PTTGC : 2Q22 Recurring Profit Grew from Strong Refinery Performance

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

PTTGC : Margin Pressure and Huge Stock Loss in 3Q22

PTTGC: Better Refinery & Olefins Segment Performance in 4Q21

PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

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 upgrade the rating to BUY from HOLD with an unrevised TP of Bt53.0 due to a decent upside from the current share price.The stock performance seems to have factored </li>
<li>Hedging loss to drag 2Q22 profit We expect the 2Q22 net profit slump to a new quarterly low of Bt1.5bn (-94%YoY, -64%QoQ). The YoY plunge will be from the absence </li>
<li>The strong refinery performance with GRM spiking to US$21/bbl (10x YoY,3x QoQ) led by high diesel spread, will be offset by weak olefins segment performance from the decline of plant </li>
</ul>


We upgrade the rating to BUY from HOLD with an unrevised TP of Bt53.0 due to a decent upside from the current share price.The stock performance seems to have factored 
Hedging loss to drag 2Q22 profit We expect the 2Q22 net profit slump to a new quarterly low of Bt1.5bn (-94%YoY, -64%QoQ). The YoY plunge will be from the absence 
The strong refinery performance with GRM spiking to US$21/bbl (10x YoY,3x QoQ) led by high diesel spread, will be offset by weak olefins segment performance from the decline of plant 


PTTGC : GRM Spike Overshadowed by Weak Petrochemical Performance

PTT Global Chemical

PTTGC : GRM Spike Overshadowed by Weak Petrochemical Performance