PRM: Earnings Growth Profile in 2022-23E Remain Dull

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

<ul>
<li>PRM’s vessels delivery is on time after adding two VLCCs to serve Thai Oil PCL (BUY TP: Bt64), two floating storages (one for replacement) and one medium-sized tanker in 9M22.</li>
<li>3Q22 core profit expand QoQ and YoY to nine-quarter high Report 3Q22 net profit at Bt1.1bn.Excluding FX item and profit from vessel disposal,core earnings would be at Bt439m (+126%YoY +67%QoQ)</li>
<li>Total revenue hit all-time high at Bt2.2bn along with fleet expansion (62 vessels as of 3Q22) int. trading business and FSU were the key earnings drivers in 3Q22,despite a QoQ </li>
</ul>


PRM’s vessels delivery is on time after adding two VLCCs to serve Thai Oil PCL (BUY TP: Bt64), two floating storages (one for replacement) and one medium-sized tanker in 9M22.
3Q22 core profit expand QoQ and YoY to nine-quarter high Report 3Q22 net profit at Bt1.1bn.Excluding FX item and profit from vessel disposal,core earnings would be at Bt439m (+126%YoY +67%QoQ)
Total revenue hit all-time high at Bt2.2bn along with fleet expansion (62 vessels as of 3Q22) int. trading business and FSU were the key earnings drivers in 3Q22,despite a QoQ 


PRM : Earnings Growth Momentum in 1H23 Seems to Price In

Prima Marine PCL

PRM : Earnings Growth Momentum in 1H23 Seems to Price In