Stocks in Focus on April 28, 2023: PTTEP and SABINA

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on April 28, 2023.


KGI Securities has given an “Neutral” rating on PTT Exploration and Production Public Company Limited (SET: PTTEP) with a target price of ฿170.00/share.

PTTEP reported 1Q23 earnings of THB19.3 billion (+83% YoY, +24% QoQ). The result was in line with the Bloomberg consensus, but beat KGI’s forecast by 9% due to lower-than-expected unit cost of US$26.1/BOE (vs KGI’s assumption of US$27.3/BOE).

Meanwhile, KGI revised down its earnings forecast and downgraded 2023 target price to THB170 from THB172, based on DCF with WACC of 8.7% and terminal growth of 1.0%.

The share price may be pressured by guidance for lower sales volume of 456KBOED this year and fears of a possible recession that could hurt global economic growth and crude demand.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Sabina Public Company Limited (SET: SABINA) with a target price at ฿33.00/share.

MST revised SABINA’s earnings up by 3-6% for the operation in 2023-24, supported by better-than-expected sales and profit margin. 1Q23 earnings are expected to come in at 115 million baht (+9% QoQ and 14% YoY). The share price is trading at 19x P, which is lower than its historical 5-year average of 23.3x.