GULF : Strong 4Q22 Outlook After Weak Results in 3Q22

GULF: INTUCH to Be Treated Under Equity Method 4Q21 Onwards

GULF: 4Q21 Earnings Grew from INTUCH Profit Share

GULF: Continued Growth Supported by New Power Plant COD

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

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

Gulf Energy Development  / Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for GULF with a target price of Bt58. Excluding FX and other extraordinary items, its 2Q22 core earnings stood at Bt3.1bn (+120% YoY, -5% QoQ)</li>
<li>Earnings for 2Q22 fell due to FX losses GULF posted their 2Q22 net profit of Bt1.5bn (+9%YoY, -55%QoQ).The QoQ drop in the net profit was dragged by an FX loss</li>
<li>Excluding FX and other extraordinary items the recurring profit was at Bt3.1bn (+120% YoY, -5% QoQ).The QoQ drop was pressured by a -2.8 ppts GPM drop due to an increase </li>
</ul>


Maintain BUY recommendation for GULF with a target price of Bt58. Excluding FX and other extraordinary items, its 2Q22 core earnings stood at Bt3.1bn (+120% YoY, -5% QoQ)
Earnings for 2Q22 fell due to FX losses GULF posted their 2Q22 net profit of Bt1.5bn (+9%YoY, -55%QoQ).The QoQ drop in the net profit was dragged by an FX loss
Excluding FX and other extraordinary items the recurring profit was at Bt3.1bn (+120% YoY, -5% QoQ).The QoQ drop was pressured by a -2.8 ppts GPM drop due to an increase 


GULF : Weak Earnings in 2Q22 Due to FX Losses