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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<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

Bangchak Corporation

BCP: Bright Refinery Outlook 4Q21 Onwards