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 Oil & Retail Business  / Equity Bottom-Up

<ul><li>The 3Q24 earnings turned to a net loss, pressured by oil stock losses, forex losses, and seasonal factors.</li><li>We maintain our 2024-26E earnings forecasts, expecting a QoQ recovery in 4Q24E and strong core profit growth at a 28% CAGR in 2025- 26E, driven by a low base effect in 2024E and divestment of unprofitable businesses (Texas Chicken, Kouen).</li><li>The stock price has largely priced in the negative factors and implies upside gain of approximately 13% from the fair value (FV) of Bt17.0.</li></ul>

The 3Q24 earnings turned to a net loss, pressured by oil stock losses, forex losses, and seasonal factors.We maintain our 2024-26E earnings forecasts, expecting a QoQ recovery in 4Q24E and strong core profit growth at a 28% CAGR in 2025- 26E, driven by a low base effect in 2024E and divestment of unprofitable businesses (Texas Chicken, Kouen).The stock price has largely priced in the negative factors and implies upside gain of approximately 13% from the fair value (FV) of Bt17.0.

Ptt Oil and Retail Business - Larger-Than-Expected Net Loss Due to Seasonal and Specific Factors