Mr. Thitipong Jurapornsiridee, Executive Vice President of Finance and Accounting at PTT Global Chemical Public Company Limited (SET: PTTGC), disclosed that the company had issued unsecured and unsubordinated US dollar-denominated debentures totaling $550 million, with a tenor of 30 years and a fixed interest rate of 4.30% per annum.
These debentures were offered and sold to investors and institutional investors abroad in March 2021 by GC Treasury Center Company Limited, a wholly owned subsidiary of the company. PTTGC served as the guarantor for the entire debenture issue.
GC Treasury Center Company Limited has proceeded with partial repurchase and redemption of these debentures, acquiring them from the secondary market for $47,464,000. As a result, as of July 6, 2026, the outstanding value of the US dollar-denominated debentures maturing in 2051 stands at $227,385,000.
KGI Securities (Thailand) anticipates that PTTGC’s net profit in the second quarter of 2026 will increase, as the company will not have to record a net special loss of approximately THB 3.3 billion, which was recognized in the first quarter. Additionally, profit from the polyolefins business is expected to rise, with higher prices for polyethylene products observed in March projected to be reflected in the company’s operating results starting from April onwards.
Meanwhile, PTTGC’s refining margin in 2Q26 is expected to remain robust, above $10 per barrel, supported by improved spreads for jet fuel and diesel. However, the company is anticipated to record losses from oil inventory during the quarter, reversing the substantial inventory gains of THB 7.2 billion reported in Q1, following a decline in Dubai crude oil prices.
Consequently, KGI downgrades its recommendation for PTTGC to ‘Hold,’ and the 2026 target price has been revised down to THB 35.00 per share from THB 40.00 per share.
