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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>We maintain the BUY call with a TP of Bt42. We believe the current share paice has factored in the weak 2Q22 earnings impacted by high gas cost (+80% YoY). </li>
<li>Core earnings to rebound in 2Q22 We expect BGRIM to report the 1st time quarterly loss of 5m  in 2Q22 due to unrealized FX loss of Bt251m.</li>
<li>Meanwhile,  we expect its recurring profit to rise to a 3-quarter high at Bt246m (-73% YoY, +&gt;100% QoQ). The QoQ growth will be driven by Improving SPP margin</li>
</ul>


We maintain the BUY call with a TP of Bt42. We believe the current share paice has factored in the weak 2Q22 earnings impacted by high gas cost (+80% YoY). 
Core earnings to rebound in 2Q22 We expect BGRIM to report the 1st time quarterly loss of 5m  in 2Q22 due to unrealized FX loss of Bt251m.
Meanwhile,  we expect its recurring profit to rise to a 3-quarter high at Bt246m (-73% YoY, +&gt;100% QoQ). The QoQ growth will be driven by Improving SPP margin


BGRIM : 2Q22 Will See a Recovery in Core Earnings

B Grimm Power

BGRIM : 2Q22 Will See a Recovery in Core Earnings