The worst quarter is now behind us. But we think the pace of recovery will be slow. And there is considerable uncertainty over the future direction of the pooled gas price, due to the prevailing intense price volatility of imported LNG. Our HOLD call stands.
Not as bad as modeled
BGRIM announced 1Q22 net earnings of Bt23m, down by 96% YoY and 88% QoQ. Stripping out extra items, core profit would be Bt34m, down by 95% YoY and 84% QoQ. Both the core and net numbers were better than our estimates (we had expected losses) and the consensus projections, due to a fatter GM than assumed.