On Wednesday, the share price of PTT Global Chemical Public Company Limited (SET: PTTGC) at the time of 2.45 p.m. was at THB 22.30, a THB 1.40 or 6.67% increase with a total trading value of THB 1,060.88 million.
Meanwhile, the share price of Indorama Ventures Public Company Limited (SET: IVL) at the same time was at THB 17.20, a THB 1.20 or 7.50% increase with a total trading value of THB 1,054.35 million.
Krungsri Securities stated that petrochemical stocks outperformed the market today, in line with leading U.S. stock sectors yesterday, particularly those linked to the industrial sector. The market is adjusting to a medium to long-term view of lower oil costs following the U.S.-Venezuela situation, with U.S. President Donald Trump expecting Venezuela to deliver 30-50 million barrels of oil to the United States.
Petrochemicals stand to benefit from this medium to long-term oil outlook, providing further upside for petrochemical spreads in addition to the previous market focus on Chinese supply cuts. This supports petrochemical stocks trading at deep value levels (PBV 0.5x), with IVL expected to benefit first due to its U.S. operations. The target price for IVL in 2026 is THB 24, and for PTTGC, the target price is THB 28.
