On Thursday at 3:13 PM (Bangkok time), the share price of PTT Public Company Limited (SET: PTT) rose by 2.98% or THB 1.25 to THB 43.25, with a trading value of THB 6.77 billion.
Krungsri Securities (KSS) has expressed a slightly positive view on PTT following the company’s announcement of an interim dividend payment of THB 1.40 per share, which exceeds the brokerage’s previous estimate. The ex-dividend date is set for October 7, 2026, and the dividend yield stands at approximately 3.3%, considered high and in line with other companies in the energy sector.
Referencing a 51% payout ratio during the first half of 2026, and assuming no significant deviation from current profit forecasts, Krungsri estimates that PTT’s full-year dividend could increase by 4-8% to a range of THB 2.40–2.50 per share, compared to the previous forecast of THB 2.30 per share.
Additionally, PTT’s board has approved the sale of treasury stock totaling approximately 238.66 million shares, or about 0.84% of total outstanding shares. The shares are scheduled to be sold between September 28 and October 12, 2026. If all repurchased shares are not sold within this period, the remaining portion will be subject to a capital reduction.
Krungsri estimates that the sale of these treasury shares could generate a profit for PTT of up to THB 2.6 billion, based on a market price of THB 42.50 per share and an average repurchase cost of THB 31.60 per share. This could translate to a profit contribution of approximately THB 0.09 per share.
For PTT’s operating outlook, Krungsri maintains its view that normalized profit in the third quarter of 2026 will grow year-on-year, primarily driven by the gas separation business, which has seen margins recover following restructuring of gas pricing that reduced costs by about 17% year-on-year.
The brokerage also notes that tight energy supply conditions stemming from the situation in the Strait of Hormuz should continue to support profit margins for PTT’s subsidiaries, both in petroleum exploration and production and refining and petrochemical businesses.
Looking at the medium term, Krungsri continues to view PTT’s core businesses as being in recovery, particularly the natural gas segment as a result of gas price restructuring. Refining and petrochemical businesses are also expected to benefit from tightening supply, due to a declining trend in new production coming to market over the longer term.
Given these factors, Krungsri projects PTT’s normalized profit will grow at an average annual rate of 18% between 2026–2028 and maintains a ‘Buy’ recommendation with a target price of THB 44.50 per share.
