Earnings Report /
Thailand

Thai Oil PCL: Sweet 1Q22 as expected; 2Q22 to be even prettier

  • In line with estimates

  • TOP reported a 1Q22 net profit of Bt7,183m

  • TOP’s 1Q22 crude run rate was 109%, up from 100% in 1Q21

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

Bualuang Securities
12 May 2022

The improved market outlook should boost TOP’s operational performance this year. Furthermore, expectations of strong core earnings growth through 2Q22 should boost TOP’s share price going forward. And its valuation is still undemanding—a YE22 PBV of only 0.9x (1SD below its long-term mean). Our BUY rating stands.

In line with estimates

TOP reported a 1Q22 net profit of Bt7,183m, up 114% YoY and 44% QoQ. Stripping out extra items, the core profit would be Bt3,326m, up 114% YoY and 58% QoQ. The result was in line with our estimate and that of the consensus.