Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

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<li>Expect a slim net loss in 4Q22E, weighed down by a weak oil marketing margin</li>
<li>2023E business guidance suggests stronger momentum, driven by sales growth and network expansion</li>
<li>2023-24E earnings estimates expecting a 26% CAGR maintained, still 5-12% behind the consensus estimates</li>
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Expect a slim net loss in 4Q22E, weighed down by a weak oil marketing margin
2023E business guidance suggests stronger momentum, driven by sales growth and network expansion
2023-24E earnings estimates expecting a 26% CAGR maintained, still 5-12% behind the consensus estimates





Ptg Energy - 2023E Guidance Leaps in Line with Earnings Momentum

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

<ul>
<li>We maintain the BUY call with a TP of Bt17.5.We like PTG for its steady earnings growth of 55%/28%in 2022E/2023E from margin recovery,and sales growth driven by retail store expansion.</li>
<li>3Q22 profit improved YoY while dropped QoQ PTG reported 3Q22 net profit of Bt177m (+181% YoY, -71% QoQ), falling out lower than our expectation.</li>
<li>The YoY earnings surge was underpinned by improved oil sales volume, which grew 16% YoY to 1.3bn liters on the back of overall relaxation of COVID-19 restrictions.</li>
</ul>


We maintain the BUY call with a TP of Bt17.5.We like PTG for its steady earnings growth of 55%/28%in 2022E/2023E from margin recovery,and sales growth driven by retail store expansion.
3Q22 profit improved YoY while dropped QoQ PTG reported 3Q22 net profit of Bt177m (+181% YoY, -71% QoQ), falling out lower than our expectation.
The YoY earnings surge was underpinned by improved oil sales volume, which grew 16% YoY to 1.3bn liters on the back of overall relaxation of COVID-19 restrictions.


PTG : Seasonal Weak Sales Dragged 3Q22 Earnings

<ul>
<li>We maintain the BUY call on PTG with a TP of Bt17.5. We expect the 3Q22 net profit to fall 49% QoQ to Bt306m dragged by lower sales volume </li>
<li>3Q22 profit to improve YoY while soften QoQ We estimate PTG to post 3Q22 net profit of Bt306m (+386% YoY,-49% QoQ),The exceptional YoY growth will be from improved sales growth</li>
<li>The oil sales volume is expected to grow 19% YoY to 1,312 m Liters after economy reopening, while soften 4%QoQ due to seasonal weak demand (rain). Oil marketing margin should</li>
</ul>


We maintain the BUY call on PTG with a TP of Bt17.5. We expect the 3Q22 net profit to fall 49% QoQ to Bt306m dragged by lower sales volume 
3Q22 profit to improve YoY while soften QoQ We estimate PTG to post 3Q22 net profit of Bt306m (+386% YoY,-49% QoQ),The exceptional YoY growth will be from improved sales growth
The oil sales volume is expected to grow 19% YoY to 1,312 m Liters after economy reopening, while soften 4%QoQ due to seasonal weak demand (rain). Oil marketing margin should


PTG : Seasonality and CPO Stock Loss to Drag 3Q22 Profit

<ul>
<li>We maintain the BUY call with a TP of Bt17.5. The 2Q22 net profit surged +21% YoY and +275% QoQ to Bt601m (a six-quarter high).The YoY earnings growth was supported </li>
<li>2Q22 net profit grew 3x QoQ The 2Q22 net profit rose +21% YoY and +275% QoQ to Bt601m, a 6-quarter high.The result came out better than ours’ and market expectation.</li>
<li>The oil marketing margin rose 25%QoQ to Bt2.1/Liter,as government began floating the diesel price(eased the price from Bt30/liter to a higher Bt35/litter during May). While the margin softened 5% YoY </li>
</ul>


We maintain the BUY call with a TP of Bt17.5. The 2Q22 net profit surged +21% YoY and +275% QoQ to Bt601m (a six-quarter high).The YoY earnings growth was supported 
2Q22 net profit grew 3x QoQ The 2Q22 net profit rose +21% YoY and +275% QoQ to Bt601m, a 6-quarter high.The result came out better than ours’ and market expectation.
The oil marketing margin rose 25%QoQ to Bt2.1/Liter,as government began floating the diesel price(eased the price from Bt30/liter to a higher Bt35/litter during May). While the margin softened 5% YoY 


PTG : Rising Sales & Marketing Margin Drove 2Q22 Profit

<ul>
<li>The 2Q-2H22 outlook looks promising, thanks to solid oil sales volume growth owing to economic recovery from COVID grip and revamping tourism activities. The improving oil marketing margin </li>
<li>Recovering MM should drive 2Q22 earnings : We expect the 2Q22 earnings to improve QoQ on the back of better sales volume and marketing margin.</li>
<li>The oil marketing margin should pick up to Bt1.7/liter in 2Q22(+3% QoQ)and remain at 1.7-to-1.8/Liter range in 2H22.From management guidance, the oil sales volume inched up 5% MoM and YoY</li>
</ul>


The 2Q-2H22 outlook looks promising, thanks to solid oil sales volume growth owing to economic recovery from COVID grip and revamping tourism activities. The improving oil marketing margin 
Recovering MM should drive 2Q22 earnings : We expect the 2Q22 earnings to improve QoQ on the back of better sales volume and marketing margin.
The oil marketing margin should pick up to Bt1.7/liter in 2Q22(+3% QoQ)and remain at 1.7-to-1.8/Liter range in 2H22.From management guidance, the oil sales volume inched up 5% MoM and YoY


Thailand

PTG Energy PCL provides ready-made gasoline at retail stations. The Company operates gasoline tank farms and gasoline retail stations throughout Thailand.

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PTG Energy PCL (PTG TB)

Ptg Energy - 2023E Guidance Leaps in Line with Earnings Momentum

Expect a slim net loss in 4Q22E, weighed down by a weak oil marketing margin. 2023E business guidance suggests stronger momentum, driven by sales...

Krungthai XSpring

PTG : Seasonal Weak Sales Dragged 3Q22 Earnings

We maintain the BUY call with a TP of Bt17.5. We like PTG for its steady earnings growth of 55%/28% in 2022E/2023E from margin recovery, and sales...

Pi Securities PCL, Thailand

PTG : Seasonality and CPO Stock Loss to Drag 3Q22 Profit

We maintain the BUY call on PTG with a TP of Bt17.5. We expect the 3Q22 net profit to fall 49% QoQ to Bt306m dragged by lower sales volume and oil...

Pi Securities PCL, Thailand

PTG : Rising Sales & Marketing Margin Drove 2Q22 Profit

We maintain the BUY call with a TP of Bt17.5. The 2Q22 net profit surged +21% YoY and +275% QoQ to Bt601m (a six-quarter high). The YoY earnings...

Pi Securities PCL, Thailand

PTG : Improving Sales & Marketing Margin

The 2Q-2H22 outlook looks promising, thanks to solid oil sales volume growth owing to economic recovery from COVID grip and revamping tourism...

Pi Securities PCL, Thailand

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