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

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

TOP: Solid Refinery Performance Drove 1Q22 Profit

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>We have a positive view on the 2Q22 earnings performance as the net profit is expected to surge +10x YoY and+2xQoQ to Bt22.5bn, mainly driven by an all-time high GRM</li>
<li>Bright 2Q22 earnings outlook We estimate TOP to post 2Q22 net profit of Bt22.5bn (+962% YoY, +214% QoQ).The significant earnings growth will be supported by an all-time high gross refinery</li>
<li>The strong refinery performance should aid the group’s gross integrated margin rise to US$24/bbl (up from US$7.6/bbl in 1Q22),despite the weak contribution from aromatics &amp; LAB segment as the product </li>
</ul>


We have a positive view on the 2Q22 earnings performance as the net profit is expected to surge +10x YoY and+2xQoQ to Bt22.5bn, mainly driven by an all-time high GRM
Bright 2Q22 earnings outlook We estimate TOP to post 2Q22 net profit of Bt22.5bn (+962% YoY, +214% QoQ).The significant earnings growth will be supported by an all-time high gross refinery
The strong refinery performance should aid the group’s gross integrated margin rise to US$24/bbl (up from US$7.6/bbl in 1Q22),despite the weak contribution from aromatics &amp; LAB segment as the product 


Thai Oil Pcl

TOP : Strong 2Q22 Performance Outlook