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

OR : Revamping Oil Marketing Margin and Undemanding Valuation

OR: Rising Sales and Healthy Margin in 2Q22

OR: Positive 2022 Outlook from Revamping Oil and F&B Sales

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 remain positive on OR’s non-oil segment (mainly café amazon) growth outlook in 2022 and ahead after the site visit at Café amazon concept store and Amazon inspiring campus</li>
<li>Oil &amp; retail business model a wise strategy The non-oil businesses have proven to be successful and contributed to 21% to total EBITDA with more than 25%EBITDA margin in 2022</li>
<li>We expect the EBITDA contribution from non-oil business segment continue to grow from café-Amazon store expansion and higher profitability.The non-oil revenue is projected to grow at 8.5% CAGR during 2022-25E</li>
</ul>


We remain positive on OR’s non-oil segment (mainly café amazon) growth outlook in 2022 and ahead after the site visit at Café amazon concept store and Amazon inspiring campus
Oil &amp; retail business model a wise strategy The non-oil businesses have proven to be successful and contributed to 21% to total EBITDA with more than 25%EBITDA margin in 2022
We expect the EBITDA contribution from non-oil business segment continue to grow from café-Amazon store expansion and higher profitability.The non-oil revenue is projected to grow at 8.5% CAGR during 2022-25E


OR : Enhanced Profitability from Non-Oil Business