Earnings Report /
Thailand

PTT PCL: 2Q22 earnings in line; YoY expansion expected for 3Q22

  • In line with estimates

  • PTT posted a 2Q22 net profit of Bt38,848m

  • Gas EBITDA was Bt22.9bn, up by 3% YoY and 17% QoQ

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

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Bualuang Securities
15 August 2022

Expectations of further YoY earnings expansion in 3Q22 should support the share price going forward. Also, potential new investments would add to long-term earnings growth. The current valuation is undemanding—a YE22 PBV of 1.0x (1.1SD below its long-term mean of 1.6x) with an attractive dividend yield for 2022 of 6.3% (against 3.0% for the SET).

In line with estimates

PTT posted a 2Q22 net profit of Bt38,848m, up 58% YoY and 52% QoQ. Stripping out extra items, core profit would be Bt66,935m, up by 159% YoY and 66% QoQ. The result was in line with our estimate and that of the consensus.