TASCO: Focusing on Retail Market After Crude Switching

TASCO: 3Q21 Earnings Poised to Hit near Bottom

TASCO: 4Q21 Earnings on Solid Recovery Path

TASCO: Asphalt Demand Remains Healthy in 2H20

TASCO: Medium-Term Disruption from Crude Switching

TASCO: Healthy Demand from Domestic Projects

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

Analyst meeting held yesterday came out with a positive tone. The company is now able to procure alternative crudes, starting in 1Q21. Meanwhile, asphalt demand remains solid in 4Q20.<ul>
<li>The company has already found the alternative feedstocks which economically suit the company profile, leading to 2021-22E earnings upgrade.</li>
<li>Meanwhile, we expect the company to post an earnings growth YoY (but soften QoQ) in 4Q20, on the back of i) strong domestic demand ii) healthy asphalt margin and iii) recovery in international market.</li>
<li>We revises 2020-22E earnings up by 20-60% to factor in a strong margin in 2020 and improved sales volume from new crude in 2021-22E. 
</li>
</ul>We upgrade our rating to HOLD from SELL with a new target price of Bt19.50 (from Bt15.0), derived from 13.5xPE’21E which is equal to Asia ex Japan material peer.

Analyst meeting held yesterday came out with a positive tone. The company is now able to procure alternative crudes, starting in 1Q21. Meanwhile, asphalt demand remains solid in 4Q20.
The company has already found the alternative feedstocks which economically suit the company profile, leading to 2021-22E earnings upgrade.
Meanwhile, we expect the company to post an earnings growth YoY (but soften QoQ) in 4Q20, on the back of i) strong domestic demand ii) healthy asphalt margin and iii) recovery in international market.
We revises 2020-22E earnings up by 20-60% to factor in a strong margin in 2020 and improved sales volume from new crude in 2021-22E. 

We upgrade our rating to HOLD from SELL with a new target price of Bt19.50 (from Bt15.0), derived from 13.5xPE’21E which is equal to Asia ex Japan material peer.

TASCO: Revise Earnings up Thanks to New Crude Sourcing

Tipco Asphalt

TASCO: Revise Earnings up Thanks to New Crude Sourcing