Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>The analyst meeting came out in a positive tone. We maintain the BUY call based on a target price of Bt42.0, derived using SOTP methodology, implying 1.1xPBV’23E.</li>
<li>Expect the 2Q22 recurring profit to improve both YoY and QoQ on the back of solid refinery and E&amp;P business operations.</li>
<li>The bright refinery performance should continue to excel in 2Q22 underpinned by higher GRM and full refinery utilization.</li>
</ul>


The analyst meeting came out in a positive tone. We maintain the BUY call based on a target price of Bt42.0, derived using SOTP methodology, implying 1.1xPBV’23E.
Expect the 2Q22 recurring profit to improve both YoY and QoQ on the back of solid refinery and E&amp;P business operations.
The bright refinery performance should continue to excel in 2Q22 underpinned by higher GRM and full refinery utilization.


BCP: Solid Refinery, E&P Performance to Drive 2Q22-2022 Earnings

<ul>
<li>BCP reported 1Q22 net profit of Bt4.4bn (+91% YoY, +148% QoQ), an all time high. The result came out better than our expectation.</li>
<li>The earnings spike was mainly supported by improved performance of 1) refinery operations along with a huge stock gain of Bt4.1bn, 2) natural resources business from rise in crude oil </li>
<li>We expect 2Q22 recurring profit continue to grow from better refinery performance backed by rising GRM. The oil retail business should also improve as marketing margin picks up after easing </li>
</ul>


BCP reported 1Q22 net profit of Bt4.4bn (+91% YoY, +148% QoQ), an all time high. The result came out better than our expectation.
The earnings spike was mainly supported by improved performance of 1) refinery operations along with a huge stock gain of Bt4.1bn, 2) natural resources business from rise in crude oil 
We expect 2Q22 recurring profit continue to grow from better refinery performance backed by rising GRM. The oil retail business should also improve as marketing margin picks up after easing 


BCP: Solid Refinery Performance Drove 1Q22 Profit to All Time High

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, and nine new join the fray</li>
<li>Since its inception, the portfolio has gained 75% versus MSCI Asia ex Japan's 64%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, and nine new join the fray
Since its inception, the portfolio has gained 75% versus MSCI Asia ex Japan's 64%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%


<ul>
<li>Analyst meeting came out in a positive tone. We maintain the BUY recommendation with a target price of Bt35.0, derived using SOTP method, implying 1.1x PBV’22E. Our valuation reflects positive </li>
<li>Expect 4Q21 recurring profit to improve both YoY and QoQ on the back of solid refinery operations.</li>
<li>We see bright refinery outlook 4Q21 onwards driven by rising GRM (better gasoline, jet and diesel spreads) and higher refinery run rate. While earnings from power,marketing and bio-based business segments</li>
</ul>


Analyst meeting came out in a positive tone. We maintain the BUY recommendation with a target price of Bt35.0, derived using SOTP method, implying 1.1x PBV’22E. Our valuation reflects positive 
Expect 4Q21 recurring profit to improve both YoY and QoQ on the back of solid refinery operations.
We see bright refinery outlook 4Q21 onwards driven by rising GRM (better gasoline, jet and diesel spreads) and higher refinery run rate. While earnings from power,marketing and bio-based business segments


BCP: Bright Refinery Outlook 4Q21 Onwards

Thailand

Bangchak Corporation Public Company Limited operates as an energy company. The Company offers petroleum exploration and production, biomass, crude oil, and solar energy. Bangchak markets its products in Thailand.

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Bangchak Corporation (BCP TB)

BCP: Solid Refinery, E&P Performance to Drive 2Q22-2022 Earnings

The analyst meeting came out in a positive tone. We maintain the BUY call based on a target price of Bt42.0, derived using SOTP methodology,...

Pi Securities PCL, Thailand

BCP: Solid Refinery Performance Drove 1Q22 Profit to All Time High

BCP reported 1Q22 net profit of Bt4.4bn (+91% YoY, +148% QoQ), an all time high. The result came out better than our expectation.

Pi Securities PCL, Thailand

The Stocks to Own in Asia – Vol. 36

We highlight 14 stocks in Asia that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stock remains, and nine new join...

A. Stotz Investment Research

The Stocks to Own in ASEAN – Vol. 38

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, and 11 new join...

A. Stotz Investment Research

BCP: Bright Refinery Outlook 4Q21 Onwards

Analyst meeting came out in a positive tone. We maintain the BUY recommendation with a target price of Bt35.0, derived using SOTP method, implying...

Pi Securities PCL, Thailand

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