Barclays Capital initiates coverage on Thailand's energy
firm PTT Exploration and Production Pcl with an
'overweight' rating and a 12-month price target of 220 baht,
offering a 23.6 percent potential upside.
PTT Exploration shares closed up 0.3 percent at 178 baht on
"PTT Exploration & Production (PTT E&P), as Thailand's main
oil and gas producer, offers leverage, in our view, to the tight
South East Asian natural gas market, high returns and robust
production growth in the medium term," Barclays said in a
"With the shares trading at a 20 percent discount to its
local market and the potential that the company does not execute
its proposed bid for Cove Energy and focuses on regional
exploration opportunities and/or smaller asset deals, we take a
positive view," it said.
0948 (0248 GMT)
(Reporting by Viparat Jantraprap in Bangkok;