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

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Equity Bottom-Up

<ul>
<li>We expect PTTGC to post a weak 4Q21 net profit of Bt6.3bn (-2% YoY, -10% QoQ)</li>
<li>The QoQ drop will be resulted by softened petrochemical segment performance (Olefins  (PE),Aromatics (PX, BZ) and Performance materials (Phenol, Propylene Oxide (PO)),which will be partially offset by improved refinery segment.</li>
<li>We expect the 2022 earnings to decline significantly due to absence of one-time items (gain from divestment of GPSC shares)and weak chemical product margin.However, consolidation of Allnex(acquisition completed in 4Q21) </li>
</ul>


We expect PTTGC to post a weak 4Q21 net profit of Bt6.3bn (-2% YoY, -10% QoQ)
The QoQ drop will be resulted by softened petrochemical segment performance (Olefins  (PE),Aromatics (PX, BZ) and Performance materials (Phenol, Propylene Oxide (PO)),which will be partially offset by improved refinery segment.
We expect the 2022 earnings to decline significantly due to absence of one-time items (gain from divestment of GPSC shares)and weak chemical product margin.However, consolidation of Allnex(acquisition completed in 4Q21) 


PTTGC: Weak Petrochemical Margins to Drag 4Q21 Performance

PTT Global Chemical

PTTGC: Weak Petrochemical Margins to Drag 4Q21 Performance