บทวิเคราะห์ (Research)

Downgrade to SELL, TP THB16 We downgrade PTTGC to SELL from HOLD but maintain our TP at THB16. We think the market has been overly excited by the prospect of improving US-China trade relations and Chinese stimulus in recent weeks. However, we see no change to fundamentals with the petrochemical downcycle likely to last until at least 2028E, but possibly much longer. We do not view PTTGC as particularly attractive as it trades at 0.68x P/tangible BV which is the 2nd most expensive among Thai downstream names. We prefer exposure to refining margins with SPRC (SPRC TB, CP THB5.55, BUY, TP THB9.1) as our top pick.