PSL: Short-Term Outlook Is Lack of Interest, but Positive for Long-Term

PSL : Demand Should Recover Firmly in 4Q22

PSL: Anticipate Demand for Seaborne Trade to Slow Down in 2Q21

PSL: Expect Core Earnings to Hit Another Decade High in 2Q21

PSL: Expect Core Earnings to Hit Another Decade High in 3Q21

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

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

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<li>We anticipate TCE rate for small-medium ships (Handysize and Supramax) to stay at high profitable level throughout 2022-23E supported by an absence of fleet supply glut issue given</li>
<li>We expect China’s imports of iron ore and agriculture products to remain muted at least until 1H22,which is likely to pressured TCE rate for dry bulk carriers to come down</li>
<li>We expect PSL to report 4Q21 net profit at Bt1,431m (-5%QoQ, +5120%YoY), a slight drop from all-time high level in 3Q21.</li>
</ul>


We anticipate TCE rate for small-medium ships (Handysize and Supramax) to stay at high profitable level throughout 2022-23E supported by an absence of fleet supply glut issue given
We expect China’s imports of iron ore and agriculture products to remain muted at least until 1H22,which is likely to pressured TCE rate for dry bulk carriers to come down
We expect PSL to report 4Q21 net profit at Bt1,431m (-5%QoQ, +5120%YoY), a slight drop from all-time high level in 3Q21.


PSL: Healthy Freight Rate Is Expected to Be Remained in 2022 and 2023

Precious Shipping

PSL: Healthy Freight Rate Is Expected to Be Remained in 2022 and 2023