GGC: Core Profit Improved in 4Q20 Thanks to Rising B100 Margin

GGC: An Increase in CPO Price to Decelerate in March

GGC: Expect 3Q21 Earnings to Reach 3-Quarter High

GGC: Biodiesel B10 to Support Company’s Earning by 2020E

GGC: Continue Its Growing Path Despite a Weakness in 2Q20

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

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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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

Global Green Chemicals / Equity Bottom-Up

<p><strong>We reiterate our BUY rating with the target price at Bt10.9, derived from 1.1xPBV’21E which is equal Asia-ex Japan material sector.</strong></p><div>• We expect GGC to show a strong core earnings at roughly Bt150-200m in 4Q20E, supported by growing sales volume and improved B100 margin.</div><div></div><div>• Meanwhile, we foresee a mild recovery to continue in 1Q21, backed by rising CPO price and new glycerine capacity (+3% capacity)(COD in December).</div><div></div><div>• We expect CPO and biodiesel price to remain at high level until 1Q21, due to low CPO inventory in regional market and recovered demand.</div>

We reiterate our BUY rating with the target price at Bt10.9, derived from 1.1xPBV’21E which is equal Asia-ex Japan material sector.• We expect GGC to show a strong core earnings at roughly Bt150-200m in 4Q20E, supported by growing sales volume and improved B100 margin.• Meanwhile, we foresee a mild recovery to continue in 1Q21, backed by rising CPO price and new glycerine capacity (+3% capacity)(COD in December).• We expect CPO and biodiesel price to remain at high level until 1Q21, due to low CPO inventory in regional market and recovered demand.

GGC: Benefits from an Increase in Palm Price