PTTGC : GRM Spike Overshadowed by Weak Petrochemical Performance

PTTGC : 2Q22 Recurring Profit Grew from Strong Refinery Performance

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

PTTGC: Weak Petrochemical Margins to Drag 4Q21 Performance

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

PTTGC: Better Refinery & Olefins Segment Performance in 4Q21

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

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<ul>
<li>PTTGC reported 1Q22 net profit of Bt4.2bn(-57% YoY, +30% QoQ). The result came out lower than our expectation and 24% below consensus.</li>
<li>Excluding the stock gain of Bt4.9bn, hedging loss of Bt8.6bn and FX gain of Bt595m etc.,  the recurring profit stood at Bt6.2bn (-29% YoY, +74% QoQ).</li>
<li>Dropped YoY mainly due to weak Olefins business performance (lower spreads, 26% YoY decline in EBITDA margin), while improved contribution from performance materials segment from Allnex acquisition in 4Q21 </li>
</ul>


PTTGC reported 1Q22 net profit of Bt4.2bn(-57% YoY, +30% QoQ). The result came out lower than our expectation and 24% below consensus.
Excluding the stock gain of Bt4.9bn, hedging loss of Bt8.6bn and FX gain of Bt595m etc.,  the recurring profit stood at Bt6.2bn (-29% YoY, +74% QoQ).
Dropped YoY mainly due to weak Olefins business performance (lower spreads, 26% YoY decline in EBITDA margin), while improved contribution from performance materials segment from Allnex acquisition in 4Q21 


PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

PTT Global Chemical

PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit