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

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Equity Bottom-Up

<ul>
<li>We expect PTG to post a net loss of Bt174m in 4Q21E, a first-time quarterly loss dragged by decline in marketing margin of oil retail business.</li>
<li>The price cap implemented by government on diesel during 4Q21 dragged the marketing margin to Bt1.35/liter (-30% YoY, -28% QoQ), well below the breakeven level of Bt1.6/liter.</li>
<li>We expect the earnings to recover from loss 1Q22 onwards and gradually pick up each quarter in 2022, We are more positive on the 2H22-2023 outlook.</li>
</ul>


We expect PTG to post a net loss of Bt174m in 4Q21E, a first-time quarterly loss dragged by decline in marketing margin of oil retail business.
The price cap implemented by government on diesel during 4Q21 dragged the marketing margin to Bt1.35/liter (-30% YoY, -28% QoQ), well below the breakeven level of Bt1.6/liter.
We expect the earnings to recover from loss 1Q22 onwards and gradually pick up each quarter in 2022, We are more positive on the 2H22-2023 outlook.


PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss

PTG Energy PCL

PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss