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

<ul><li>The stock price has declined further by 20% YTD and is trading at an equity risk premium (ERP) higher than the 90-day average, largely reflecting the risk from delays in the Clean Fuel Project (CFP) and the downward adjustment in the base of the refining margin (which was very weak in 2Q-3Q24).</li><li>Therefore, the current market price, trading at a discount to the fair value (FV) of Bt54.82, makes the current valuation attractive.</li><li>The 3Q24 earnings turned to a loss, as expected (due to sustained low refining margins and stock losses).</li></ul>

The stock price has declined further by 20% YTD and is trading at an equity risk premium (ERP) higher than the 90-day average, largely reflecting the risk from delays in the Clean Fuel Project (CFP) and the downward adjustment in the base of the refining margin (which was very weak in 2Q-3Q24).Therefore, the current market price, trading at a discount to the fair value (FV) of Bt54.82, makes the current valuation attractive.The 3Q24 earnings turned to a loss, as expected (due to sustained low refining margins and stock losses).

Thai Oil - 3Q24 Turned to a Loss as Expected; Negatives Largely Priced In

Thai Oil Pcl

Thai Oil - 3Q24 Turned to a Loss as Expected; Negatives Largely Priced In