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Maybank Targets THB41 Target for PTT With Up-Downstream Contribution in 2Q
Affected tickers
Per-ticker News Sentiment Indicator
- PTTanalyst_rating_change · positive · med
Maybank Securities expects PTT's performance to improve in the second quarter due to contributions from upstream and downstream subsidiaries like PTTEP and PTTGC.
- PTTEPanalyst_rating_change · positive · med
Maybank Securities highlights that PTTEP will benefit from higher oil prices, contributing to improved performance for its parent company PTT in the second quarter.
- PTTGCother · positive · med
Maybank Securities highlights that PTTGC's improved spreads amid tighter supply conditions will contribute positively to the performance of its parent company, PTT, in the second quarter.
Article body
In its daily pick section on Wednesday, Maybank Securities (Thailand) (MST) has given a strategic target price of THB41.00 per share for PTT Public Company Limited (SET: PTT), citing support from the up and downstream businesses like PTTEP and PTTGC to contribute to its performance in the second quarter.
2026 earnings are expected to improve QoQ, driven by contributions from subsidiaries across the value chain from upstream operations such as PTTEP, benefiting from higher oil prices, to downstream businesses like PTTGC, where spreads have improved amid tighter supply conditions.
MST forecasts FY26 earnings growth of 48% YoY, outpacing PTTEP’s expected growth of 20% YoY. Meanwhile, the stock is trading at a PBV of only 0.9x, lower than PTTEP’s 1.1x.