Star Petroleum Refining

SPRC: Positive 2Q22 Outlook from GRM Uptrend

Equity Bottom-Up
153 Views, 17 May 2022 10:57
EXECUTIVE SUMMARY
  • Analyst meeting came out with a positive tone. We expect the refinery margin continue to improve in 2Q22 led by solid gasoline, diesel and jet fuel spread.
  • The 1Q22 net profit spiked to an all time high of Bt5.3bn (+164% YoY, +185% QoQ), supported by higher GRM and Sales volume.
  • We expect 2Q22 recurring profit to improve on the back of rising GRM due to  Russia oil supply disruption and strong oil demand as air travel resumed after COVID impact. 
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