SPRC: Positive 2022 Outlook from GRM Uptrend

SPRC: Positive 2Q22 Outlook from GRM Uptrend

SPRC: GRM Recovery to Be Dragged by Higher Crude Premium

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

SPRC: On Track of Recovery from 2Q21 Onwards

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

Pi Research

Thai Equity - Bottom-up - Equities

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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 4Q21 led by solid gasoline, diesel and jet fuel spreads. </li>
<li>We expect the market GRM improve to US$5.0/BBL level in 4Q21 (+114% QoQ) and maintain at high levels in 2022 backed by strong product spreads due to global economic recovery</li>
<li>•The refinery utilization rate should also improve QoQ in 4Q21, after easing of domestic lockdown measures (3rd wave of COVID).</li>
</ul>


Analyst meeting came out with a positive tone. We expect refinery margin to continue improving in 4Q21 led by solid gasoline, diesel and jet fuel spreads. 
We expect the market GRM improve to US$5.0/BBL level in 4Q21 (+114% QoQ) and maintain at high levels in 2022 backed by strong product spreads due to global economic recovery
•The refinery utilization rate should also improve QoQ in 4Q21, after easing of domestic lockdown measures (3rd wave of COVID).


SPRC: Positive 4Q21-2022 Outlook from Rising GRM