SPRC: Positive 4Q21-2022 Outlook from Rising GRM

SPRC: Positive 2022 Outlook from GRM Uptrend

SPRC: Positive 2Q22 Outlook from GRM Uptrend

SPRC: On Track of Recovery from 2Q21 Onwards

SPRC: GRM to Be Supported by Maintenance Season in Q2

SPRC: GRM Recovery to Be Dragged by Higher Crude Premium

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

Star Petroleum Refining / Equity Bottom-Up

<ul>
<li>SPRC reported a 3Q21 net profit of Bt113m (-58% YoY, -85% QoQ). The result came out lower than our expectation. However, the 9M21 net profit accounted to  74% </li>
<li>Excluding stock gain of Bt810m, core EBITDA was Bt6.0m (-95%YoY,-97%QoQ).</li>
<li>The YoY and QoQ drop was mainly due to refinery margin contraction following a weak fuel demand and rising crude premium.</li>
</ul>


SPRC reported a 3Q21 net profit of Bt113m (-58% YoY, -85% QoQ). The result came out lower than our expectation. However, the 9M21 net profit accounted to  74% 
Excluding stock gain of Bt810m, core EBITDA was Bt6.0m (-95%YoY,-97%QoQ).
The YoY and QoQ drop was mainly due to refinery margin contraction following a weak fuel demand and rising crude premium.


SPRC: 3Q21 Profit Fell from Declined Products Sales and Margin