On Monday at 12:09 PM (Bangkok time), the share price of Indorama Ventures Public Company Limited (SET: IVL) surged 1.89% or THB 0.40 to THB 21.60, with a trading value of THB 358.70 million.
PTT Exploration and Production Public Company Limited (SET: PTTEP) rose by 1.37% or THB 2.00 to THB 147.50, with a trading value of THB 668.62 million.
PTT Global Chemical Public Company Limited (SET: PTTGC) gained 1.31% or THB 0.50 to THB 38.75, with a trading value of THB 286.66 million.
Asia Plus Securities wrote an analysis on the petroleum and chemical sector, maintaining an ‘Overweight’ rating and highlighting resilience in oil prices, margin volatility, and recovery in petrochemicals.
For petroleum, despite recent declines from the wartime peak, crude oil prices remain elevated. The analyst has set an average Dubai crude oil price assumption of $80 per barrel in 2026, and $75 per barrel for 2027 onwards, while recommending trading PTTEP, with a fair value estimate of THB 170 per share, in line with movements in oil prices.
For the refinery sector, gross refining margins remain highly volatile. While the first half of 2026 is expected to be robust due to lower oil input costs, there are risks in the second half stemming from rising crude premiums and ongoing uncertainty regarding government policy. Asia Plus recommends trading TOP, with a fair value of THB 68.00 per share, citing fund flows into the energy and petrochemical sector as well as solid second-quarter results and an attractive dividend outlook.
Within the petrochemical sector, prices of the petrochemicals appear to have moved past their previous bottom in the past year, and traders may follow fund flows into this segment. Asia Plus highlights PTTGC (fair value THB 42.00) and IVL (fair value THB 26.00) as beneficiaries of renewed investor interest in petrochemicals.
