PTT Exploration and Production Public Company Limited (SET: PTTEP) has garnered positive attention from leading brokerages, with both CLSA and DBS expressing confidence in the company’s second-quarter 2026 performance and its forward outlook.
CLSA expects PTTEP to announce a robust net profit of THB 27.3 billion in 2Q26, marking a significant 131% increase quarter-on-quarter and 102% year-on-year. This anticipated surge is attributed to both higher sales volume and average selling price.
The brokerage highlights the company’s effective hedging strategy, with an outstanding hedged volume secured at a collar range of $70–95 per barrel, which should result in only a marginal gain or loss in the third quarter of 2026.
Despite acknowledging some near-term challenges, CLSA views PTTEP as attractively valued and notes that it offers an appealing dividend yield of 8.2% and 7.8% for 2026 and 2027, respectively. CLSA assigns an ‘Outperform’ rating with a target price of THB 193 per share.
Similarly, DBS remains upbeat on PTTEP, forecasting a second-quarter 2026 net profit of THB 25.61 billion, which would reflect a 90% year-on-year and 116% quarter-on-quarter increase, fueled by a spike in oil prices and gains from the company’s hedging activities.
The brokerage points to resilient core performance, with average selling price expected to reach $52.8 per barrel of oil equivalent and EBITDA at THB 67.15 billion—representing a year-on-year increase of 20% and 34%, respectively.
DBS, however, cautions that the third quarter of 2026 may see softer sales volumes and normalized oil prices, which could impact performance. Nevertheless, the firm maintains its ‘Buy’ rating and a 2026 target price of THB 174 for PTTEP, affirming the company’s attractive valuation and robust dividend yield.
