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

PTG : Rising Sales & Marketing Margin Drove 2Q22 Profit

PTG: Earnings to Dip in 3Q21 and Recover 4Q21 Onwards

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PTG: Earnings Touch Bottom in 3Q21 as Lockdown Hit

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

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We maintain the BUY rating with a target price of Bt18.0, derived from 20xPE’22E, which is equal to World Consumer Staple sector. We see the earnings momentum in 4Q21-2022 </li>
<li>Having the earnings touched bottom in 3Q21 due to lower domestic oil demand from lockdown measures, we see the resumption of travel in 4Q21 to act as key catalyst </li>
<li>The volume sales in expected to improve 10% QoQ in 4Q21 as majority of PTG’s clients are in logistics sector. However, we see drop in marketing margin to Bt1.7/L (-10%QoQ)</li>
</ul>


We maintain the BUY rating with a target price of Bt18.0, derived from 20xPE’22E, which is equal to World Consumer Staple sector. We see the earnings momentum in 4Q21-2022 
Having the earnings touched bottom in 3Q21 due to lower domestic oil demand from lockdown measures, we see the resumption of travel in 4Q21 to act as key catalyst 
The volume sales in expected to improve 10% QoQ in 4Q21 as majority of PTG’s clients are in logistics sector. However, we see drop in marketing margin to Bt1.7/L (-10%QoQ)


PTG: Recovering Volume Sales to Drive 4Q21 Profit and Ahead

PTG Energy PCL

PTG: Recovering Volume Sales to Drive 4Q21 Profit and Ahead