Thailand Energy We reshuffle our pecking order to PTTEP = TOP > PTT

Research evidence excerpt

Thailand Energy We reshuffle our pecking order to PTTEP = TOP > PTT

J P M O R G A N Asia Pacific Equity Research

26 July 2026

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Thailand Energy

We reshuffle our pecking order to PTTEP = TOP > PTT

We mark to market the forward curve and reshuffle our pecking order to PTTEP Head of Asia Energy & Chemicals |

(OW) = TOP (OW) > PTT (N). We are now using $90/$80/$75/$70 Brent for Asia EV Battery

2026/27/28/29, and 2026/27/28/29 GRM of $30/$20/$15/$10. In a $90/bbl oil Parsley Ong AC

environment, we expect PTTEP to deliver new record high EPS/DPS in 2026, and (65) 6882-8578

note that the company's production volume is now 20% higher than the last time parsley.rh.ong@jpmorgan.com

oil prices exceeded $90/bbl in 2022. Incremental positive catalysts from here J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

include: positive outcome from feasibility studies on growth projects like SK Morgan Broking (Hong Kong) Limited

410B, which is one of Malaysia’s largest high sulfur gas fields (est. 5 Tcf of gas Michelle Wong

reserves, 1 Bcf/day peak production). We also raise our GRM forecasts and (852) 2800 8556

upgrade TOP to OW. While TOP’s share price has already rallied by 77% YTD (vs michelle.wong@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

the SET +31%), the company is trading at only 0.6x P/B despite likely delivering Morgan Broking (Hong Kong) Limited

>10% ROE in 2026-2028 (historical 10-year average 0.9x P/B, 11% ROE).