Bangchak Corporation

BCP: Solid Refinery Performance Drove 1Q22 Profit to All Time High

Equity Bottom-Up
157 Views, 12 May 2022 14:03
EXECUTIVE SUMMARY
  • BCP reported 1Q22 net profit of Bt4.4bn (+91% YoY, +148% QoQ), an all time high. The result came out better than our expectation.
  • The earnings spike was mainly supported by improved performance of 1) refinery operations along with a huge stock gain of Bt4.1bn, 2) natural resources business from rise in crude oil 
  • We expect 2Q22 recurring profit continue to grow from better refinery performance backed by rising GRM. The oil retail business should also improve as marketing margin picks up after easing 
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Pi Securities PCL, Thailand
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