PTT Plc&nbsp; 
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	We expect strong 1Q12 earnings and the NGV price lift to be key drivers for the share price. PTT is expected to continue to benefit from high oil prices, rising utilisation, and stronger performance from its subsidiaries, outweighing any downside from the subsidy loss. The expected 1Q12 earnings of THB36.5bn will beat consensus estimates by 11% and make up 29% of our FY12 forecast. Our estimates and SOP target price are unchanged given a possibly weaker 2Q12 on lower stock gains and softer aromatics margins. Outperform maintained.&nbsp;

	 
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Nongluck is a senior economic journalist covering the macroeconomics, real estate, and corporate investment strategies driving growth across Thailand and Southeast Asia.

PTT

On the growth track OUTPERFORM - Maintained Share price: Bt359.00 Target price: Bt453.00

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