Thai Oil Pcl

TOP: Solid Refinery Performance Drove 1Q22 Profit

Equity Bottom-Up
154 Views, 12 May 2022 14:21
EXECUTIVE SUMMARY
  • TOP reported 1Q22 net profit of Bt7.2bn (+114% YoY, +43% QoQ),a 5-quarter high, driven by strong refinery segment performance and stock gain. The result came out better than our expectation.
  • The accounting EBITDA spiked to Bt13.0bn(+58% YoY,+114% QoQ).Despite the weak performance of petrochemical,power and other segments, the strong refinery segment (+124% YoY, +178% QoQ) operation under pinned the overall growth.
  • Positive 2Q22 outlook, The strong GRM should continue in 2Q22 and ahead backed by solid gasoline, jet fuel and diesel spreads from global economic recovery.
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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