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 2Q24E earnings are expected to have weakened, pressured mainly by the mobility business.</li><li>Meanwhile, the marketing margin should remain challenging in 2H24E, and the full-year marketing margin is likely to align with our projections.</li><li>In particular, the new Petroleum Act, which will be implemented this year, may pose risks to downstream operators (refineries and oil retailers) if oil prices are controlled, as opposed to the current liberalization. </li></ul>

The 2Q24E earnings are expected to have weakened, pressured mainly by the mobility business.Meanwhile, the marketing margin should remain challenging in 2H24E, and the full-year marketing margin is likely to align with our projections.In particular, the new Petroleum Act, which will be implemented this year, may pose risks to downstream operators (refineries and oil retailers) if oil prices are controlled, as opposed to the current liberalization. 

Ptt Oil and Retail Business - Weak 2Q24E Earnings, Weighed Down by Mobility Business