First Read: PTT Global Chemical "Mothballing loss-making Polyols" (Buy)

研报英文原文证据摘录

First Read: PTT Global Chemical "Mothballing loss-making Polyols" (Buy)

Global Research

8 July 2026ab

First Read

EquitiesPTT Global Chemical

Mothballing loss-making Polyols Thailand

Chemicals, Commodity

12-month rating Buy

Event:

PTTGC has completed the restructuring of GC Polyols (GCP) (see filing). Concurrently, 12m price target Bt44.00

the company has decided to mothball GCP's Polyols plant due to sustained losses

(Bt200–300mn EBITDA loss) and continued intense market competition. As part of the

Price (07 Jul 2026) Bt34.25

restructuring, PTTGC will obtain the remaining 17.9% stake from its partner for a

nominal consideration, increasing its ownership to 100%. RIC: PTTGC.BK BBG: PTTGC TB

Trading data and key metrics

PTTGC expects to book a restructuring provision of ~Bt1.8bn in Q226, primarily closure- 52-wk range Bt40.00-19.10

related costs. The company has yet to decide how to proceed with the assets and will Market cap. Bt154b/US$4.64b

keep the facilities in an operational ready state, incurring annual maintenance costs of Shares o/s 4,509m (ORD)

around Bt50mn. The Polyols assets had already been substantially impaired in 4Q25-

Free float 51%

1Q26.

Avg. daily volume ('000) 26,350

Avg. daily value (m) Bt936.9

View:

Common s/h equity (12/26E) Bt298b

While the additional Bt1.8bn provision accounts for ~3-4% of our 2026E EBITDA and

P/BV (12/26E) 0.5x

could weigh on market sentiment around the 2Q26 results, we view the mothballing

Net debt to EBITDA (12/26E) 3.0x

decision as financially sensible. The shutdown should eliminate an annual EBITDA drag

of Bt150-250mn (net of maintenance costs, or <1% of our 2026E EBITDA) and remove a EPS (UBS, diluted) (Bt)

recurring net loss contribution attributable to PTTGC going forward. UBS Cons.

12/26E 3.02 2.34

12/27E 2.34 2.03