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 expect PTTEP to post a solid 4Q21 net profit of Bt9.7bn (+283% YoY, +2% QoQ).</li>
<li>Excluding the impairment loss of US$200m (Mozambique, Yetagun projects), and US$100m gain from reversal of decommissioning expense of Bongkot project, the recurring profit is expected to be Bt13.2bn (+162% YoY)</li>
<li>The YoY surge will be from 10% and 27% growth in sales volume and  average product selling price (ASP) respectively.</li>
</ul>


We expect PTTEP to post a solid 4Q21 net profit of Bt9.7bn (+283% YoY, +2% QoQ).
Excluding the impairment loss of US$200m (Mozambique, Yetagun projects), and US$100m gain from reversal of decommissioning expense of Bongkot project, the recurring profit is expected to be Bt13.2bn (+162% YoY)
The YoY surge will be from 10% and 27% growth in sales volume and  average product selling price (ASP) respectively.


PTTEP: Solid Earnings Performance Hit by Impairment Loss

PTT E&P

PTTEP: Solid Earnings Performance Hit by Impairment Loss