OR : Enhanced Profitability from Non-Oil Business

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

OR: Revamping Oil Sales Volume to Drive 4Q21 Earnings

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 upgrade the recommendation to BUY from HOLD based on a revised up target price of Bt30.0(11%up from previous Bt27.0)on the back of 10 to 36% earnings revision for 2022-23E</li>
<li>Higher marketing margin drove 2Q22 profit The 2Q22 net profit grew to an all-time high of Bt6.6bn (+104% YoY, +71% QoQ). The result came out better than our expectation </li>
<li>Oil business EBITDA rose to Bt8.3bn (+98%YoY,+73%QoQ), on the back of spike in gross profit/unit to Bt1.6/Liter (+31%YoY, +41%QoQ) from easing of diesel price cap and higher jet fuel sales.</li>
</ul>


We upgrade the recommendation to BUY from HOLD based on a revised up target price of Bt30.0(11%up from previous Bt27.0)on the back of 10 to 36% earnings revision for 2022-23E
Higher marketing margin drove 2Q22 profit The 2Q22 net profit grew to an all-time high of Bt6.6bn (+104% YoY, +71% QoQ). The result came out better than our expectation 
Oil business EBITDA rose to Bt8.3bn (+98%YoY,+73%QoQ), on the back of spike in gross profit/unit to Bt1.6/Liter (+31%YoY, +41%QoQ) from easing of diesel price cap and higher jet fuel sales.


OR : Revamping Oil Marketing Margin and Undemanding Valuation