reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Impairment To Pressure Earnings In 2H...
PTTGC is reassessing its long-term strategy and expects to record an impairment loss of up to Bt20.0b in 2H24. While we anticipate a recovery in core profit for 3Q24, the core business remains impacted by a sluggish demand recovery and an increase in supply. These two challenges are likely to weigh on PTTGC's performance in 2H24. Maintain HOLD. Target price: Bt23.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 2Q24: Weakness In Reported Net Profit
PTTGC reported a net profit of Bt1.8b in 2Q24, which was 14% below our estimate, partly due to weaker-than-expected performance in the aromatics and olefins businesses. However, the net profit for 2Q24 was 49% higher than consensus estimate. Core performance continued to struggle with losses in the weak upstream businesses. We maintain a negative outlook on the petrochemical sector and anticipate multiple impairments in 2H24. Maintain HOLD. Target price: Bt23.60.
- 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 Global Chemical (PTTGC TB) - 2Q24 Results Preview: Net Profit Expe...
We expect PTTGC to report a net profit of Bt2.2b for 2Q24, recovering from the net loss in 1Q24. Despite the continued weak performance of the core business, particularly the upstream business which is struggling due to low GRM and weak spreads of aromatics, the qoq improvement is attributable to many extra gains. Consequently, we cut our core profit forecasts for 2024-25, reflecting adjustments in our assumptions for GRM and spreads of the olefins business. Maintain HOLD. Target price: Bt31.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 1Q24: Earnings In Line With Expectati...
PTTGC reported an operating loss of Bt606m, in line with our expectations but better than consensus estimates by 28%, with core profit increasing both qoq and yoy on the recovering aromatics, olefins and polymer businesses. However, the core earnings trend in 2Q24 remains weak due to the weak GRM and olefins spread. There is a lack of positive factors in the short term to support investment. Maintain HOLD. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, 14 May, 2024
KEY HIGHLIGHTS Results Central Pattana (CPN TB/BUY/Bt62.50/Target: Bt83.00) 1Q24: Earnings remained strong; in line with expectations. Charoen Pokphand Foods (CPF TB/BUY/Bt20.60/Target: Bt25.10) 1Q24: Impressive earnings turnaround; positive earnings outlook ahead. COM7 (COM7 TB/HOLD/Bt19.50/Target: Bt23.00) 1Q24: Earnings in line. Pruksa Holding (PSH TB/SELL/Bt11.40/Target: Bt9.20) 1Q2...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
COM7 COM7
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TCAP THANACHART CAPITAL PCL
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
CPN-R CENTRAL PATTANA PCL NVDR
CPF-R CHAROEN POKPHAND FOODS PCL NVDR
PSH PRUKSA HOLDING PCL
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 1Q24 Results Preview: Slow Core Profi...
We estimate that PTTGC will have a net loss of Bt575m, down both qoq and yoy due to higher losses from extraordinary items. However, core profits have rebounded both qoq and yoy, driven by increased petrochemical spreads. The recovery of net profit is expected to be delayed until 2H24, attributable to the rebound in GRM and lower production costs. We maintain our negative outlook on the petrochemical business. Maintain HOLD. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 23, 2024
KEY HIGHLIGHTS Sector Electronics 1Q24 results preview: Expect slow improvement to persist. Results Kasikorn Bank (KBANK TB/HOLD/Bt124.00/Target: Bt138.00) 1Q24: Results above expectations; normalisation of credit cost in 2025. Update PTT Global Chemical (PTTGC TB/HOLD/Bt38.75/Target: Bt38.00) 1Q24 results preview: Slow core profit recovery expected. Supalai (SPALI TB/BUY/Bt20.40/Target: Bt24.20) Expect weak 1Q24 earnings to improve in 2Q24.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 4Q23: Net Profit In Line With Our Exp...
PTTGC reported 4Q23 net profit of Bt5.1b, in line with our expectations and 10% better than consensus’. 4Q23 net profit recovered significantly both qoq and yoy. However, core operations saw a loss of Bt1.95b from the weak upstream and polymer businesses. While we expect a qoq recovery in core profit for 1Q24, we maintain a negative outlook on the petrochemical business due to weak demand and a large increase in new supply. Maintain HOLD. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 4Q23 Results Preview: Extraordinary I...
We estimate PTTGC’s 4Q23 net profit at Bt5.0b, increasing both qoq and yoy from extraordinary items from selling shares of GCL and gains from US bond repurchases, but core profit is still weak as a result of a decline in crude oil prices, GRM and spread olefins. There are still negative factors from concerns about the petrochemical outlook, including downside from the impact of Single Pool Gas Price. Maintain HOLD. Target price: Bt38.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily: Friday, January 19, 2024 [Results: BBL TB, Update: MAJ...
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt145.00/Target: Bt176.00) 4Q23: Results in line; healthier asset quality outlook. Upgrade to BUY with a higher target price of Bt176.00. Update Major Cineplex (MAJOR TB/BUY/Bt14.50/Target: Bt18.00) 4Q23 results preview: Expect a stellar performance. PTT Global Chemical (PTTGC TB/HOLD/Bt35.25/Target: Bt38.00) 4Q23 results preview: Extraordinary items drive 4Q23 net profit up qoq.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Still Cautious In The Petrochemical B...
The recent analyst meeting, still a negative outlook for the petrochemical business. Key pressure persist due to heightened supply and delayed demand growth. Additionally, there is a likelihood of weakened profits in 4Q23, decrease both qoq and yoy, attributed to lower GRM and spreads of petrochemical. Consequently, in the short term, no new positive factors supporting investment in PTTGC. Upgrade to HOLD. Target price: Bt38.00.
- 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 Global Chemical (PTTGC TB) - 3Q23: Net Profit In Line With Our Exp...
PTTGC’s reported 3Q23 net profit is in line with expectations, with net profit rebounding due to a robust GRM. Furthermore, commencement of the OMP project’s operations is expected to boost sales and mitigate the impact of increased Naphtha spread. However, we expect 4Q23 core profit to decline both qoq and yoy due to a decrease in GRM. Maintain BUY. Target price: Bt38.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt3.56/Target: Bt5.30) 3Q23: Good long-term investment; upgrade to BUY. Bangchak Corporation PCL (BCP TB/BUY/Bt40.75/Target: Bt52.00) 3Q23: Record-high net profit. Berli Jucker (BJC TB/HOLD/Bt29.75/Target: Bt31.50) 3Q23: Lower-than-expected earnings; weak 4Q23 earnings momentum. Downgrade to HOLD. IRPC (IRPC TB/HOLD/Bt2.02/Target: Bt2.50) 3Q23: Results largely in line but earnings outlook still under pressure PTT Global Chemical (P...
BCP THE BANGCHAK PETROLEUM PCL
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
IRPC-R IRPC PUBLIC CO LTD NVDR
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
KCE KCE ELECTRONICS PUBLIC CO. LTD.
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - We Expect A Recovery In 3Q23 Net Prof...
We expect a net profit of Bt1.3b, up both qoq and yoy, driven by improved performance of the refinery and olefins businesses. The gains in stock value resulting from the increase in crude oil prices are offset by losses suffered in foreign exchange and hedging activities. 4Q23 net profit is expected to decrease qoq and yoy, primarily due to a decrease in GRM and the presence of low-spread petrochemical. Maintain HOLD. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, October 20, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt168.50/Target: Bt164.00) 3Q23: Results beat but a record high NPL formation signifies asset quality deterioration. Krung Thai Bank (KTB TB/HOLD/Bt19.30/Target: Bt21.50) 3Q23: Results above our forecasts; improving asset quality. Krungthai Card Plc (KTC TB/BUY/Bt45.75/Target: Bt51.00) 3Q23: Results above our forecasts but in line with consensus estimates. TMBThanachart Bank (TTB TB/HOLD/Bt1.74/Target: Bt1.72) 3Q23: Decent results. Update PTT G...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Still Cautious On Petrochemical Outlo...
Even though there were no new updates from the analyst meeting held yesterday, our pessimistic stance on the petrochemical sector in 2H23 remains unchanged. This is primarily due to a surge in supply for both PE and PP, coupled with sluggish demand. Despite these challenges, we anticipate a rebound in 3Q23 earnings. Maintain HOLD given the negative sentiment on the petrochemical sector. Target price: Bt41.00.
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