บทวิเคราะห์ (Research)

SPRC : Earnings Preview - GRM remains positive despite DHTU shutdown Short-term catalyst lacking from dividends due to weaker-than-expected 4Q24F, impacted by stock loss and unplanned maintenance. We maintain Buy recommendation with TP of THB 9.50/share. The downside in 4Q24F is not viewed as a recurring factor. Considering core operations, refining margins show stronger y-y and q-q recovery compared to peers, with continued strength into 2025F due to company-specific factors including full-year reduction in ship-to-ship costs and decreased unplanned maintenance. We view the current low Singapore GRM in 1Q25TD and resulting share price pressure as a buying opportunity. The reduced runs of high-cost refineries, sanctions, y-y decrease in new capacity, and y-y growth in U.S. gasoline demand will support product spreads above cash cost levels.