บทวิเคราะห์ (Research)

PTT : Focusing on increasing cash to reduce fixed costs We view slightly positive on information from the analyst meeting regarding increased asset monetization plans in 2026 (target asset details not yet disclosed), which may create upside risk to earnings from using proceeds to reduce more fixed costs. We maintain our view of normalized earnings recovery in 3Q25F both y-y and q-q, supported by subsidiary businesses with significantly reduced stock losses. We maintain Neutral recommendation on PTT with TP25F = 32.50 baht/share. Normalized earnings for 2025-26F merely stable, with fixed cost reductions offsetting declining PTTEP earnings. Can continue paying dividend yield of 6%. Can be held while awaiting conclusions on gas price restructuring (long-term turning point for gas business).