Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>3Q25 net loss was in line. Slow petrochemical price and spread recovery posting downside risk to 2025E net loss is priced in. The stock is trading at 0.31x 2026E PBV (–1.5 S.D.).</li><li>Maintain Buy (2026E FV Bt31.25). Positive catalysts—business portfolio adjustment, ethane ramp-up, EBITDA uplift, and deleveraging—should drive 2026–27E profit turnaround and boost the balance sheet.</li><li>Global petrochemical reforms should aid price and spread recovery.</li></ul>

3Q25 net loss was in line. Slow petrochemical price and spread recovery posting downside risk to 2025E net loss is priced in. The stock is trading at 0.31x 2026E PBV (–1.5 S.D.).Maintain Buy (2026E FV Bt31.25). Positive catalysts—business portfolio adjustment, ethane ramp-up, EBITDA uplift, and deleveraging—should drive 2026–27E profit turnaround and boost the balance sheet.Global petrochemical reforms should aid price and spread recovery.

PTT GLOBAL CHEMICAL Plc. (PTTGC): 3Q25 Loss In Line; Restructuring To Lift 2026E Momentum

<ul><li>We expect a net loss in 3Q25E. 2025E remains a short-term drag but is already priced in (0.35x 2026E PBV; –1.25 S.D.).</li><li>Positive drivers include business portfolio restructuring, ethane ramp-up, EBITDA uplift, and deleveraging, which should lead to a profit turnaround and stronger balance sheet in 2026–27E.</li><li>The petrochemical reform should limit downside in prices and spreads before gradual recovery.</li></ul>

We expect a net loss in 3Q25E. 2025E remains a short-term drag but is already priced in (0.35x 2026E PBV; –1.25 S.D.).Positive drivers include business portfolio restructuring, ethane ramp-up, EBITDA uplift, and deleveraging, which should lead to a profit turnaround and stronger balance sheet in 2026–27E.The petrochemical reform should limit downside in prices and spreads before gradual recovery.

PTT GLOBAL CHEMICAL (PTTGC): Expect 3Q25E Net Loss...

Cross Asset Strategy

<ul><li>We expect the SET Index to trade with downward volatility (Support: 1,620 pts).</li><li>Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.</li><li>However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.</li></ul>

We expect the SET Index to trade with downward volatility (Support: 1,620 pts).Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.

Krungthai XSpring Zoom Eng. July 30, 2026

Technical Analysis

<ul><li>The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.</li><li>In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.</li><li>We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.</li></ul>

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.

Krungthai XSpring Technical Eng. July 27, 2026

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

Thailand

PTT Global Chemical is a Thai petrochemical company that specializes in synthesizing olefins and aromatics. It also engages in crude oil and condensate refining, and produces polymers, green chemicals, and performance chemicals. The company's products serve various industries including packaging, automotive, and construction. PTT Global Chemical was founded on October 19, 2011, and is headquartered in Bangkok, Thailand.

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PTT Global Chemical (PTTGC TB)

PTT GLOBAL CHEMICAL Plc. (PTTGC): 3Q25 Loss In Line; Restructuring To Lift 2026E Momentum

3Q25 net loss was in line. Slow petrochemical price and spread recovery posting downside risk to 2025E net loss is priced in. The stock is trading...

Krungthai XSpring

PTT GLOBAL CHEMICAL (PTTGC): Expect 3Q25E Net Loss...

Positive drivers include business portfolio restructuring, ethane ramp-up, EBITDA uplift, and deleveraging, which should lead to a profit...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 30, 2026

We expect the SET Index to trade with downward volatility (Support: 1,620 pts). Primary pressure will stem from the electronics sector (DELTA,...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 27, 2026

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock. In addition, both the MACD and RSI...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

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