TOP: Solid Refinery Performance Drove 1Q22 Profit
Equity Bottom-Up154 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.