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 already priced in the weak GRM and core profit in 2Q24E to a certain degree.</li><li>The current market price is trading at an equity risk premium (ERP) higher than the 90-day moving average, which is in line with the current valuation indicating that the stock is attractive, with upside of approximately 15% from the 12M FV of Bt61.65, based on a required return of 13.1%.</li><li>Meanwhile, the commercial kick-off of the Clean Fuel Project (CFP) in 2025E, which is expected to generate an incremental GRM, reaffirms our view of a strong long-term earnings outlook (expected 2024-26E EPS growth at a 15% CAGR). </li></ul>

The stock price is exposed to limited downside risk and already priced in the weak GRM and core profit in 2Q24E to a certain degree.The current market price is trading at an equity risk premium (ERP) higher than the 90-day moving average, which is in line with the current valuation indicating that the stock is attractive, with upside of approximately 15% from the 12M FV of Bt61.65, based on a required return of 13.1%.Meanwhile, the commercial kick-off of the Clean Fuel Project (CFP) in 2025E, which is expected to generate an incremental GRM, reaffirms our view of a strong long-term earnings outlook (expected 2024-26E EPS growth at a 15% CAGR). 

Thai Oil - Weak 2Q24E Core Profit but Cushioned by Stock Gains and Extra Gains

Thai Oil Pcl

Thai Oil - Weak 2Q24E Core Profit but Cushioned by Stock Gains and Extra Gains