Company Coverage
PTT Exploration & Production (PTTEP TB): 3Q26 Net Profit To Decline qoq On Lower Sales And Oil Hedging Loss
BUY (Maintained)
Current price:
Target price:
Upside:
Bt145.00
Bt170.00
+17.24%
Analyst
Analyst
Highlights
- We expect PTTEP’s 3Q26 net profit to decline qoq, mainly due to lower sales volume and the recognition of an oil hedging loss.
- We foresee PTTEP’s 4Q26 net profit remaining broadly flat qoq, as higher sales volume should be sufficient to offset lower gas selling prices and rising unit costs.
- Maintain BUY with a target price of Bt170.00.
Analysis
- 3Q26 net profit to decline qoq on oil hedging loss. We expect PTT Exploration and Production (PTTEP) to report a 3Q26 net profit of Bt20.35b, down 25% qoq but up 60% yoy, mainly due to lower sales volume and a significant oil hedging loss. Key factors include: a) sales volume is expected at 525,000 barrels of oil equivalent per day (BOED), down 8% qoq, mainly due to lower gas production in the Gulf of Thailand following PTT’s planned gas separation plant maintenance. Sales from Malaysia’s Sabah K and Block SK301 projects, as well as Algeria, are also expected to decline.
Highlights
- We expect PTTEP’s 3Q26 net profit to decline qoq, mainly due to lower sales volume and the recognition of an oil hedging loss.
- We foresee PTTEP’s 4Q26 net profit remaining broadly flat qoq, as higher sales volume should be sufficient to offset lower gas selling prices and rising unit costs.
- Maintain BUY with a target price of Bt170.00.
Analysis
- 3Q26 net profit to decline qoq on oil hedging loss. We expect PTT Exploration and Production (PTTEP) to report a 3Q26 net profit of Bt20.35b, down 25% qoq but up 60% yoy, mainly due to lower sales volume and a significant oil hedging loss. Key factors include: a) sales volume is expected at 525,000 barrels of oil equivalent per day (BOED), down 8% qoq, mainly due to lower gas production in the Gulf of Thailand following PTT’s planned gas separation plant maintenance. Sales from Malaysia’s Sabah K and Block SK301 projects, as well as Algeria, are also expected to decline.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt145.00
Bt170.00
+17.24%
Analyst
Analyst
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