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>3Q24 earnings turned to a loss (due to stock losses and LCM), but the loss was larger than expected due to higher-than-anticipated operating expenses (Opex).</li><li>Consequently, we have revised down our net profit estimates for 2024-26E by 9-15%.</li><li>Our new projections call for slow profit growth over the next two years at a 4% CAGR.</li></ul>

3Q24 earnings turned to a loss (due to stock losses and LCM), but the loss was larger than expected due to higher-than-anticipated operating expenses (Opex).Consequently, we have revised down our net profit estimates for 2024-26E by 9-15%.Our new projections call for slow profit growth over the next two years at a 4% CAGR.

Star Petroleum Refining - 3Q24 Earnings Tuned to a Loss (Given Stock Losses, LCM)