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 : 2Q22 Recurring Profit Grew from Strong Refinery Performance

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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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 downgrade the recommendation to HOLD (from BUY) and revise down target price to Bt43.0 (19% down from previous Bt53.0), to reflect the earnings revision for 2022-23</li>
<li>3Q22 earnings to turn loss We estimate PTTGC to report a loss of Bt8.8bn in 3Q22, compared to a profit of Bt7.0bn in 3Q21 and Bt1.4bn in 2Q22. </li>
<li>Bleak 2023-2024 outlook The 2023-24 earnings should also remain in doldrums, as the softening crude oil price (projected to decline from US$100/bbl. in 2022 to US$85/bbl. in 2024)</li>
</ul>


We downgrade the recommendation to HOLD (from BUY) and revise down target price to Bt43.0 (19% down from previous Bt53.0), to reflect the earnings revision for 2022-23
3Q22 earnings to turn loss We estimate PTTGC to report a loss of Bt8.8bn in 3Q22, compared to a profit of Bt7.0bn in 3Q21 and Bt1.4bn in 2Q22. 
Bleak 2023-2024 outlook The 2023-24 earnings should also remain in doldrums, as the softening crude oil price (projected to decline from US$100/bbl. in 2022 to US$85/bbl. in 2024)


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

PTT Global Chemical

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