In today’s briefing:
- PTTEP : Strong 2Q22 Performance Outlook
- CENTEL : Expect CENTEL to Make Profit in 2Q22
PTTEP : Strong 2Q22 Performance Outlook
- We estimate PTTEP’s 2Q22 net profit to surge 170%YoY and 83%QoQ on the back of higher sales volume and average selling price.The solid performance is expected to continue in 2H22
- Bright 2Q22 earnings outlook We expect PTTEP to post 2Q22 net profit of Bt19.3bn (+170% YoY, +83% QoQ), driven by solid average selling price and sales volume.
- The average selling price (ASP) is forecasted to increase to US$56/BOE (+32% YoY, +8% QoQ) as the reference Dubai crude oil price rose to US$108/bbl (+61% YoY,+13% QoQ) and gas
CENTEL : Expect CENTEL to Make Profit in 2Q22
- Maintain BUY recommendation for CENTEL with a target price of Bt49.0. We expect the company performance to turn a profit at Bt57m in 2Q22 from Bt44m loss in 1Q22
- Strong recovery in hospitality business. We expect hotel revenue to hit nine quarter high at Bt1.4bn thanks to impressive performance for Thai hotels as RevPar for Bangkok and Upcountry hotels
- Food revenue is expected to hit 11 quarter high at Bt2.9bn (+24%YoY+11%QoQ) as we anticipate continuing SSSG at 6.1% compared with 0% and 10% in 2Q21 and 1Q22 respectively.
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