Shares in PTT Global Chemical Pcl gained 2.6 percent to an all-time high of 80 baht on expectations of a rise in core profit for the fourth quarter due to higher product margins.
Maybank Kim Eng Securities said it expected the October-December core earnings to increase 8.2 percent quarter on quarter and forecast earnings growth to continue into the first quarter 2013. It has a ‘buy’ rating on the stock, with a target price of 86 baht.
“We expect positive momentum to continue into the first quarter 2013 supported by improving leading indicators in January. These factors include stable oil prices, an 8.5-11.4 percent improvement in the petro spreads, higher utilisation and a better gross refining margin,” it said in a report.
Twenty two analysts out of 26 tracking the company rated it a ‘buy’ or ‘strong buy’ and four have a ‘hold’ rating.
1134 (0434 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Anand Basu)