PTT

PTT Plc

We estimate limited earnings downside from the halt in the NGV price increases. While strong public outcry could further jeopardise the government’s plans to float energy prices, we believe the upside in oil prices and volume growth should outweigh any potential downside. We remain positive on the company’s long-term outlook with volume growth, rising margins due to higher oil and gas prices and improved petrochemical margins acting as catalysts. Maintain Outperform and SOP-based target price of THB453