PTT

PTT Plc 
 

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.