reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - To See Slow Recovery In Oil Sales ...
Due to the neutral tone during the analyst meeting, we remain worried about OR’s earnings recovery in 2H24, primarily due to the sluggish rebound in oil sales within the mobility business and the increased marketing expenses aimed at regaining market share. We maintain our forecast for a 6% yoy decline in oil sales for 2024, with OR holding its marketing margin target at Bt1.0/litre. We expect 3Q24 net profit to decline qoq due to seasonal factors. Maintain HOLD. Target price: Bt16.50.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily: Monday, August 26, 2024
KEY HIGHLIGHTS Strategy Summary of Dr Thaksin’s Vision for Thailand 2024 The key event featuring Dr Thaksin Shinawatra, the former Prime Minister of Thailand, had him sharing his vision for Thailand in 2024, and covered a wide range of topics. Update PTT Global Chemical (PTTGC TB/HOLD/Bt25.25/Target: Bt23.00) Impairment to pressure earnings in 2H24. PTT Oil & Retail Business (OR TB/HOLD/Bt15.50/Target: Bt16.50) To see slow recovery in oil sales and higher...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - 2Q24: Net Profit Declines Qoq And ...
OR’s 2Q24 net profit declined qoq and yoy, in line with our estimate but 6% below consensus estimate due to lower marketing margins. We expect 3Q24 net profit to decrease qoq due to lower sales, as this quarter remains part of the low season. While the cost reduction plan has been effective, it may not fully offset the weak profit from the mobility business. Maintain HOLD. Target price: Bt16.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 09, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt33.50/Target: Bt45.00) 2Q24: Weak 2Q24; expect significant improvement in 3Q24. Bangchak Sriracha (BSRC TB/BUY/Bt6.80/Target: Bt9.00) 2Q24: Weak results as expected. LPN Development (LPN TB/SELL/Bt2.98/Target: Bt2.40) 2Q24: Results below expectation; unexciting business outlook. Major Cineplex (MAJOR TB/BUY/Bt13.60/Target: Bt18.00) ...
MAJOR MAJOR CINEPLEX GROUP PCL
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
LPN LPN DEVELOPMENT PCL
PTTOR PTT OIL AND RETAIL
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
ONEE THE ONE ENTERPRISE PCL
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - 2Q24 Net Profit Expected To Declin...
We expect OR’s 2Q24 net profit to decline both qoq and yoy due to lower marketing margins. Net profit is expected to continue its downward trend in 3Q24 due to seasonal factors. Despite the effectiveness of the cost-cutting plan, it is unlikely to fully compensate for the weaker mobility business earnings. Consequently, we have revised our core profit forecasts for 2024-25 downwards. Maintain HOLD. Target price: Bt16.50.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - Expect 2Q24 Core Profit To Decreas...
Economic activities in Thailand continue to expand, particularly due to measures aimed at stimulating domestic consumption and tourism. This will support domestic oil demand. In 2024, we expect OR to achieve sales growth of 5% yoy. In the short term, negative factors such as the business's low season are expected to cause core profit to decline qoq in 2Q24. We expect marketing margins to decrease as the business enters its low season. Maintain HOLD. Target price: Bt20.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Limartha Adhiputra
- Llelleythan Tan Tan
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, May 20, 2024
GREATER CHINA Economics Economic Activity April data reflects uneven progress. Sector Property The central government announced a solid policy combo to revive buyers’ sentiment, marking a positive action to mitigate the property industry’s risks. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp24,075/Target: Rp21,500) 1...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - 1Q24: Net Profit Within Expectatio...
OR’s 1Q24 net profit rose qoq and yoy, in line with our expectation and better than consensus expectation of 9%. This growth can be attributed to the improved marketing margins in the mobility business as well as a reduction in operating expenses. The EBITDA margin for all businesses also experienced a qoq increase. However, 2Q24 core profit trend is expected to drop qoq due to the low season in the mobility business. Maintain HOLD. Target price: Bt20.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, May 09, 2024
KEY HIGHLIGHTS Results Bangchak Sriracha (BSRC TB/BUY/Bt9.00/Target: Bt15.00) 1Q24: Solid results, in line with our expectations. IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24: Weak results as expected PTT Oil & Retail Business (OR TB/HOLD/Bt18.50/Target: Bt20.00) 1Q24: Net profit within expectations. Quality Houses (QH TB/HOLD/Bt2.16/Target: Bt2.37) 1Q24: Results below expectations. Star Petroleum Refinin...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - Strong Marketing Margin Drives qoq...
We forecast 1Q24 net profit to recover both qoq and yoy as a result of strong marketing margins, record-high Café Amazon sales and the lifestyle business’ increased EBITDA margins. However, we expect 2Q24 core profit to decline qoq, due to the low season for the business and declining income from the lifestyle business. Maintain HOLD. Target price: Bt20.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 30, 2024
KEY HIGHLIGHTS Update Bangchak Petroleum (BCP TB/BUY/Bt42.50/Target: Bt52.00) 1Q24 Preview: Expect strong earnings turnaround. Bangchak Sriracha (BSRC TB/BUY/Bt9.05/Target: Bt15.00) 1Q24 results preview: In the black. CENTRAL PATTANA (CPN TB/BUY/Bt62.00/Target: Bt83.00) Expect earnings to increase 26% yoy and 3% qoq in 1Q24. Delta Electronics (DELTA TB/HOLD/Bt70.00/Target: Bt63.00) Earnings to improve after 1Q24; upgrade to HOLD. ...
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - 4Q23: Marketing Margin Decreased P...
OR reported 4Q23 net profit of Bt193m, lower than our and consensus expectations. 4Q23 net profit shrank 96% qoq as stock losses in the mobility business caused marketing margin to fall qoq. We expect 1Q24 net profit to recover qoq on higher marketing margins and oil sales volume. However, we have a negative view on the oil station business due to increased competition. Maintain HOLD. Target price: Bt20.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
Thailand Daily - Wednesday, February 14, 2024
KEY HIGHLIGHTS Results IRPC (IRPC TB/HOLD/Bt1.97/Target: Bt2.10) 4Q23: A huge loss as expected. KCE Electronics (KCE TB/HOLD/Bt45.00/Target: Bt47.00) 4Q23: Weaker-than-expected results. PTT Oil & Retail Business (OR TB/HOLD/Bt18.80/Target: Bt20.00) 4Q23: Marketing margin decreased pressure on operating results.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - 4Q23 Results Preview: Expect Net P...
We estimate OR’s net profit for 4Q23 at Bt258m, the lowest for 2023 as a result of a lower marketing margin. EBITDA margin of the lifestyle business should show a modest recovery, which would act as a constraint on the potential increase in the net profit forecast for 2024. We cut our 2023-24 net profit forecasts by 10% and 7% respectively, to reflect increased business risks from intense competition and slower domestic demand growth. Maintain HOLD. Target price: Bt20.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - Challenges To Persist Into 2024; D...
We expect OR’s oil sale volume to grow in tandem with expanding domestic demand in 2024. However, uncertainties persist due to government policies and the entry of new operators. These factors will result in uncertain marketing margins and reduced profitability due to heightened competition. We cut our 2024 core profit forecast by 7% by adjusting the Lifestyle business’ EBITDA margin. Downgrade to HOLD. Target price: Bt21.80.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - EBITDA Margins To Rebound In Each ...
OR is in a strong financial position with cash flow growth that is sufficient to support a five-year capex plan without impacting dividend payments. In the long term, we foresee an improvement in EBITDA margins across all business segments due to a more comprehensive investment strategy in each business. We believe the market has taken negative factors like a downtrend in 4Q23 net profit into account. Maintain BUY. Target price: Bt23.00.
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