Analyst Rates PTTEP “Outperform” with TP of ฿145 as Dubai Oil Price Remains at Good Level
Analyst Rates PTTEP “Outperform” with TP of ฿145 as Dubai Oil Price Remains at Good Level
KGI Securities (KGI) has given an Outperform rating on PTT Exploration and Production Public Company Limited (PTTEP) and revised up a target price to ฿145.00/share from ฿122.00/share due to a positivity from Dubai crude price.
KGI adjusted up the earnings forecasts 27% to 39.2 billion baht in 2021 and 53% to 52.4 billion baht in 2022 after it revised up its assumptions on Dubai crude price from US$53/55/bbl to US$65/65/bbl for 2021/22 with a higher long-term price of US$60/bbl, from US$55/bbl.
In addition, KGI rolled over target price to 2022 and upgraded it to ฿145.00, from ฿122.00, based on DCF methodology with WACC of 9.3% and terminal growth of 1.0% to reflect the earnings upgrades and maintained a rating of Outperform on the counter as KGI believed Dubai crude price will be a good level of US$60-70/bbl throughout the year with high cooperation on the OPEC+ supply cuts.
