บทวิเคราะห์ (Research)

PTTGC : Olefins & Performance material to drive 2025 Slightly negative view on analyst meeting updates, due to higher-than-expected provision costs from Vencorex and PTTAC closures of approximately 3 THBbn or -0.7 THB/share. However, these elevated costs do not alter the trajectory of reduced losses q-q in 4Q24F and return to profitability in 2025F, supported by lower fixed costs and petrochemical margin recovery in olefins and performance materials. Maintain view that 3Q24 marks the bottom. Reiterate Trading Buy with TP25F = THB 30.0 per share.