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

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Equity Bottom-Up

<ul>
<li>PTG reported 3Q21 net profit of Bt63m (-88%YoY, -87%QoQ), falling to a 3-year low. The result came out much lower than our expectation and 9M21 net profit accounted </li>
<li>A weak performance YoY and QoQ was a result of decline in oil sales volume and marketing margin..</li>
<li>Oil sales volume was 1,106 million Liter (-10%YoY, -14%QoQ), dropped YoY following impact of COVID led lockdown measures along with flood situation</li>
</ul>


PTG reported 3Q21 net profit of Bt63m (-88%YoY, -87%QoQ), falling to a 3-year low. The result came out much lower than our expectation and 9M21 net profit accounted 
A weak performance YoY and QoQ was a result of decline in oil sales volume and marketing margin..
Oil sales volume was 1,106 million Liter (-10%YoY, -14%QoQ), dropped YoY following impact of COVID led lockdown measures along with flood situation


PTG: Earnings Touch Bottom in 3Q21 as Lockdown Hit

PTG Energy PCL

PTG: Earnings Touch Bottom in 3Q21 as Lockdown Hit