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

PTT Oil & Retail Business  / Equity Bottom-Up

<ul>
<li>We expect the 3Q22net profit to fall 64% QoQ to Bt2.4bn,levelling off from an all-time high in 2Q22,due to stock loss and dip in oil marketing margin to low base </li>
<li>Oil marketing margin to plunge in 3Q22We expect 3Q22earnings to fall 64%QoQ to Bt2.4bn dragged by weak contribution from mobility business owing to lower sales volume and oil marketing margin.</li>
<li>The oil sales volume is expected to be at 6.3bn liters (+21% YoY, -8% QoQ), improving YoY on the back of economy reopening. While drop QoQ due to seasonality (rain).</li>
</ul>


We expect the 3Q22net profit to fall 64% QoQ to Bt2.4bn,levelling off from an all-time high in 2Q22,due to stock loss and dip in oil marketing margin to low base 
Oil marketing margin to plunge in 3Q22We expect 3Q22earnings to fall 64%QoQ to Bt2.4bn dragged by weak contribution from mobility business owing to lower sales volume and oil marketing margin.
The oil sales volume is expected to be at 6.3bn liters (+21% YoY, -8% QoQ), improving YoY on the back of economy reopening. While drop QoQ due to seasonality (rain).


OR : 3Q22 Earnings to Be Hit by Weak Marketing Margin