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>We expect the 4Q24E earnings to have turned around to profit, albeit with weaker than previously expected momentum due to stock losses and a flat QoQ crude run.</li><li>We maintain our view that the 2024-26E earnings will demonstrate a recovery trend, with 2-year core EPS (2025- 26E) projected to grow steadily at a CAGR of 25%.</li><li>The valuation metrics reflect a more positive outlook on the current valuation, as the stock price offers 28% upside from its fair value (FV) and earnings show strong growth prospects.</li></ul>

We expect the 4Q24E earnings to have turned around to profit, albeit with weaker than previously expected momentum due to stock losses and a flat QoQ crude run.We maintain our view that the 2024-26E earnings will demonstrate a recovery trend, with 2-year core EPS (2025- 26E) projected to grow steadily at a CAGR of 25%.The valuation metrics reflect a more positive outlook on the current valuation, as the stock price offers 28% upside from its fair value (FV) and earnings show strong growth prospects.

Star Petroleum Refining - Expect 4Q24E Earnings Turnaround; Earnings on a Recovery Path