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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>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

Bangchak Corporation

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