CLSA raises PTTGC target price to 46 baht after second-quarter profit beats expectations

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CLSA has raised its target price for PTTGC shares to 46 baht from 43 baht, while maintaining an Outperform rating, after second-quarter 2026 results came in better than expected. PTTGC reported a net profit of 12.2 billion baht, exceeding CLSA's estimate by 14% and beating market expectations by 48%, recovering from a profit of 3.2 billion baht in the previous quarter and swinging from a loss of 3.6 billion baht in the same period last year. The refinery business was the main driver, with a gross refining margin of 15.6 dollars per barrel, pushing adjusted upstream EBITDA up 18% quarter-on-quarter to 15.2 billion baht. Meanwhile, the polymers and chemicals business swung to an EBITDA of 5.1 billion baht, and the performance chemicals business posted an EBITDA of 4 billion baht, up 69%. CLSA expects refinery momentum to remain strong in the second half of 2026, raising its gross refining margin assumptions for 2026 to 2028 and lifting its 2026 profit forecast by 52%. It also views positively the cooperation study between PTTGC and SCC, which could lead to a merger creating the largest polyolefins company in ASEAN.

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