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 is exposed to limited downside risk and has already priced in the weak GRM and core profit in 2Q24 to a certain degree.</li><li>Meanwhile, the GRM, based on the Singapore GRM, in 3Q24 QTD has recovered (to USD4.6/bbl vs. USD3.5 in 2Q24).</li><li>TOP’s current valuation is attractive. The commercial kick-off of the Clean Fuel Project (CFP) in 2025E, which is expected to generate an incremental GRM, will bolster the strong long-term earnings outlook (expected 2Y EPS growth at a 15% CAGR). </li></ul>

The stock price is exposed to limited downside risk and has already priced in the weak GRM and core profit in 2Q24 to a certain degree.Meanwhile, the GRM, based on the Singapore GRM, in 3Q24 QTD has recovered (to USD4.6/bbl vs. USD3.5 in 2Q24).TOP’s current valuation is attractive. The commercial kick-off of the Clean Fuel Project (CFP) in 2025E, which is expected to generate an incremental GRM, will bolster the strong long-term earnings outlook (expected 2Y EPS growth at a 15% CAGR). 

Thai Oil - Weak 2Q24 Core Profit, but NP Cushioned by a Stock Gain and an Extra Gain

Thai Oil Pcl

Thai Oil - Weak 2Q24 Core Profit, but NP Cushioned by a Stock Gain and an Extra Gain