PTG : Seasonality and CPO Stock Loss to Drag 3Q22 Profit

PTG : Seasonal Weak Sales Dragged 3Q22 Earnings

PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss

PTG: Recovering Volume Sales to Drive 4Q21 Profit and Ahead

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>We maintain the BUY call with a TP of Bt17.5. The 2Q22 net profit surged +21% YoY and +275% QoQ to Bt601m (a six-quarter high).The YoY earnings growth was supported </li>
<li>2Q22 net profit grew 3x QoQ The 2Q22 net profit rose +21% YoY and +275% QoQ to Bt601m, a 6-quarter high.The result came out better than ours’ and market expectation.</li>
<li>The oil marketing margin rose 25%QoQ to Bt2.1/Liter,as government began floating the diesel price(eased the price from Bt30/liter to a higher Bt35/litter during May). While the margin softened 5% YoY </li>
</ul>


We maintain the BUY call with a TP of Bt17.5. The 2Q22 net profit surged +21% YoY and +275% QoQ to Bt601m (a six-quarter high).The YoY earnings growth was supported 
2Q22 net profit grew 3x QoQ The 2Q22 net profit rose +21% YoY and +275% QoQ to Bt601m, a 6-quarter high.The result came out better than ours’ and market expectation.
The oil marketing margin rose 25%QoQ to Bt2.1/Liter,as government began floating the diesel price(eased the price from Bt30/liter to a higher Bt35/litter during May). While the margin softened 5% YoY 


PTG : Rising Sales & Marketing Margin Drove 2Q22 Profit

PTG Energy PCL

PTG : Rising Sales & Marketing Margin Drove 2Q22 Profit