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

OR: Rising Sales and Healthy Margin in 2Q22

OR : Revamping Oil Marketing Margin and Undemanding Valuation

OR: Sluggish 3Q21 Earnings Outlook from Lockdown

OR: Leading Oil Conglomerate with Growth Potential

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

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 maintain the HOLD rating with a target price of Bt27.0, derived from  SOTP methodology. Our TP implies 26xPE’21E, or a 7% discount from the Asia-ex JP Consumer Discretionary sector. </li>
<li>The 4Q21 net profit is expected to improve QoQ on the back of recovery in oil sales volume, which dropped 6% QoQ in 3Q21 due to domestic lockdown measures </li>
<li>Meanwhile, the pressure on oil margin due to rising crude oil price and government regulation on diesel price cap, should lead to YoY earnings drop</li>
</ul>


We maintain the HOLD rating with a target price of Bt27.0, derived from  SOTP methodology. Our TP implies 26xPE’21E, or a 7% discount from the Asia-ex JP Consumer Discretionary sector. 
The 4Q21 net profit is expected to improve QoQ on the back of recovery in oil sales volume, which dropped 6% QoQ in 3Q21 due to domestic lockdown measures 
Meanwhile, the pressure on oil margin due to rising crude oil price and government regulation on diesel price cap, should lead to YoY earnings drop


OR: Revamping Oil Sales Volume to Drive 4Q21 Earnings