In its daily pick section on Wednesday, Maybank Securities (Thailand) (MST) has given a strategic target price of THB41.00 per share for PTT Public Company Limited (SET: PTT), citing support from the up and downstream businesses like PTTEP and PTTGC to contribute to its performance in the second quarter.
2026 earnings are expected to improve QoQ, driven by contributions from subsidiaries across the value chain from upstream operations such as PTTEP, benefiting from higher oil prices, to downstream businesses like PTTGC, where spreads have improved amid tighter supply conditions.
MST forecasts FY26 earnings growth of 48% YoY, outpacing PTTEP’s expected growth of 20% YoY. Meanwhile, the stock is trading at a PBV of only 0.9x, lower than PTTEP’s 1.1x.
