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 risks associated with the CFP are higher than previously expected (e.g., significant cost overruns, COD delayed by three years, risks regarding remaining construction, and the funding plan).</li><li>TOP’s share price is trading at a higher-than-usual ERP to compensate for these risks.</li><li>We have revised down our 2025-26E profit forecasts by 24-28% due to higher interest expenses from a bond issuance and/or borrowings, resulting in negative 2-year core EPS growth (-20% CAGR) that underperforms the sector. </li></ul>

The risks associated with the CFP are higher than previously expected (e.g., significant cost overruns, COD delayed by three years, risks regarding remaining construction, and the funding plan).TOP’s share price is trading at a higher-than-usual ERP to compensate for these risks.We have revised down our 2025-26E profit forecasts by 24-28% due to higher interest expenses from a bond issuance and/or borrowings, resulting in negative 2-year core EPS growth (-20% CAGR) that underperforms the sector. 

Thai Oil - The CFP Entails Higher than Previously Expected Risks

Thai Oil Pcl

Thai Oil - The CFP Entails Higher than Previously Expected Risks