SPRC : GRM Spike Drove 2Q22 Profit to New High

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

SPRC: Positive 4Q21-2022 Outlook from Rising GRM

SPRC: Positive 2022 Outlook from GRM Uptrend

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

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>Analyst meeting came out with a positive tone. We expect the refinery margin continue to improve in 2Q22 led by solid gasoline, diesel and jet fuel spread.</li>
<li>The 1Q22 net profit spiked to an all time high of Bt5.3bn (+164% YoY, +185% QoQ), supported by higher GRM and Sales volume.</li>
<li>We expect 2Q22 recurring profit to improve on the back of rising GRM due to  Russia oil supply disruption and strong oil demand as air travel resumed after COVID impact. </li>
</ul>


Analyst meeting came out with a positive tone. We expect the refinery margin continue to improve in 2Q22 led by solid gasoline, diesel and jet fuel spread.
The 1Q22 net profit spiked to an all time high of Bt5.3bn (+164% YoY, +185% QoQ), supported by higher GRM and Sales volume.
We expect 2Q22 recurring profit to improve on the back of rising GRM due to  Russia oil supply disruption and strong oil demand as air travel resumed after COVID impact. 


SPRC: Positive 2Q22 Outlook from GRM Uptrend