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

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<li>We expect the 3Q22 earnings turn to a loss(10-Quarter low)dragged by a huge stock loss as the Dubai crude oil price plunged 10%QoQ fading off the Ukraine–Russia war risk premium. </li>
<li>Strong GRM but 3Q22 earnings to be hit by stock loss We estimate SPRC to post a net loss in 3Q22, falling from an all-time high of Bt7.2bn in 2Q22</li>
<li>The GRM in 3Q22 should decline QoQ to US7.4/bbl., leveling off from the exceptional high margin US18.9/bbl. in 2Q22 (due to supply disruption caused by Ukraine-Russia conflict).</li>
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We expect the 3Q22 earnings turn to a loss(10-Quarter low)dragged by a huge stock loss as the Dubai crude oil price plunged 10%QoQ fading off the Ukraine–Russia war risk premium. 
Strong GRM but 3Q22 earnings to be hit by stock loss We estimate SPRC to post a net loss in 3Q22, falling from an all-time high of Bt7.2bn in 2Q22
The GRM in 3Q22 should decline QoQ to US7.4/bbl., leveling off from the exceptional high margin US18.9/bbl. in 2Q22 (due to supply disruption caused by Ukraine-Russia conflict).


Star Petroleum Refining

SPRC : 3Q22 Earnings to Turn Loss