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

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<li>We maintain the BUY call on PTG with a TP of Bt17.5. We expect the 3Q22 net profit to fall 49% QoQ to Bt306m dragged by lower sales volume </li>
<li>3Q22 profit to improve YoY while soften QoQ We estimate PTG to post 3Q22 net profit of Bt306m (+386% YoY,-49% QoQ),The exceptional YoY growth will be from improved sales growth</li>
<li>The oil sales volume is expected to grow 19% YoY to 1,312 m Liters after economy reopening, while soften 4%QoQ due to seasonal weak demand (rain). Oil marketing margin should</li>
</ul>


We maintain the BUY call on PTG with a TP of Bt17.5. We expect the 3Q22 net profit to fall 49% QoQ to Bt306m dragged by lower sales volume 
3Q22 profit to improve YoY while soften QoQ We estimate PTG to post 3Q22 net profit of Bt306m (+386% YoY,-49% QoQ),The exceptional YoY growth will be from improved sales growth
The oil sales volume is expected to grow 19% YoY to 1,312 m Liters after economy reopening, while soften 4%QoQ due to seasonal weak demand (rain). Oil marketing margin should


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

PTG Energy PCL

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