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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 negative tone, as the projected rise in gas cost will pressure the SPP margins and drag the earnings in 1H22.  </li>
<li>We expect 1Q22 recurring profit to soften due to continued rise of fuel cost. The earnings should bottom out in 1H22 and pick up gradually 3Q22 onwards.</li>
<li>The SPP gas price has rose to Bt336/ MMBTU in 4Q21 compared to Bt268/MMBTU in 3Q21.According to management guidance the gas prices are further expected to rise near Bt450/MMBTU level</li>
</ul>


The analyst meeting came out in a negative tone, as the projected rise in gas cost will pressure the SPP margins and drag the earnings in 1H22.  
We expect 1Q22 recurring profit to soften due to continued rise of fuel cost. The earnings should bottom out in 1H22 and pick up gradually 3Q22 onwards.
The SPP gas price has rose to Bt336/ MMBTU in 4Q21 compared to Bt268/MMBTU in 3Q21.According to management guidance the gas prices are further expected to rise near Bt450/MMBTU level


BGRIM: Rising Gas Cost to Drag SPP Margins in 1H22

B Grimm Power

BGRIM: Rising Gas Cost to Drag SPP Margins in 1H22