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

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Gulf Energy Development  / Equity Bottom-Up

<ul>
<li>The 4Q21 net profit rose to an all time high of Bt3.0bn (+65 YoY, +92% QoQ). excluding FX and other extraordinary items the recurring profit was Bt2.7bn (+120% YoY,+19% QoQ)</li>
<li>The result came out better than our expectation, The 2021 net profit rose to a record high of Bt7.8bn (+79% YoY), 14% above our forecast.</li>
<li>The 4Q21 earnings growth was due to 1st time revenue recognition from GSRC power project - Unit 2 and equity income from INTUCH.</li>
</ul>


The 4Q21 net profit rose to an all time high of Bt3.0bn (+65 YoY, +92% QoQ). excluding FX and other extraordinary items the recurring profit was Bt2.7bn (+120% YoY,+19% QoQ)
The result came out better than our expectation, The 2021 net profit rose to a record high of Bt7.8bn (+79% YoY), 14% above our forecast.
The 4Q21 earnings growth was due to 1st time revenue recognition from GSRC power project - Unit 2 and equity income from INTUCH.


GULF: 4Q21 Earnings Grew from INTUCH Profit Share