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

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Equity Bottom-Up

<ul>
<li>Analyst meeting came out with a neutral tone. We expect 4Q21 net profit to recover QoQ, supported by higher demand volume and asphalt price,driven by budget disbursement and soared crude</li>
<li>Expect earnings to blossom QoQ, but soften YoY due to absence of cheap alternative crude sources, combined with lower sales volume.</li>
<li>Meanwhile, management affirmed current inventory of heavy crude oil from other sources is suffice for producing asphalt until 1Q22.</li>
</ul>


Analyst meeting came out with a neutral tone. We expect 4Q21 net profit to recover QoQ, supported by higher demand volume and asphalt price,driven by budget disbursement and soared crude
Expect earnings to blossom QoQ, but soften YoY due to absence of cheap alternative crude sources, combined with lower sales volume.
Meanwhile, management affirmed current inventory of heavy crude oil from other sources is suffice for producing asphalt until 1Q22.


TASCO: 4Q21 Earnings on Solid Recovery Path

Tipco Asphalt

TASCO: 4Q21 Earnings on Solid Recovery Path