Company Coverage
PTT Exploration & Production (PTTEP TB): 2Q26: Results In Line With Our Expectation
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt148.50
Bt170.00
14.48%
Bt160.00
Analyst
Analyst
Highlights
- PTTEP reported a 2Q26 net profit of Bt27.2b, with earnings increasing both qoq and yoy, driven by higher selling prices and stronger sales volumes.
- Declared an interim dividend of Bt4.50/share, implying a 3.0% simple yield.
- Maintain BUY. We have rolled over our target price to 2027, at Bt170.00.
Analysis
- Solid 2Q26 results, in line with forecasts. PTT Exploration and Production (PTTEP) reported a 2Q26 net profit of Bt27.20b, up 130% qoq and 101% yoy, in line with both our forecast and market consensus. Core profit came in at Bt24.26b, up 22% qoq and 72% yoy, driven by: a) Higher average selling prices (ASP) of US$52.89/bbl, up 15% qoq and 20% yoy, in line with stronger crude oil prices. Meanwhile, the average gas selling price rose to US$5.96/ Million British Thermal Unit (MMBTU), up 2.6% qoq; and b) Higher sales volume of 572,882 barrel per day (BPD), up 3.5% qoq and 13% yoy, supported by stronger gas sales from the Gulf of Thailand projects and higher liquid sales from the Algeria project. These two positive factors were partly offset by higher unit cost of US$29.97/bbl, up 6.5% qoq. Note that its non-recurring gains of Bt2.94b were a net impact of Bt4.0b in hedging gains and Bt1.13b in forex losses.
Highlights
- PTTEP reported a 2Q26 net profit of Bt27.2b, with earnings increasing both qoq and yoy, driven by higher selling prices and stronger sales volumes.
- Declared an interim dividend of Bt4.50/share, implying a 3.0% simple yield.
- Maintain BUY. We have rolled over our target price to 2027, at Bt170.00.
Analysis
- Solid 2Q26 results, in line with forecasts. PTT Exploration and Production (PTTEP) reported a 2Q26 net profit of Bt27.20b, up 130% qoq and 101% yoy, in line with both our forecast and market consensus. Core profit came in at Bt24.26b, up 22% qoq and 72% yoy, driven by: a) Higher average selling prices (ASP) of US$52.89/bbl, up 15% qoq and 20% yoy, in line with stronger crude oil prices. Meanwhile, the average gas selling price rose to US$5.96/ Million British Thermal Unit (MMBTU), up 2.6% qoq; and b) Higher sales volume of 572,882 barrel per day (BPD), up 3.5% qoq and 13% yoy, supported by stronger gas sales from the Gulf of Thailand projects and higher liquid sales from the Algeria project. These two positive factors were partly offset by higher unit cost of US$29.97/bbl, up 6.5% qoq. Note that its non-recurring gains of Bt2.94b were a net impact of Bt4.0b in hedging gains and Bt1.13b in forex losses.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt148.50
Bt170.00
14.48%
Bt160.00
Analyst
Analyst
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