PTT pcl: Return of the Genesis

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PTT pcl: Return of the Genesis

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PTT pcl

Return of the Genesis

Maintain Rating: BUY | PO: 40.00 THB | Price: 37.50 THB

A postcard from Singapore 12 July 2026 Corrected

We arranged a non-deal roadshow in Singapore for PTT. The focus was on its Equity

restructuring plan particularly the Genesis project and asset monetization efforts.

Komsun Suksumrun ^^^

Return of Genesis ResearchKiatnakin AnalystPhatra Securities

After several months of hiatus from the US/Iran conflict, Genesis was recently revived +66komsun.suks@kkpfg.com2 305 9201

following the temporary ceasefire. Genesis is a project in which PTT searches for long-

term strategic partners for its associates to improve their competitiveness. PTT stated

that dialogue with shortlisted strategic investors has resumed. In addition, the US/Iran

Stock Dataconflict and the SoH blockage have spurred more interest as the potential strategic

investor list has expanded from over 4 to more than that number based on our estimate. Price 37.50 THB

Investor interest seems skewed more toward refinery than petrochemical. The new Price Objective 40.00 THB

timeline for the conclusion is in 1Q27, which implies a quarter delay from the original Date Established 25-Nov-2024

4Q26 schedule. PTT stated it will maintain at least a 40% stake from 48% currently Investment Opinion A-1-8

while the new partners could hold more than 10%. PTT mentioned that the recent 52-Week Range 29.82 THB-37.78 THB

announcement of PTTGC and SCG Chemical (a wholly owned subsidiary of SCC) to enter Mrkt Val / Shares Out (mn) 32,166 USD / 28,563.0

a non-binding MOU to explore a new JV for their olefins unit is a separate transaction, Market Value (mn) 1,071,112 THB

implying that PTTGC is still part of the Genesis project.