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>We expect OR to commence the year with a strong 1Q24E net profit of Bt4.2bn, marking a 40% YoY increase and a substantial 20.6x QoQ growth.</li><li>This growth will be propelled by the core mobility business amid intense competition in the oil retail sector (oil sales volume and market share), while facing persistently challenging marketing margins, expected to align with our projections.</li><li>In addition, the lifestyle and global businesses should enable three-year earnings growth to achieve a 10% CAGR during 2024-26E. We maintain an Outperform rating (12M FV: Bt20.14).</li></ul>

We expect OR to commence the year with a strong 1Q24E net profit of Bt4.2bn, marking a 40% YoY increase and a substantial 20.6x QoQ growth.This growth will be propelled by the core mobility business amid intense competition in the oil retail sector (oil sales volume and market share), while facing persistently challenging marketing margins, expected to align with our projections.In addition, the lifestyle and global businesses should enable three-year earnings growth to achieve a 10% CAGR during 2024-26E. We maintain an Outperform rating (12M FV: Bt20.14).

Ptt Oil and Retail Business -Strong 1Q24E Earnings Prospects