SPRC: Positive 2Q22 Outlook from GRM Uptrend

SPRC : GRM Spike Drove 2Q22 Profit to New High

SPRC: GRM Recovery to Be Dragged by Higher Crude Premium

SPRC: 3Q21 Profit Fell from Declined Products Sales and Margin

SPRC: Positive 4Q21-2022 Outlook from Rising GRM

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

Pi Research

Thai Equity - Bottom-up - Equities

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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

Star Petroleum Refining / Equity Bottom-Up

<ul>
<li>Analyst meeting came out with a positive tone.We expect refinery margin to continue improving in 1Q22 led by solid gasoline,diesel and jet fuel spreads. SPRC is among our top picks</li>
<li>We expect the market GRM improve to US$7.0/BBL level in 1Q22 (+17% QoQ) and maintain at high levels in 2022 backed by strong product spreads due to global economic recovery.</li>
<li>The diesel spread grew to US$16.4/bbl QTD, compared to US$11.5/bbl in 4Q21. Gasoline and Jet fuel spreads also inched up QTD to US$15.8/bbl (+US$0.4/bbl QoQ) and US$13.0/bbl (+US$2.8/bbl QoQ) respectively.</li>
</ul>


Analyst meeting came out with a positive tone.We expect refinery margin to continue improving in 1Q22 led by solid gasoline,diesel and jet fuel spreads. SPRC is among our top picks
We expect the market GRM improve to US$7.0/BBL level in 1Q22 (+17% QoQ) and maintain at high levels in 2022 backed by strong product spreads due to global economic recovery.
The diesel spread grew to US$16.4/bbl QTD, compared to US$11.5/bbl in 4Q21. Gasoline and Jet fuel spreads also inched up QTD to US$15.8/bbl (+US$0.4/bbl QoQ) and US$13.0/bbl (+US$2.8/bbl QoQ) respectively.


SPRC: Positive 2022 Outlook from GRM Uptrend