Equity Analysis /
Thailand

TH : Star Petroleum Refining - Near-term support from gasoline spread

    CGS-CIMB
    31 August 2021
    Published byCGS-CIMB

    SPRC’s market GRM is likely to recover in 4Q21F on lower Murban crude OSP and resilient gasoline crack spreads. Every US$1/bbl increase in middle distillate crack spreads lifts 2022F EPS by 20.8%.