Equity Analysis /
Thailand

TH : Star Petroleum Refining - An attractive dividend play

    CGS-CIMB
    26 July 2022
    Published byCGS-CIMB

    Lower gasoline crack spread and high crude premium could lead to GRM correction in 3Q22F from the record high level seen in 2Q22. After factoring in GRM of US$6-7/bbl in 2H22F, we estimate SPRC’s 2022F dividend yield remains attractive at 13%.