GSP to lead positive gas momentum

Research evidence excerpt

GSP to lead positive gas momentum

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

PTT Public (PTT TB) None

Outperform

12-month target: THB37.00 - Sum of

Parts

Valuation: THB 25.00-35.00 - Sum of

Price: THB37.25

PTT Global Chemical (PTTGC TB) None

12-month target:THB39.00 - Price to

Book

Valuation: THB 20.00-35.00 - Price to

Price:THB39.50

Thai Oil (TOP TB) None

Neutral

12-month target:THB48.00 - Price to

Valuation: THB 35.00-50.00 - EV/EBITDA

Price:THB46.50

Target Price Risk Disclosures

Company Name Risk Disclosure

Downside risks: Government expands discount on refiners; Storage capacity runs out, leading to large run-cuts; product prices Thai Oil (TOP TB) •

collapse, leading to a sharp squeeze in margins.

Upside risks: Government eases export ban restrictions, SoH reopening eases policy risk. •