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PTTGC : 2Q22 Recurring Profit Grew from Strong Refinery Performance

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

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Retain the HOLD rating with a target price of Bt43.0. Given the macro challenges ahead viz, economic recession, prolonged China lockdown, and new olefins capacity addition in Asia</li>
<li>Disappointing 3Q22 results PTTGC reported a net loss of Bt13.4bn in 3Q22(compared to a profit of Bt7.0bn in 3Q21 and Bt1.4bn in 2Q22).The result came out lower than our expectation.</li>
<li>Stripping off the extra items (stock loss of Bt8.1bn, hedging Bt2.1bn etc.) the operating profit also dropped to Bt813m (-90%YoY, -94%QoQ) mainly dragged by frail refinery and petrochemical segment contribution.</li>
</ul>


Retain the HOLD rating with a target price of Bt43.0. Given the macro challenges ahead viz, economic recession, prolonged China lockdown, and new olefins capacity addition in Asia
Disappointing 3Q22 results PTTGC reported a net loss of Bt13.4bn in 3Q22(compared to a profit of Bt7.0bn in 3Q21 and Bt1.4bn in 2Q22).The result came out lower than our expectation.
Stripping off the extra items (stock loss of Bt8.1bn, hedging Bt2.1bn etc.) the operating profit also dropped to Bt813m (-90%YoY, -94%QoQ) mainly dragged by frail refinery and petrochemical segment contribution.


PTTGC : Margin Pressure and Huge Stock Loss in 3Q22

PTT Global Chemical

PTTGC : Margin Pressure and Huge Stock Loss in 3Q22