TOP: Solid Refinery Performance Drove 1Q22 Profit

TOP : Strong Refinery Performance & Extra Gain Drove 2Q22 Profit

TOP: Recovering Refinery Margin to Drive 3Q21 Earnings

TOP: Neutral Refinery and Weak Aromatics Outlook for 2H21

TOP: Solid Refinery Margin to Drive 4Q21 Performance

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

<ul>
<li>The BOD approved TOP’s recapitalization plan which includes 1)disposal of GPSC stake (by 2Q22) and 2) capital increase (within 2022). The proceeds will be used for repaying bridge loans raised</li>
<li>The company will raise around Bt22.4bn by sale of its 10.78% stake in GPSC. And around Bt12-to-14bn by equity offering of up to 239.2m newly issued shares with green shoe</li>
<li>Positive view on recapitalization plan, given the investment in CAP will provide an entry to high potential Olefin's business segment. Also,We see the net EPS dilution to be below 5%</li>
</ul>


The BOD approved TOP’s recapitalization plan which includes 1)disposal of GPSC stake (by 2Q22) and 2) capital increase (within 2022). The proceeds will be used for repaying bridge loans raised
The company will raise around Bt22.4bn by sale of its 10.78% stake in GPSC. And around Bt12-to-14bn by equity offering of up to 239.2m newly issued shares with green shoe
Positive view on recapitalization plan, given the investment in CAP will provide an entry to high potential Olefin's business segment. Also,We see the net EPS dilution to be below 5%


Thai Oil Pcl

TOP: Capital Increase Within 2022