PTTGC: Weak Petrochemical Margins to Drag 4Q21 Performance

PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

PTTGC : GRM Spike Overshadowed by Weak Petrochemical Performance

PTTGC: Spread Expansion Continues in 2Q21 from Demand Recovery

PTTGC: Weak Olefins Spread and GRM to Drag 3Q21 Earnings

PTTGC: Contracting Petrochemical Spreads to Drag 2H21 Earnings

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>Analyst meeting last week came out with a neutral tone. We see bright refinery segment outlook 4Q21 onwards backed by rising gasoline, jet and diesel spreads. Olefins,performance materials segment contribution</li>
<li>We expect the 4Q21 core profit to improve QoQ supported by 1) solid olefins and performance materials  spread as new supply additions delayed to 1H22. 2) rising GRM</li>
<li>The olefins and performance materials contribution should improve QoQ supported by lower supply from China. While it will be partially pressured by feedstock cost push.</li>
</ul>


Analyst meeting last week came out with a neutral tone. We see bright refinery segment outlook 4Q21 onwards backed by rising gasoline, jet and diesel spreads. Olefins,performance materials segment contribution
We expect the 4Q21 core profit to improve QoQ supported by 1) solid olefins and performance materials  spread as new supply additions delayed to 1H22. 2) rising GRM
The olefins and performance materials contribution should improve QoQ supported by lower supply from China. While it will be partially pressured by feedstock cost push.


PTTGC: Better Refinery & Olefins Segment Performance in 4Q21

PTT Global Chemical

PTTGC: Better Refinery & Olefins Segment Performance in 4Q21