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
Analyst Rates PTTEP “Outperform” with TP of ฿145 as Dubai Oil Price Remains at Good Level
19 มี.ค. 2564

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.  