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

TOP : 3Q22 Earnings Hit by Weak GRM and Stock Loss

TOP: Recovering Refinery Margin to Drive 3Q21 Earnings

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>TOP reported 1Q22 net profit of Bt7.2bn (+114% YoY, +43% QoQ),a 5-quarter high, driven by strong refinery segment performance and stock gain. The result came out better than our expectation.</li>
<li>The accounting EBITDA spiked to Bt13.0bn(+58% YoY,+114% QoQ).Despite the weak performance of petrochemical,power and other segments, the strong refinery segment (+124% YoY, +178% QoQ) operation under pinned the overall growth.</li>
<li>Positive 2Q22 outlook, The strong GRM should continue in 2Q22 and ahead backed by solid gasoline, jet fuel and diesel spreads from global economic recovery.</li>
</ul>


TOP reported 1Q22 net profit of Bt7.2bn (+114% YoY, +43% QoQ),a 5-quarter high, driven by strong refinery segment performance and stock gain. The result came out better than our expectation.
The accounting EBITDA spiked to Bt13.0bn(+58% YoY,+114% QoQ).Despite the weak performance of petrochemical,power and other segments, the strong refinery segment (+124% YoY, +178% QoQ) operation under pinned the overall growth.
Positive 2Q22 outlook, The strong GRM should continue in 2Q22 and ahead backed by solid gasoline, jet fuel and diesel spreads from global economic recovery.


TOP: Solid Refinery Performance Drove 1Q22 Profit

Thai Oil Pcl

TOP: Solid Refinery Performance Drove 1Q22 Profit