บทวิเคราะห์ (Research)

PTT : Earnings Result - 2Q25F returns to slowdown q-q, dragged down by subsidiaries Maintain Neutral recommendation for PTT with TP25F = 32.50 baht/share. We view it as a dividend yield play while waiting for clarity on the government's long-term gas price restructuring policy. In the short term, there are no positive catalysts, with 2Q25F earnings expected to decline q-q, dragged down by subsidiaries' stock loss, which overshadows the recovery in gas business (seasonal). For 2025-26F, earnings are expected to remain flat y-y as the recovery in gas and petrochemical businesses merely offsets the declining profit margins in E&P business.