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 share price decline has largely priced in the outlook of a weak GRM QoQ in 2Q24E, in line with the Singapore GRM.</li><li>The normalization of the 2024E GRM (weaker YoY) has been incorporated into our earnings projections.</li><li>Meanwhile, the commercial commencement of the Clean Fuel Project (CFP) in 2025E, which will generate an incremental GRM, should reaffirm our view of strong long-term earnings prospects, with projected 2024-26E EPS growth at a 23% CAGR.</li></ul>

The share price decline has largely priced in the outlook of a weak GRM QoQ in 2Q24E, in line with the Singapore GRM.The normalization of the 2024E GRM (weaker YoY) has been incorporated into our earnings projections.Meanwhile, the commercial commencement of the Clean Fuel Project (CFP) in 2025E, which will generate an incremental GRM, should reaffirm our view of strong long-term earnings prospects, with projected 2024-26E EPS growth at a 23% CAGR.

Thai Oil -Upbeat 1Q24 Earnings; CFP Project to Drive LT Earnings

Thai Oil Pcl

Thai Oil -Upbeat 1Q24 Earnings; CFP Project to Drive LT Earnings