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Equity Analysis / Thailand

Thailand Refining&Chemical: GRM slipped, but most chemical spreads strengthened

Headline GRM weakened WoW. Ethylene declined; Propylene spread moved up WoW. HDPE spread softened; PP spread strengthened WoW.
Bualuang Securities Suppata Srisuk
Suppata Srisuk @ Bualuang Securities 20 October 2020
Strategy Note / Thailand

Thai Market Strategy: 3Q20 earnings preview: QoQ recovery in 3Q20 and 4Q20

We expect the posted 3Q20 aggregate SET net profit to surge 43% QoQ but dive 29% YoY (shallower than the 50% YoY plunge for 2Q20). For core earnings, we estimate similar YoY and QoQ comparisons. The only sectors likely to post YoY core earnings growt...
Bualuang Securities Poramet Tongbua
Poramet Tongbua @ Bualuang Securities 16 October 2020
Equity Analysis / Thailand

Thailand (Bualuang) Refining&Chem-GRM fattened; most chemical spreads slipped

Headline GRM strengthened further WoW. Ethylene and Propylene spreads softened WoW. HDPE spread slipped; PP spread expanded WoW.
Bualuang Securities Suppata Srisuk
Suppata Srisuk @ Bualuang Securities 14 October 2020
Equity Analysis / Thailand

Moving toward a better quarter

Weaker refining & aromatics biz to squeeze 3Q20 core earnings. Demand improvement to boost 4Q20 GRM & chemical spreads …. …so QoQ core profit growth is expected for 4Q20.
Bualuang Securities Suppata Srisuk
Suppata Srisuk @ Bualuang Securities 12 October 2020
Equity Analysis / Thailand

HVA and services & solutions … …profitability enhancements

SCC, a leading industrial conglomerate in Southeast Asia, with more than 100 years of history, is now much more than a manufacturer of Cement & Building Materials (CBM), Chemicals, and Packaging. During the past decade, it has developed its portfolio...
Bualuang Securities Suppata Srisuk
Suppata Srisuk @ Bualuang Securities 9 October 2020
Equity Analysis / Thailand

Thailand (Bualuang) Refining & Chemical - GRM fattened

Last week, chemical prices and spreads moved in various directions. Also, there’s scope for upside to its long-term growth profile from new acquisitions. Lower supply (amid planned shutdowns and lower run rates among refineries) pushed gasoline sprea...
Bualuang Securities Suppata Srisuk
Suppata Srisuk @ Bualuang Securities 6 October 2020