Expectations of further YoY earnings expansion in 3Q22 should support the share price going forward. Also, potential new investments would add to long-term earnings growth. The current valuation is undemanding—a YE22 PBV of 1.0x (1.1SD below its long-term mean of 1.6x) with an attractive dividend yield for 2022 of 6.3% (against 3.0% for the SET).
In line with estimates
PTT posted a 2Q22 net profit of Bt38,848m, up 58% YoY and 52% QoQ. Stripping out extra items, core profit would be Bt66,935m, up by 159% YoY and 66% QoQ. The result was in line with our estimate and that of the consensus.