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 BUY call with a TP of Bt30,0. OR’s 3Q22 net profit plunged to a 9-quarter low of Bt701m (-63%YoY, -89%QoQ),falling out lower than ours and market expectation.</li>
<li>3Q22 profit hit by weak marketing margin The 3Q22 net profit fall to Bt701m (-63%YoY, -89%QoQ),dragged by weak contribution from mobility business (owing to lower sales and oil marketing margin) </li>
<li>Oil marketing margin came out at Bt0.68/liter (-38%YoY, -58%QoQ),15% beneath our assumption.The dip was primarily from the retail market,both gasoline and diesel had lower marketing margin due to higher cost.</li>
</ul>


We maintain the BUY call with a TP of Bt30,0. OR’s 3Q22 net profit plunged to a 9-quarter low of Bt701m (-63%YoY, -89%QoQ),falling out lower than ours and market expectation.
3Q22 profit hit by weak marketing margin The 3Q22 net profit fall to Bt701m (-63%YoY, -89%QoQ),dragged by weak contribution from mobility business (owing to lower sales and oil marketing margin) 
Oil marketing margin came out at Bt0.68/liter (-38%YoY, -58%QoQ),15% beneath our assumption.The dip was primarily from the retail market,both gasoline and diesel had lower marketing margin due to higher cost.


PTT Oil & Retail Business

OR : Weak 3Q22 Earnings as Expected