บทวิเคราะห์ (Research)

PTTGC : Earnings Preview - Impairment to conclude in 2H24F Negative on 3Q24F net loss 9,555 THBmn sharp reversal to losses y-y, q-q. While impairment charges not surprise, stock losses exceeded estimates. y-y and q-q deterioration driven by impairment charges, stock losses, and performance materials' low season. Expect continued substantial net losses in 4Q24F (unless PTTGC books all impairments in 3Q24F). Heavy losses in 2H24F and negative 1H25F factor from gas price negotiations with PTT create catalyst void, can wait and see for HDPE spread recovery above $400/ton. Maintain Neutral with TP25F = 32.0