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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

We maintain the BUY rating but revise down the target price by 19% to reflect the weak earnings from oil price plunge due to COVID-19 pandemic and Saudi-Russia price war. Our new target of Bt95 is derived using DCF methodology (WACC 10% and TG 2%), implying 15.3x PE’20E.The story:<ul>
<li>Cutting Dubai crude price assumptions by 20% to US$40/BBL (from previous US$50/BBL) for 2020E.</li>
<li>Trimming 2020-22E earnings by 23 to 39%</li>
<li>Crash in demand and Supply surge to batter oil market longer</li>
</ul>

We maintain the BUY rating but revise down the target price by 19% to reflect the weak earnings from oil price plunge due to COVID-19 pandemic and Saudi-Russia price war. Our new target of Bt95 is derived using DCF methodology (WACC 10% and TG 2%), implying 15.3x PE’20E.The story:
Cutting Dubai crude price assumptions by 20% to US$40/BBL (from previous US$50/BBL) for 2020E.
Trimming 2020-22E earnings by 23 to 39%
Crash in demand and Supply surge to batter oil market longer


PTTEP: Earnings to Cripple by Weak Oil Price

PTT E&P

PTTEP: Earnings to Cripple by Weak Oil Price