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

研报英文原文证据摘录

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

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

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).