On Thursday at 10:48 AM (Bangkok time), the share price of IRPC Public Company Limited (SET: IRPC) grew by 4.46% or THB 0.07 to THB 1.64, with a trading value of THB 213.68 million.
PTT Global Chemical Public Company Limited (SET: PTTGC) increased by 1.40% or THB 0.50 to THB 36.25, with a trading value of THB 451.69 million.
Yuanta Securities (Thailand) indicated that the share prices of PTTGC and IRPC have demonstrated notable increases due to tightened supply conditions in the petrochemical sector. This favorable supply-demand dynamic has supported the companies’ earnings in the first quarter of 2026 and is expected to continue providing positive momentum into the second quarter.
Kasikorn Securities maintains a recommendation on PTTGC with a target price of THB 38.30 per share. The brokerage notes that the global supply of petrochemicals has tightened, mainly as a result of the ongoing United States-Iran conflict, which has led to a reduction of approximately 40 million tons in production capacity.
This supply constraint has helped eliminate excess supply concerns and supported a recovery in product spreads, suggesting the potential start of an upward cycle for the industry.
Reflecting these sector dynamics, Kasikorn has revised its earnings outlook for PTTGC for 2026-2027, shifting from a previous expectation of losses to a projected profit of around THB 11.5 billion per year. This revision is driven by anticipated improvements in petrochemical spreads and Gross Refining Margins (GRM), although gains are partially offset by hedging losses on oil.
PTTGC’s earnings are anticipated to recover in the first quarter of 2026, with profits reaching approximately THB 2.2 billion. The company is expected to maintain positive momentum into the second quarter, buoyed by the aforementioned reasons.
