PRM: Maintain Solid Earnings Growth Momentum in 2021E

PTTEP: Recouping Crude Price to Drive 3Q20 Earnings

PTTEP: Earnings to Cripple by Weak Oil Price

PTTEP: 1Q20 Results Above Our Expectation

PTTEP: Possible Earnings Recovery by 3Q20

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

Yesterday analyst meeting came out in a positive tone. We maintain our BUY rating and roll over our target price to Bt109 (from previous Bt97) to reflect the earnings revision of +5.0 to 16.0% for 2021-22E. Our valuation is derived from DCF methodology (WACC 9.5% and TG 2%),  implying 13.3x PE’21.The story:<ul>
<li>Expect 2H20 earnings to improve after bottom out in 2Q20, backed by increasing volume sales.</li>
<li>Revising up the 2021-22 earnings by 5.0 to 16.0%.</li>
<li>Global oil demand recovery and extended OPEC+ production cut to drive Brent crude oil price to 50 US$/BBL level by 2021.</li>
</ul>

Yesterday analyst meeting came out in a positive tone. We maintain our BUY rating and roll over our target price to Bt109 (from previous Bt97) to reflect the earnings revision of +5.0 to 16.0% for 2021-22E. Our valuation is derived from DCF methodology (WACC 9.5% and TG 2%),  implying 13.3x PE’21.The story:
Expect 2H20 earnings to improve after bottom out in 2Q20, backed by increasing volume sales.
Revising up the 2021-22 earnings by 5.0 to 16.0%.
Global oil demand recovery and extended OPEC+ production cut to drive Brent crude oil price to 50 US$/BBL level by 2021.


PTTEP: Positive 2H20 Earnings Outlook from Improving Volume Sales

PTT E&P

PTTEP: Positive 2H20 Earnings Outlook from Improving Volume Sales