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 decline in refining margins YoY (weak in 2Q-3Q24 and beginning to recover in 4Q24 QTD) and the risk of a delay in the COD of the Clean Fuel Project (CFP) have pressured the stock price to fall by 24% over the past three months and around 17% in the past month, primarily due to the latter factor.</li><li>We have revised down our 2025- 26E earnings estimates to reflect the risk of the CFP’s COD being delayed to beyond 2026E (COD previously expected in 2H25E), resulting in a new fair value (FV) of Bt44.0 (vs. Bt54.82 earlier).</li><li>We have also downgraded our rating to Neutral (from Outperform). </li></ul>

The decline in refining margins YoY (weak in 2Q-3Q24 and beginning to recover in 4Q24 QTD) and the risk of a delay in the COD of the Clean Fuel Project (CFP) have pressured the stock price to fall by 24% over the past three months and around 17% in the past month, primarily due to the latter factor.We have revised down our 2025- 26E earnings estimates to reflect the risk of the CFP’s COD being delayed to beyond 2026E (COD previously expected in 2H25E), resulting in a new fair value (FV) of Bt44.0 (vs. Bt54.82 earlier).We have also downgraded our rating to Neutral (from Outperform). 

Thai Oil - Earnings and FV Revised Down to Reflect Risks of Delayed COD of CFP

Thai Oil Pcl

Thai Oil - Earnings and FV Revised Down to Reflect Risks of Delayed COD of CFP