GULF : Weak Earnings in 2Q22 Due to FX Losses

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Gulf Energy Development  / Equity Bottom-Up

<ul>
<li>We maintain the BUY call with a TP of Bt62.0. Excluding FX and other extraordinary items, the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).</li>
<li>Weak earnings in 3Q22 GULF posted their 3Q22 net profit of Bt1.1bn (-32%YoY, -29% QoQ). The QoQ drop in the net profit was dragged by an FX loss of Bt740m </li>
<li>Excluding FX and other extraordinary items the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).The YoY and QoQ earnings drop were caused mainly due to a significantly higher natural </li>
</ul>


We maintain the BUY call with a TP of Bt62.0. Excluding FX and other extraordinary items, the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).
Weak earnings in 3Q22 GULF posted their 3Q22 net profit of Bt1.1bn (-32%YoY, -29% QoQ). The QoQ drop in the net profit was dragged by an FX loss of Bt740m 
Excluding FX and other extraordinary items the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).The YoY and QoQ earnings drop were caused mainly due to a significantly higher natural 


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