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

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<li>We reiterate the BUY call with a TP of Bt42.0. We like BCP for its well diversified business portfolio including E&amp;P, refinery, marketing, power etc. supporting relatively stable earnings.</li>
<li>Exceptional GRM spike drove 2Q22 profit Excluding the stock gain of Bt3.9bn and other onetime items the recurring EBITDA stood at Bt8.7bn (+190% YoY, +14% QoQ).</li>
<li>The refinery margin (GRM) spiked to US$24.42/bbl.,compared to US$6.8/bbl.in 1Q22 and US$4.2/bbl. in 2Q21, on the back of rise in all product spreads due to supply tightness from Ukraine-Russia conflict.</li>
</ul>


We reiterate the BUY call with a TP of Bt42.0. We like BCP for its well diversified business portfolio including E&amp;P, refinery, marketing, power etc. supporting relatively stable earnings.
Exceptional GRM spike drove 2Q22 profit Excluding the stock gain of Bt3.9bn and other onetime items the recurring EBITDA stood at Bt8.7bn (+190% YoY, +14% QoQ).
The refinery margin (GRM) spiked to US$24.42/bbl.,compared to US$6.8/bbl.in 1Q22 and US$4.2/bbl. in 2Q21, on the back of rise in all product spreads due to supply tightness from Ukraine-Russia conflict.


BCP : Attractive Dividend Yield and Cheap Valuation

Bangchak Corporation

BCP : Attractive Dividend Yield and Cheap Valuation