PTTGC : Weak Petrochemical Performance and One-Time Losses in 3Q22

PTTGC : Margin Pressure and Huge Stock Loss in 3Q22

PTTGC : Weak Petrochemical Spread to Persist till 2024

PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

PTTGC : GRM Spike Overshadowed by Weak Petrochemical Performance

PTTGC: Weak Petrochemical Margins to Drag 4Q21 Performance

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 Bt53.0.The 2Q22 net profit fall 95% YoY and 67 QoQ to Bt1.4bn(a 7-quarter low)mainly dragged by huge hedging and FX loss</li>
<li>Hedging &amp; FX loss hit 2Q22 profit The 2Q22 net profit fall to Bt1.4bn (-95% YoY, -67% QoQ), a 7-quarter low, mainly dragged by a huge hedging and FX loss. </li>
<li>Excluding the stock gain of Bt3.1bn, hedging loss of Bt12.7bn and FX gain of Bt4.4bn etc., the recurring profit stood at Bt13.7bn (+31% YoY, +120% QoQ), growing YoY and QoQ </li>
</ul>


We maintain the BUY call with a TP of Bt53.0.The 2Q22 net profit fall 95% YoY and 67 QoQ to Bt1.4bn(a 7-quarter low)mainly dragged by huge hedging and FX loss
Hedging &amp; FX loss hit 2Q22 profit The 2Q22 net profit fall to Bt1.4bn (-95% YoY, -67% QoQ), a 7-quarter low, mainly dragged by a huge hedging and FX loss. 
Excluding the stock gain of Bt3.1bn, hedging loss of Bt12.7bn and FX gain of Bt4.4bn etc., the recurring profit stood at Bt13.7bn (+31% YoY, +120% QoQ), growing YoY and QoQ 


PTTGC : 2Q22 Recurring Profit Grew from Strong Refinery Performance

PTT Global Chemical

PTTGC : 2Q22 Recurring Profit Grew from Strong Refinery Performance