Contents
Upgrade to Overweight 3
We accept that we have been to pessimistic in our assumptions over the past few
months. However, we have been receiving very optimistic signals from
managements and, hence, we leave behind from our bearish call and upgrade our
sector view to Overweight.
3
Investment theme; strong potential for more upside 3
More upside in the cards 4
Oil prices to remain at or above current levels 4
More and more capacity being delayed 5
Refinery margins at sustainable levels 9
Economic recovery continues to develop 10
Our new earnings projection 11
Change to DCF as earnings become less volatile 12
Risks 13
Company profiles 14
IRPC 15
PTT Aromatics & Refining 21
PTT Chemical Pcl 27
PTT E&P 32
PTT Pcl 37
Thai Oil 43