reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 2Q24: Strong Net Profit; Up qoq And yoy
PTT’s 2Q24 net profit increased both qoq and yoy, surpassing our and consensus estimates by 7% and 14% respectively. The strong performance in 2Q24 was also supported by greater-than-anticipated profits from subsidiaries and affiliates, as well as higher special gains. We expect 2Q24 to be the strongest quarter of the year. We foresee a decline in net profit for 3Q24 both qoq and yoy, driven by the low season for gas demand. Maintain BUY. Target price: Bt37.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, August 13, 2024
KEY HIGHLIGHTS Results BEC World PCL (BEC TB/BUY/Bt3.56/Target: Bt4.20) 2Q24: Clearer earnings visibility ahead; upgrade to BUY Betagro (BTG TB/BUY/Bt22.60/Target: Bt26.50) 2Q24: Bottom line turns to profit. Indorama Ventures (IVL TB/BUY/Bt17.80/Target: Bt22.50) 2Q24: A huge loss as expected, but earnings should have bottomed out. PTT (PTT TB/BUY/Bt33.25/Target: Bt37.00) ...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BEC BEC WORLD PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTT-R PTT (NVDR)
IVL-R INDORAMA VENTURES PCL (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
MTC MUANGTHAI CAPITAL PCL
WHA TB WHA CORP PCL
TIDLOR NGERN TID LOR PCL
SVI SVI PCL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - Core Profits Will Continue To Be Driven By Upstream Bus...
We expect 2Q24 core profit to decline qoq as a result of weak downstream businesses following the lower GRM. PTT has not yet received a letter of clarification from the ERC for the second shortfall. Management expects the single pool gas policy will be finalised within 2Q24, and we anticipate an opportunity for a new ethane sales contract adjustment with PTTGC in 2H24. Maintain BUY. Target price: Bt39.00
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 1Q24: Earnings In Line With Expectations
PTT reported 1Q24 net profit of Bt28.9b, down 12% qoq, in line with our and consensus expectations, with core profit increasing qoq due to the recovery in performance of the gas, E&P and P&R businesses. We expect 2Q24 core profit to decrease qoq due to lower GRM and a planned decrease in GSP production capacity. We remain cautious about potential risks stemming from PTT having to adhere to the government’s national service policy. Maintain BUY. Target price: Bt39.00
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 15, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt22.70/Target: Bt30.00) 1Q24: Results miss on lower gross margin. Bangkok Expressway and Metro (BEM TB/BUY/Bt8.20/Target: Bt11.60) 1Q24: Earnings in line; rail business maintains its positive gross margin. Berli Jucker (BJC TB/HOLD/Bt25.00/Target: Bt27.00) 1Q24: Results slightly missed expectations; lack of share price catalysts. Electricity Generating (EGCO TB/BUY/Bt112.00/Target: Bt150.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
SPALI SUPALAI PCL
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
PTT-R PTT (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
SVI SVI PCL
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 1Q24 Results Preview: Net Profit Expected To Drop 15% q...
We expect PTT to report a 1Q24 net profit of Bt27.9b, down 15% qoq and flat yoy. However, core profit is expected to grow both qoq and yoy, driven by profits from the gas business and enhanced profits from subsidiaries and affiliates. Despite negative factors stemming from the ERC's announcement of a new LNG tariff and supply margin rate adjustment, along with the restoration of the second shortfall, we have maintained our core profit forecast for 2024. Maintain BUY. Target price: Bt39.00
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 08, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt10.70/Target: Bt13.50) 1Q24: Earnings down by 32% yoy and 24% qoq, in line with expectations. Ngern Tid Lor (TIDLOR TB/BUY/Bt21.70/Target: Bt30.00) 1Q24: Results beat forecasts; an improvement in credit costs. Muangthai Capital (MTC TB/BUY/Bt45.25/Target: Bt54.00) 1Q24: Earnings in line with market expectations; peaking of credit cost and Update Airports of Thailand (AOT TB/BUY/Bt65.75/Target: Bt75.00) On a path to recovery after the high s...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 4Q23: Net Profit In Line With Our Expectation
PTT reported a net profit of Bt32.8b for 4Q23, up 5% qoq, in line with our expectation. However, 4Q23 core profit fell qoq due to lower profits from the gas business and its subsidiaries and affiliates. Additionally, 2023 net profit rose 23% yoy. We expect 1Q24 core profit to recover qoq but to be impacted by several special expenses. Nonetheless, we believe 1Q24 net profit will remain stable qoq. Maintain BUY. Target price: Bt39.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, February 16, 2024
KEY HIGHLIGHTS Results LPN Development (LPN TB/SELL/Bt3.82/Target: Bt2.40) 4Q23: Disappointing results; unexciting outlook in 2024. PTT (PTT TB/BUY/Bt34.75/Target: Bt39.00) 4Q23: Net profit in line with our expectation. Update Central Pattana (CPN TB/BUY/Bt63.00/Target: Bt83.00) Expect solid earnings in 4Q23 and continued improvement in 1Q24.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 4Q23 Results Preview: Expect Strong Net Profit
We expect PTT's 4Q23 net profit to decrease 1% qoq due to foreign exchange gains. However, core profit is expected to decline 10% qoq due to the seasonal effect on PTT's gas sales, coupled with lower profits from subsidiaries and affiliates. In light of the risks from gas price restructuring which we believe will be permanent, we have revised down our net profit forecasts for 2024-25 by 17% and 12% respectively. Maintain BUY. Target price: Bt39.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - Expect A qoq Drop For 4Q23 Core Profit, But Valuation T...
The tone from the analyst meeting was neutral. PTT has updated the progress of the Future Energy & Beyond project. It aims to increase profit to 30% of total net profit in 2030. Despite the short-term challenges stemming from a decline in core profit expectations in 4Q23, PTT's stock price remains appealing, featuring favourable dividend yields. Maintain BUY. Target price: Bt41.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 3Q23: Net Profit In Line With Our Expectations
PTT’s net profit rose qoq and yoy to Bt31.3b in 3Q23, in line with our and consensus expectations. The net profit increase was due to a strong performance in the refinery, oil station and power generation businesses. However, we foresee core profit declining qoq in 4Q23 due to lower gas sales volume. Factors such as lower crude oil prices, GRM and marketing margins could also contribute to this expected decline. Maintain BUY. Target price: Bt41.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, November 14, 2023
KEY HIGHLIGHTS Results Bangkok Expressway and Metro (BEM TB/BUY/Bt7.90/Target: Bt9.60) 3Q23: Solid earnings as expected, but lacking growth from Bt20 policy. PTT (PTT TB/BUY/Bt33.00/Target: Bt41.00) 3Q23: Net profit in line with our expectations. Update Central Plaza Hotel (CENTEL TB/HOLD/Bt44.00/Target: Bt46.00) 4Q23 earnings likely to be less exciting. Downgrade to HOLD. Major Cineplex (MAJOR TB/BUY/Bt16.00/Target: Bt18.00) Stellar outlook to continue in 4Q23. PTT Global Chemical (PTTGC T...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - Anticipate A Significant Rebound In Net Profit For 3Q23
We expect PTT to report a net profit of Bt30.9b for 3Q23, increasing both qoq and yoy, primarily driven by the recognition of augmented profits from subsidiaries and affiliated companies in alignment with the rise in crude oil prices, GRM and marketing margin. Looking ahead to 4Q23, certain seasonal factors are likely to exert downward pressure on net profit. Nonetheless, PTT remains appealing in terms of valuation and dividend yield. Maintain BUY. Target price: Bt41.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 3Q23 Net Profit Expected To Grow Continuously
The tone during the last analyst meeting was positive. We project for 3Q23 core profit to improve both qoq and yoy. This growth is primarily due to the earnings from the GSP, refinery and an upsurge in crude oil prices. Lotus Pharmaceutical demonstrated robust net profit results for 6M23, validating PTT's strategic aim of achieving sustainable profit growth in line with its long-term objectives within the new business. Maintain BUY. Target price: Bt41.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
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