SPRC : GRM Spike Drove 2Q22 Profit to New High

SPRC : Expect Earning S to Turnaround in 4Q22

SPRC: Positive 2Q22 Outlook from GRM Uptrend

SPRC: Positive 4Q21-2022 Outlook from Rising GRM

SPRC: Positive 2022 Outlook from GRM Uptrend

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

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

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

Star Petroleum Refining / Equity Bottom-Up

<ul>
<li>We reiterate the BUY call on SPRC with a TP of Bt13.5. The 2Q22 net profit is expected to surge 7x YoY and +20%QoQ to Bt6.4bn, marking a new high </li>
<li>Expect 2Q22 profit to mark a new high We estimate SPRC to post a 2Q22 net profit of Bt6.4bn (+731% YoY, +22% QoQ), a new quarterly high.The significant earnings growth</li>
<li>The refinery run rate should also inch up to 158kbd (+17% YoY, +5% QoQ), from improving domestic demand. The company will also book a stock gain of Bt1.3bn in 2Q22 </li>
</ul>


We reiterate the BUY call on SPRC with a TP of Bt13.5. The 2Q22 net profit is expected to surge 7x YoY and +20%QoQ to Bt6.4bn, marking a new high 
Expect 2Q22 profit to mark a new high We estimate SPRC to post a 2Q22 net profit of Bt6.4bn (+731% YoY, +22% QoQ), a new quarterly high.The significant earnings growth
The refinery run rate should also inch up to 158kbd (+17% YoY, +5% QoQ), from improving domestic demand. The company will also book a stock gain of Bt1.3bn in 2Q22 


Star Petroleum Refining

SPRC : 2Q22 Profit to Mark New High