from the peak in mid-April 2024), as well as the weak profit momentum expected in 2025-26E (-5% CAGR owing to a downtrend in unit margins).</li><li>This has kept the current valuation inexpensive (with 24% upside) amid very limited tactical downside risk.</li><li>We maintain an Outperform rating and our fair value at Bt155.50.</li></ul>

PTTEP’s stock price has declined by 17% YTD, largely pricing in the negative factors, including weak oil demand and a downtrend in oil prices (with the Dubai crude oil price down 20% from the peak in mid-April 2024), as well as the weak profit momentum expected in 2025-26E (-5% CAGR owing to a downtrend in unit margins).This has kept the current valuation inexpensive (with 24% upside) amid very limited tactical downside risk.We maintain an Outperform rating and our fair value at Bt155.50.

Ptt Exploration and Production - In-Line 3Q24 Earnings

PTT E&P

Ptt Exploration and Production - In-Line 3Q24 Earnings