Earnings Report /
Thailand

OR: Good 1Q22 profit as expected; stronger quarter in sight

  • In line with our estimate

  • OR reported a 1Q22 net profit of Bt3,845m

  • OR’s 1Q22 oil sales volume was 6,724 mn liters, up 14% YoY and 4% QoQ

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

Bualuang Securities
11 May 2022

The street-beating 1Q22 result together with expectations of the earnings growth for 2Q22 and in 2022, buoyed by broad demand improvement and expansion in both oil and non-oil businesses should catalyze the share price going forward.  Also, there is scope for upside to our earnings forecast from new investments. Our BUY rating stands.

In line with our estimate

OR reported a 1Q22 net profit of Bt3,845m, down 4% YoY but up 63% QoQ. The result was in line with our estimate (but it was 18% above the consensus’ forecast).