Equity Analysis /
Thailand

TH : PTT Global Chemical - Difficult path with insufficient cheap ethane

    CGS-CIMB
    5 September 2022
    Published byCGS-CIMB

    We expect ethane to represent 31-36% of total feedstock post 1Q23F, falling from 55-60% prior to 2021. PTTGC’s new investment projects, both PO and industrial coatings, are likely to deliver lower-than-expected IRR, in our view.