In today’s briefing:
- TASCO: Crude Price Hike to Pressure 2022 Earnings
TASCO: Crude Price Hike to Pressure 2022 Earnings
- Downgrade to SELL from HOLD rating and cut TP by 41% to Bt14, derived from 1.4xPBV’22E, Asia ex-Japan Materials sector. We believe the valuation remains demanding with the stock trading
- Its 4Q21 core profit was at Bt175m (-83%YoY,-71%QoQ), plunged due to narrow margin, following crude price surged and higher OPEX.
- Excluding extraordinary items, 2021 core profit was at Bt2.9bn, increased 9%YoY, attributed to better EBIT margin from lower SG&A-to-sales ratio
Before it’s here, it’s on Smartkarma
