OR : Revamping Oil Marketing Margin and Undemanding Valuation

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: Sluggish 3Q21 Earnings Outlook from Lockdown

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

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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>Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E</li>
<li>Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth  and healthy marketing margin.</li>
<li>The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.</li>
</ul>


Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E
Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth  and healthy marketing margin.
The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.


OR: Rising Sales and Healthy Margin in 2Q22