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 initiate our coverage on SPRC with an Outperform rating and a 12M fair value (FV) of Bt7.26, based on a required return of 12.1%.</li><li>The stock price has dropped significantly by 26% over the past six months (compared to BSRC at -24% with a high gasoline yield, TOP at -14%, and BCP at -16% with a high diesel yield).</li><li>This reflects the weak performance in 2Q24 and the potential losses in 3Q24E, primarily due to stock losses.</li></ul>

We initiate our coverage on SPRC with an Outperform rating and a 12M fair value (FV) of Bt7.26, based on a required return of 12.1%.The stock price has dropped significantly by 26% over the past six months (compared to BSRC at -24% with a high gasoline yield, TOP at -14%, and BCP at -16% with a high diesel yield).This reflects the weak performance in 2Q24 and the potential losses in 3Q24E, primarily due to stock losses.

Star Petroleum Refining - Negatives Priced In; Steady Core Earnings Growth