2Q21: Results Slightly Better Than Expectation; Undemanding Valuation TOP's 2Q21 net profit was slightly above our and consensus' estimates by 6% on a slightly better-than-expected GIM. We expect 2H21 core earnings to be flat hoh as earnings contribution from each business will be stable. TOP's GIM in 1H21 of US$4.70/bbl is the same as its […]

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