OR: Rising Sales and Healthy Margin in 2Q22

OR : Revamping Oil Marketing Margin and Undemanding Valuation

OR : Enhanced Profitability from Non-Oil Business

OR: Sluggish 3Q21 Earnings Outlook from Lockdown

OR: Expect Earnings Drop in 2Q-3Q21 from Lockdown

OR: Revamping Oil Sales Volume to Drive 4Q21 Earnings

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

Pi Research

Thai Equity - Bottom-up - Equities

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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>Yesterday analyst meeting came out in a neutral tone,we expect the dip in oil marketing margin (diesel price cap) to persist till 1H22, while revamping oil and F&amp;B sales volume </li>
<li>Expect the 1Q22 earnings to improve QoQ from improving oil and F&amp;B sales volume, while dip in oil marketing margin would drag the earning YoY.</li>
<li>Positive 2022 outlook with a 9% EPS growth. The post COVID-19 economic recovery is expected to drive the oil and F&amp;B sales volume 10 to 15%,which will offset the 9%</li>
</ul>


Yesterday analyst meeting came out in a neutral tone,we expect the dip in oil marketing margin (diesel price cap) to persist till 1H22, while revamping oil and F&amp;B sales volume 
Expect the 1Q22 earnings to improve QoQ from improving oil and F&amp;B sales volume, while dip in oil marketing margin would drag the earning YoY.
Positive 2022 outlook with a 9% EPS growth. The post COVID-19 economic recovery is expected to drive the oil and F&amp;B sales volume 10 to 15%,which will offset the 9%


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