PTTEP’s share gained 4% in early Tuesday trade on expectations for 2Q22 earnings.
The share price of PTT Exploration and Production Pcl. (SET: PTTEP) rose THB6.00/share or 3.77 to THB165.00/share, with a trading value of THB1,106 million.
KTBST Securities recommends a “BUY” on PTTEP with a trading price of THB190.00 per share based on the projection of new record earnings of THB18 billion in 2Q22 (+153% YoY, +72% QoQ) due to improvements in average selling price (ASP) and sales volume, as well as a drop in hedging loss.
Furthermore, PTTEP started to realize the production sharing contract (PSC) of the G1/61 project (Erawan), the G2/61 project (Bongkot) and the Algeria Hassir Bir Rekaiz (HBR) Phase I in late-April.
For the year 2022-23, PTTEP is projected to have a profit of THB69.1 billion and THB73 billion, respectively.