Goldman Sachs Raises PTTGC’s Rating to “BUY” with a TP at ฿50
Goldman Sachs Raises PTTGC’s Rating to “BUY” with a TP at ฿50
Goldman Sachs upgraded PTTGC’s rating from “SELL” to “BUY” with a new target price of ฿50.00/share in response to oil price recovery led support to polyethylene prices driving sequentially higher chemical earnings, expecting a continuous growth in polyethylene business through the fourth quarter of 2020.
Maybank Kim Eng (Maybank) stated Goldman Sachs’s revision on PTT Global Chemical Public Company Limited (PTTGC)’s rating from “SELL” to “BUY” has given a positive sentiment to PTTGC share price, along with support from oil recovery.
DBS Vickers Securities (DBSVS) estimated PTTGC to report a 3Q20 net profit of 639 million baht, decreasing from 2,660 million baht a year ago, mainly due to FX loss and a lower gross refining margin. Expecting the polymer sector to gear up 4Q20 performance because of higher demand in garment and clothes during the winter season. While revising FY2020 operation to record a loss of 1,060 million baht, reflected from a lower market GRM and will rebound to book a profit of 10,000 million baht in 2021.
DBSVS maintained a “HOLD” recommendation with a target price of ฿44.00/share