PTTEP Climbs 4%, Analyst Forecasts Strong Earnings in 1Q, Recomm. “BUY” with TP of ฿130

The share price of PTT Exploration and Production Public Company Limited (PTTEP) rose ฿5.00/share or 4.48% to ฿116.50/share as of 15:56 local time in Thailand, with a trading value of 2,060 million baht.

 

Bualuang Securities has given a “BUY” recommendation on PTTEP with a target price of ฿130.00/share, foreseeing an upward trend in share price as oil price creates positive sentiments to PTTEP’s earnings outlook, moreover, oil prices and PTTEP’s price had shown a correlation of 90%. 

1Q21 earnings are forecasted to grow solidly at 5.6 billion baht, dropping 35% YoY, but rocketing 120% QoQ, from improving sales, rising selling price and lower cost per unit. Bualuang also expected demand to recover continuously.