Equity Analysis /
Thailand

TH : PTT Global Chemical - EPS downgrade cycle not yet over

    CGS-CIMB
    19 July 2022
    Published byCGS-CIMB

    We believe PTTGC’s strong market GRM of US$18/bbl was offset by large hedge loss of US$20/bbl in 2Q22F. Lower ethane availability likely dragged down olefins EBITDA margin to below 10%, in our view. We see Bloomberg consensus EPS downgrades in the near term.