บทวิเคราะห์ (Research)

PTTGC : Under optimizing asset, focusing on HVP The information from the analyst meeting is slightly positive. The long-term plan is more aggressive, with growth through allnex expansion including plans to expand in India, which could potentially create upside to 2025-26F EBITDA of around 1%. Regarding negative information such as impairment of PTTAC and Vencorex, the company had previously disclosed these risks, and YTD share price decline has reflected this. We maintain our view that core operations will recover h-h in 2H24F, supported by aromatics and refinery. We maintain Neutral rating on PTTGC with TP25F 32.00, 2H24F lacks catalysts, can wait for the conclusion of the contract with PTT and for the HDPE spread to exceed $400/ton before considering investment.