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

PTT Exploration & Production P / Equity Bottom-Up

PTT Exploration & Production P (PTTEP-R TB)

<ul><li>PTTEP is a cyclical play whose share price shows an 80% correlation with crude oil prices.</li><li>Geopolitical risks related to the tensions in the Middle East and the production cut of OPEC+ will continue to cushion the oil price (Dubai YTD oil price at USD83.4/bbl vs. our assumption of USD84/bbl), as well as the share price (PTTEP at +1% YTD, outperforming the SETENERGY at -11.4% and the SET at -8.5%).</li><li>The valuation metrics suggest that the current valuation is attractive. </li></ul>

PTTEP is a cyclical play whose share price shows an 80% correlation with crude oil prices.Geopolitical risks related to the tensions in the Middle East and the production cut of OPEC+ will continue to cushion the oil price (Dubai YTD oil price at USD83.4/bbl vs. our assumption of USD84/bbl), as well as the share price (PTTEP at +1% YTD, outperforming the SETENERGY at -11.4% and the SET at -8.5%).The valuation metrics suggest that the current valuation is attractive. 

Ptt Exploration and Production - Stronger 2Q24E Earnings Momentum QoQ