The Week That Was in ASEAN@Smartkarma - Bukalapak's Take Rates, Indonesia's Digital Banks, and PTTEP

PTTEP: Hedging Loss Dragged 1Q22 Net Profit

PTTEP: Bright 2022 Outlook from Sales Growth & Rising Oil Price

PTTEP: Hedging Loss to Drag 1Q22 Net Profit

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

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Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

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

Equity Bottom-Up

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<li>We estimate PTTEP’s 2Q22 net profit to surge 170%YoY and 83%QoQ on the back of higher sales volume and average selling price.The solid performance is expected to continue in 2H22 </li>
<li>Bright 2Q22 earnings outlook We expect PTTEP to post 2Q22 net profit of Bt19.3bn (+170% YoY, +83% QoQ), driven by solid average selling price and sales volume.</li>
<li>The average selling price (ASP) is forecasted to increase to US$56/BOE (+32% YoY, +8% QoQ) as the reference Dubai crude oil price rose to US$108/bbl (+61% YoY,+13% QoQ) and gas</li>
</ul>


We estimate PTTEP’s 2Q22 net profit to surge 170%YoY and 83%QoQ on the back of higher sales volume and average selling price.The solid performance is expected to continue in 2H22 
Bright 2Q22 earnings outlook We expect PTTEP to post 2Q22 net profit of Bt19.3bn (+170% YoY, +83% QoQ), driven by solid average selling price and sales volume.
The average selling price (ASP) is forecasted to increase to US$56/BOE (+32% YoY, +8% QoQ) as the reference Dubai crude oil price rose to US$108/bbl (+61% YoY,+13% QoQ) and gas


PTT E&P

PTTEP : Strong 2Q22 Performance Outlook