PTT pcl: Firing on almost all cylinders

Research evidence excerpt

PTT pcl: Firing on almost all cylinders

iQprofile SM PTT pcl

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(Bt Millions) Oil & Gas Producers

Sales 3,076,441 2,650,215 3,293,677 3,467,438 3,562,592

Gross Profit 502,656 438,607 560,132 574,064 600,519

Sell General & Admin Expense (138,799) (121,822) (112,853) (118,546) (121,409) Company Description Operating Profit 177,940 134,839 260,139 266,051 283,231

Net Interest & Other Income 1,104 5,389 (12,323) (8,605) 963 PTT is Thailand's only fully integrated natural-gas company

Associates (6,668) 13,031 1,615 1,695 1,738 with a dominant position in the marketing and trading of

Pretax Income 172,376 153,259 249,431 259,141 285,932 various crude oil and refined petroleum products. In

Tax (expense) / Benefit (67,210) (57,600) (66,126) (66,536) (72,575) addition, via interests in associated companies, PTT invests

Net Income (Adjusted) 81,770 68,099 122,550 126,290 141,908

in Thailand's petrochemical and refining industries. No

Average Fully Diluted Shares Outstanding 28,563 28,563 28,563 28,563 28,563

ADRs.

Key Cash Flow Statement Data

Net Income 81,770 68,099 122,550 126,290 141,908

Depreciation & Amortization 185,918 181,946 187,140 189,466 195,879 Investment Rationale Change in Working Capital 42,491 12,630 (151,267) (18,851) (10,065)

Deferred Taxation Charge NA NA NA NA NA Our Buy rating is based on our positive view on PTT's gas

Other Adjustments, Net 63,060 35,540 59,141 64,619 69,712 business outlook (driven by feedstock cost deflation, and a

Cash Flow from Operations 373,240 298,216 217,563 361,524 397,433 structural margin recovery), PTT's lower regulatory risk

Capital Expenditure (164,417) (162,411) (163,391) (124,803) (100,519) profile due to the absence of the government intervention,