The ‘PTT Group Day’ event in Singapore, held on July 2, 2026, provided a platform for PTT Group companies to meet with institutional investors and fund managers, updating them on business strategies, performance, and future growth plans.
The event, organized by Kiatnakin Phatra Securities (KKPS), was marked by a positive outlook on PTT Public Company Limited (SET: PTT), driven by key structural reforms and an asset monetization strategy under the ‘Genesis Project.’ KKPS has maintained a ‘Buy’ recommendation for PTT, with a target price of THB 40.00 per share.
The Genesis Project, which aims to restructure and enhance the value of PTT’s oil and petrochemical assets, has regained momentum after delays caused by geopolitical tensions between the U.S. and Iran. With a temporary de-escalation in the region, PTT has resumed negotiations with strategic investors, with interest rising from 4-5 parties previously to around 6-7 now.
Most investors favor the refining business over petrochemicals, attracted by the prospect of improved refining margins and clearer mid-term returns, while the petrochemical sector still faces headwinds from oversupply and a downturn in the industry cycle.
The completion of asset deals under the Genesis Project is now expected in 1Q27, delayed from the initial forecast of 4Q26. PTT has committed to retaining at least 40% of equity in key subsidiaries, down from the current 45-48%, while new strategic partners are expected to hold 10-15%. The memorandum of understanding signed between PTT Global Chemical (SET: PTTGC) and SCG Chemicals for a potential joint venture in olefins is considered a separate transaction, and PTTGC remains part of the Genesis Project.
The Genesis Project encompasses the portfolio management of oil and petrochemical assets, incorporating subsidiaries such as Thai Oil (SET: TOP), PTTGC, and IRPC. The initiative seeks to improve operational efficiency, strengthen competitiveness, and enhance long-term asset value through structural reforms and strategic partnerships.
On the topic of domestic gas price restructuring, despite government measures to support refineries and power plants, PTT anticipates a low likelihood of reverting to the old pricing model. The new structure, effective from January 2026, has improved EBITDA for the gas separation plant business, which reversed a prior operating loss in 2025 to a profit of THB 4.4 billion in 1Q26.
KKPS projects PTT’s net profit at THB 90.2 billion in 2025, rising to THB 122.6 billion in 2026—a 35.9% increase—and reaching THB 126.3 billion in 2027. KKPS believes the Genesis Project will unlock subsidiary value and support PTT’s share price, given attractive valuations and a strong dividend yield.
Similarly, CGS International Securities (Thailand) (CGSI) views the Genesis Project as instrumental in alleviating PTT’s financial burden from supporting its petrochemical and refining subsidiaries amid industry headwinds. CGSI reiterates a ‘Buy’ on PTT, highlighting falling pool gas costs and the ability to maintain a dividend of THB 2 per share from 2025 to 2027, offering an estimated 6% dividend yield per annum.
Globlex Securities notes that crude oil prices are likely to remain within the $70-80 per barrel range, a level supportive for both the petrochemical and refining businesses. The ongoing U.S.-Iran tension is considered a protracted geopolitical issue, but the resilient U.S. economy allows for greater foreign policy flexibility. High energy prices are seen as beneficial for the sector, particularly refiners, who are expected to capitalize on better margins.
Analysts at Krungsri Securities (KSS) recommend PTT for speculation, with a 2026 target price of THB 40.00, expecting an average normalized earnings CAGR of 19% between 2026 and 2028.
For PTT Exploration and Production (SET: PTTEP), the 2026 target price is set at THB 165.00, with 2Q26 normalized profit growth expected at 75% year-on-year and 26% quarter-on-quarter due to ongoing supply disruptions in the oil market. PTTEP’s current share price has lagged behind oil price gains, still trading at an attractive valuation and offering a 6-7% dividend yield.
