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

Star Petroleum Refining / Equity Bottom-Up

<ul><li>4Q24 earnings turned around to a slight profit, and 2024 earnings recovered YoY but came in 9% below expectations.</li><li>We have revised down our 2025-26E earnings forecasts by 25-27% to reflect higher OPEX and an increased expense base from the fuel marketing business integration.</li><li>As a result, we lower our fair value to Bt6.02 (previously Bt7.3), based on a required return of 9.8%.</li></ul>

4Q24 earnings turned around to a slight profit, and 2024 earnings recovered YoY but came in 9% below expectations.We have revised down our 2025-26E earnings forecasts by 25-27% to reflect higher OPEX and an increased expense base from the fuel marketing business integration.As a result, we lower our fair value to Bt6.02 (previously Bt7.3), based on a required return of 9.8%.

SPRC TB - Downbeat 4Q24 Earnings on Upbeat OPEX and Expense Base for Marketing Business