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

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<li>We reiterate the BUY call with a TP of Bt42.0. We like BCP for its well-diversified business portfolio including E&amp;P, refinery, marketing, power, etc. supporting relatively stable earnings.</li>
<li>3Q22 earnings improved YoY, while softened QoQ The company reported a 3Q22 net profit of Bt2.5bn (+36% YoY, -53% QoQ), looming in line with our expectations. The YoY earnings growth </li>
<li>The refinery segment operating GRM dropped to US$11.2/bbl., leveling off QoQ from an exceptionally high level,due to a decline in the crack spread of all refined products as the demand </li>
</ul>


We reiterate the BUY call with a TP of Bt42.0. We like BCP for its well-diversified business portfolio including E&amp;P, refinery, marketing, power, etc. supporting relatively stable earnings.
3Q22 earnings improved YoY, while softened QoQ The company reported a 3Q22 net profit of Bt2.5bn (+36% YoY, -53% QoQ), looming in line with our expectations. The YoY earnings growth 
The refinery segment operating GRM dropped to US$11.2/bbl., leveling off QoQ from an exceptionally high level,due to a decline in the crack spread of all refined products as the demand 


Bangchak Corporation

BCP : Bring 4Q22 Outlook