Invitation : AAV CEO Group meeting 14.00***LPTTGC – 2Q22 Preview : Expect a net profit of Bt3.9bn (-84% YoY -6.7% QoQ), the YoY plunge in net profit reflects extra gain from partial divestment of GPSC.

Oil refining looks to be the key driver for earnings in 2Q22F given a spike in market GRM to $20 in 2Q22 (from $7.6 in 1Q22).

For Olefins, a 39-day planned shutdown of its largest ethane cracker (OLE3) in 2Q22 cut overall olefins utilization rate to 78% (from 85%). Also lower utilization rate for polymer products to 90% in 2Q22 (from 106% in 1Q22).

Although high oil price normally supports PTTGC’s product prices and olefins margin, its planned maintenance of olefins crackers throughout 2022 will hurt earnings this year. Maintain Neutral TP cut to Bt72.0 (from Bt80.0).

# KKP - Raised loan growth but cut provision targets : KKP revised guidance, toning down credit cost to 2% (from 2.2% vs 1.63% in 1H22). We maintain our 2022F credit cost at 1.85%.

KKP raised 2022 loan growth to +16% (from +12% vs +9.7% YTD). We raise our 2022F loan growth to +16% (from +14%).

We expect 2H22 earnings to have a decent YoY growth but be lower HoH as a result of higher provisioning and lower NIM from rising CoF. We maintain 2022 earning growth of +18%, retain Outperform TP unchanged at Bt81.0.

# HMPRO 2Q22 in line : Net profit was Bt1.5bn (+6% YoY but flat QoQ) with SSSG -1% on heavier rain than last year, but wider GPM +50bp YoY on more favorable sales mix and higher rental & other income (+24% YoY).

We estimate 3QTD SSSG to turn to positive in mid-single digit YoY and tend to accelerate off 3Q21 low base (lockdown in July - Aug). Maintain Outperform TP Bt18.0.