KGI Securities has given an “Outperform” rating on PTT Public Company Limited (PTT) with a target price at ฿42.00/share as business recovered from earlier plummet and the upcoming listing of PTT Oil and Retail Business Company Limited (OR) in the stock market is expecting to support PTT’s share price.
KGI stated that PTT’s 3Q20 earnings of Bt14.1bn (-30% YoY, +17% QoQ) was 5% above the Bloomberg consensus but in line with the security company’s forecast as 9M20 earnings accounted for 52% of its full-year forecast.
Asia Wealth Securities (AWS) also indicated the same positive factors for PTT, stating that the PTT is a global play and the recovery from 1H20 plummet made the share more interesting for investment. AWS recommended “BUY” with a target price at ฿45.00/share.
Asia Plus Securities (ASPS) recommended PTT for a long-term investment as the business started to pick up along with the economic recovery, while demand for petroleum and petrochemical edged higher. The listing of OR would give more storylines for the company. However, the share price picked up very fast and sharp, thus, the security company recommended “Buy on Weakness” with a target price at ฿45.00/share.