Bualuang Securities
1 Dec 2023
SCG Packaging PCL: 4Q23 to be this year’s best quarter
4Q23 to be this year’s best quarter. …with margin expansion expected for 4Q23. Fibrous business…4Q23 also looks better.
Bualuang Securities
27 Nov 2023
PTT PCL: Bright 2024 gas biz outlook with promising long-term prospects
Gas biz earnings to rise in 2024, boosted by greater volume …. …as well as margin expansion. Several investment projects to start bearing fruit next year.
Bualuang Securities
20 Nov 2023
OR: Promising prospects both in short and long-term
Broad demand improvement to drive 4Q23 YoY earnings growth. Lifestyle businesses…a wild card for earnings upside. Continual investments to propel future growth.
Bualuang Securities
13 Nov 2023
Banpu PCL: 3Q23 earnings beat; QoQ rise expected for 4Q23
Much better than our estimate; but deeply missed the street. BANPU reported a 3Q23 net profit of Bt2,084m. Sales decreased 41% YoY.
Bualuang Securities
10 Nov 2023
OR: A big 3Q23 earnings beat; further YoY growth expected for 4Q23
Beat all estimates. OR reported a 3Q23 net profit of Bt5,170m. We have revised up our 2023 net profit forecast by 4%.
Bualuang Securities
3 Nov 2023
Thailand: Energy - QoQ core earnings expansion expected for 3Q23
3Q23 aggregate core earnings to mark QoQ growth. Aggregate core profit to sustain strong QoQ in 4Q23. Higher expectations for 3Q23 prompts earnings upgrade.
Bualuang Securities
31 Oct 2023
PTT Exploration & Production PCL: Slight 3Q23 earnings miss; QoQ growth expected for 4Q23
Slightly below estimates. PTTEP reported a 3Q23 net profit of Bt18,101m. We expect PTTEP’s 4Q23 core earnings to be its best quarter of 2023.
Bualuang Securities
27 Oct 2023
Siam Cement: 3Q23 profit missed all estimates; QoQ uptick expected for 4Q23
Below all estimates. SCC reported a 3Q23 net profit of Bt2,441m. The Chemical unit delivered 3Q23 NPAT of Bt1,052m.
Bualuang Securities
25 Oct 2023
SCG Packaging PCL: 3Q23 earnings in line; QoQ growth expected for 4Q23
In line with estimates. SCGP reported a 3Q23 net profit of Bt1,324m. Looking ahead to 4Q23, SCGP’s overall sales volume should expand YoY and QoQ.
Bualuang Securities
19 Oct 2023
Thai Oil PCL: Strong 3Q23 earnings prospects, attractive valuation
Swift core earnings growth expected for 3Q23. High seasonal demand amid supply tightness to support 4Q23 GRM. 4Q23 core profit to expand further YoY.
Bualuang Securities
12 Oct 2023
Siam Cement: Unexciting 3Q23 outlook priced in; 4Q23 to be better QoQ
3Q23 core earnings to decline YoY and QoQ. Numbers at CBM and Packaging units to soften QoQ. Modest QoQ core profit expansion expected for 4Q23.
Bualuang Securities
10 Oct 2023
PTT Exploration & Production PCL: 3Q23 to be better, 4Q23 to be the best
3Q23 core earnings to soften YoY but increase QoQ. Demand growth and supply tightness to boost 4Q23 oil prices. 4Q23 to be the best quarterly core profit of 2023.
Bualuang Securities
22 Sep 2023
Thailand: Energy - Refining high season in play
Further demand improvement expected in 4Q23. Tight supply to boost crude prices in 4Q23. High seasonal demand amid supply tightness to support 4Q23 GRM.
Bualuang Securities
15 Sep 2023
Thailand: Chemical - Mild demand improvement amid supply pressure
Mildly stronger demand, but low season is ahead. New capacity to squeeze olefins spreads this year. Supply additions to pressure aromatics margins in 2023.
Bualuang Securities
7 Sep 2023
Tisco Financial Group: GRM to fatten in short-term, CFP to fuel long-term business growth
GRM looks set to fatten HoH in 2H23. New supply makes for unfavorable aromatics and lube base markets. Clean Fuel Project (CFP) and CAP …long-term value enhancement.
Bualuang Securities
4 Sep 2023
Bangchak Corp PCL: ESSO takeover sets scene for next growth phase
Better 2H23 prospects across most businesses. Acquisition of ExxonMobil’s ESSO shares sealed, as planned. Scope for synergy-building with ESSO.
Bualuang Securities
31 Aug 2023
Thai Plaspac PCL: Promising prospects both in short and long-term
Core earnings expansion expected for 3Q23. Strategic focus on high growth geographies. Strong financial position facilitating future investments.
Bualuang Securities
22 Aug 2023
PTT PCL: Strong core business with upside from new chapter of investments
Gas business earnings to rise in 2H23. Key investment projects progressing nicely. Future Energy & Beyond businesses…actively expanding.
Bualuang Securities
15 Aug 2023
Indorama Ventures PCL: 2Q23 earnings met forecast; QoQ growth expected for 3Q23
In line with our estimate, but below the consensus’. IVL reported a 2Q23 net profit of Bt411m. In summary, IVL’s 2Q23 sales volume was 3.6mt.
Bualuang Securities
15 Aug 2023
Thai Plaspac PCL: 2Q23 earnings missed estimate; 3Q23 profit growth expected
Below our estimate. TPAC reported a 2Q23 net profit of Bt114m. TPAC’s 3Q23 core profit looks set to rise YoY and QoQ.
Bualuang Securities
10 Aug 2023
Thai Oil PCL: 2Q23 earnings beat all estimates; QoQ growth expected for 3Q23
Beat all estimates. TOP reported a 2Q23 net profit of Bt1,117m. The bottom-line dive was mostly due to inventory losses.
Bualuang Securities
10 Aug 2023
PTT Global Chemical PCL: 2Q23 loss, as expected; shallower QoQ loss anticipated for 3Q23
In line with our estimate, but deeper loss than the consensus. PTTGC posted a 2Q23 net loss of Bt5,591m. Looking to 3Q23, we expect another core loss.
Bualuang Securities
10 Aug 2023
OR: Street-beating 2Q23 result; 3Q23 earnings to rise YoY
Above all estimates. OR reported a 2Q23 net profit of Bt2,756m. We expect OR’s 3Q23 earnings to expand YoY but soften QoQ.
Bualuang Securities
10 Aug 2023
Bangchak Corp PCL: 2Q23 earnings beat estimates; QoQ growth expected for 3Q23
Above estimates. BCP posted a 2Q23 net profit of Bt458m. BCP’s 3Q23 core profit is forecast to weaken YoY.
Bualuang Securities
10 Aug 2023
IRPC PCL: Shallower 2Q23 loss than forecast; red ink expected for 3Q23
Shallower net loss than estimates. IRPC posted a 2Q23 net loss of Bt2,246m. IRPC should still report a core loss in 3Q23.
Equity Research Analyst
@
Bualuang Securities
Suppata has extensive knowledge and experience in the equity research field for more than 17 years. Her areas of expertise are energy, petrochemical and transportation sectors. She holds a Bachelor of Business Administration from Chulalongkorn University and MBA from Asian Institute of Technology.
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