TOP : Strong 2Q22 Performance Outlook
We have a positive view on the 2Q22 earnings performance as the net profit is expected to surge +10x YoY and +2x QoQ to Bt22.5bn, mainly driven by...
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TOP: Solid Refinery Performance Drove 1Q22 Profit
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...
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TOP: Capital Increase Within 2022
The BOD approved TOP’s recapitalization plan which includes 1) disposal of GPSC stake (by 2Q22) and 2) capital increase (within 2022). The proceeds...
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TOP: Solid Refinery Margin to Drive 4Q21 Performance
We expect TOP to post a solid 4Q21 net profit of Bt5.1bn (-30% YoY, +146% QoQ). •The growth will be supported by solid spike in GRM. which should...
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TOP: Recovering Refinery Margin to Drive 3Q21 Earnings
We expect TOP to post a solid 3Q21 net profit of Bt3.2bn (+353% YoY, +53% QoQ). We revise up the target price by 30% to Bt67.0 and upgrade the...
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