The Week That Was in ASEAN@Smartkarma - Bukalapak's Take Rates, Indonesia's Digital Banks, and PTTEP

PTTEP : Softening ASP to Hammer Sales Growth

PTTEP: Hedging Loss Dragged 1Q22 Net Profit

PTTEP: Hedging Loss to Drag 1Q22 Net Profit

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>Maintain BUY call with a target price of Bt179. The 2Q22 net profit rose to a record high of Bt20.6bn (+189% YoY, +96% QoQ), 7% higher than our forecast. </li>
<li>2Q22 net profit marked new high 2Q22 net profit rose to a new high of Bt20.6bn (+189% YoY,+96% QoQ),7% higher than our forecast. Excluding extraordinary items, mainly the hedging loss</li>
<li>The volume sales improved to 465kBOED (+5% YoY, +9% QoQ), primarily from production commencement of G1/61 (Erawan) project in 2Q22,together with higher nomination from Arthit and Oman block 61 project.</li>
</ul>


Maintain BUY call with a target price of Bt179. The 2Q22 net profit rose to a record high of Bt20.6bn (+189% YoY, +96% QoQ), 7% higher than our forecast. 
2Q22 net profit marked new high 2Q22 net profit rose to a new high of Bt20.6bn (+189% YoY,+96% QoQ),7% higher than our forecast. Excluding extraordinary items, mainly the hedging loss
The volume sales improved to 465kBOED (+5% YoY, +9% QoQ), primarily from production commencement of G1/61 (Erawan) project in 2Q22,together with higher nomination from Arthit and Oman block 61 project.


PTT E&P

PTTEP : Record High Earnings in 2Q22