PTT Public Company Limited

Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.

Bualuang Securities has raised its 2026 Brent crude oil price assumption to 94 US dollars per barrel from 85 dollars, and lifted its 2026 profit forecasts for PTT to 149 billion baht, up 9%, and for PTT Exploration and Production, or PTTEP, to 79 billion baht, up 8%. It noted that crude oil prices are still holding in a range of 90 to 100 dollars per barrel in the fourth quarter of 2026 amid supply risks in the Middle East, after the volume of oil shut in production in the Persian Gulf rose from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. However, for 2027, Bualuang Securities has cut its oil price view to 70 dollars per barrel on expectations of oversupply, estimating that supply will rise by an average of 8.6 million barrels per day, above global oil demand growth of about 2.5 million barrels per day. Bualuang Securities is maintaining a market-weight stance on the energy sector, picking PTT as its top pick with a buy rating and a target price of 48 baht, while keeping a hold rating on PTTEP with a target price of 168 baht.

PTT, together with the Royal Thai Air Force, is driving forward the installation of solar power generation systems across 3 projects. These comprise floating solar power generation systems at the Air Operations Control Command and the 3rd Air Force Armament Factory of the Air Force Armament Department, and rooftop solar power generation systems at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements. They help reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and help cut greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the project opening ceremony. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.

Pi Securities Public Company Limited, or Pi, estimates that the Thai stock market index will move within a range of 1,590 to 1,620 points, believing the market will not panic over the flooding in many areas of Bangkok because the situation is expected to improve soon and is unlikely to be as severe as the great flood of 2011. Pi therefore recommends investing in sectors not affected by the floods, namely hospitals such as BDMS and BCH, retail such as CPALL, energy such as PTT, PTTEP, PTTGC and TOP, and exporters such as ITC and TU. Statistics from the great flood of 2011 show that the hardest-hit sectors were packaging, down 44 percent, electronics, down 35 percent, and transport, down 22 percent, while sectors that outperformed the market were healthcare, down only 1.4 percent, ICT, down 5 percent, real estate investment trusts, down 7.5 percent, and commerce, down 12.6 percent. One month after the situation eased, the stocks that rebounded most prominently were construction materials, up 32 percent, petrochemicals, up 32 percent, packaging, up 18 percent, and food, up 11 percent. On external factors, the Dow Jones index closed up 478 points, or 0.9 percent, last Friday, supported by Microsoft and artificial intelligence stocks, while US consumer confidence figures came in higher than the market expected, though the trend is still declining on concerns about rising goods prices. Brent crude oil prices closed down 2.1 percent on Friday, but this morning rebounded 1 percent after reports that the United States rejected Iran's proposal and indicated that further attacks could occur.

Asia Plus Securities assesses that the Thai stock market still faces high volatility from inflation that has been entrenched for more than seven months and from the baht, which is trending weaker past 34 baht per US dollar. On foreign capital flows, foreigners were net sellers of Thai debt instruments in the third quarter to the tune of 37 billion baht, flipping the cumulative net position since the start of the year to negative 7.952 billion baht. Meanwhile, in the Thai stock market, foreigners were net sellers of nearly 20 billion baht in just six trading days and opened a cumulative net short position in the TFEX market of another 33,000 contracts. The main pressure comes from the widening spread between 10-year US and Thai government bond yields, which has hit its highest level since the start of the year. Although overall foreign selling was heavy, they still alternated into accumulating large laggard stocks over the past six trading days, namely SCB at 2.974 billion baht, PTT at 1.361 billion baht, TOP at 882 million baht, IRPC at 627 million baht, and BBL at 517 million baht. The broker recommends technically strong standout stocks for the day, namely TRUE, which is expected to post strong third-quarter 2026 earnings growth both quarter-on-quarter and year-on-year, with an estimated dividend yield of about 1.2% for the third quarter of 2026, as well as GULF, PLANB, BE03, and LITE80.

PTT has invested in a Social Bond issued by BNP Paribas with a three-year term running from 2026 to 2029, with a total investment value of over 900 million baht, making it the first private organisation in Asia to invest in a BNP Paribas Social Bond. This investment builds on PTT's previous investments in BNP Paribas Green Bonds and Blue Bonds supporting a sustainable blue economy. Proceeds from this Social Bond will be used for a range of social projects, such as lending to SME businesses, support for microfinance, housing for low-income earners, education loans, and SMEs in healthcare-related businesses, in line with the principles of the International Capital Market Association, or ICMA, Social Bond Principles, and certified by independent experts. Ms. Pattaralada Sa-ngasang, Chief Financial Officer of PTT, together with Mrs. Somruedee Tinmanee, Chief Executive Officer for Thailand at BNP Paribas, and Mr. Jeerut Somjinda, Managing Director of BNP Paribas, jointly advanced the approach of managing finances alongside sustainable investment.

Pie Securities stated that pressure on the Thai stock market from flooding is believed to be over, but global conditions remain under pressure from the accelerating rise in US bond yields, which have repeatedly hit new record highs. US government bond yields rose across all maturities, driven by concerns over higher inflation in line with energy prices and investors demanding greater returns in light of US debt risks. Meanwhile, the CME FedWatch tool assigns a 70% probability that the Fed will raise interest rates at its October meeting. The Dow Jones Industrial Average closed down 347 points, or 0.67%, overnight, pressured by oil prices and bond yields. Brent crude closed up 0.9% amid concerns over tight supply after Trump rejected Iran's peace proposal. The research team estimates the SET index range at 1585 to 1610 points, advises increased caution, and recommends focusing on stocks that benefit psychologically from rising yields, namely the banking group BBL, KBANK, KTB, and SCB; the export group ITC and TU; the defensive group ADVANC; and the energy group PTT, PTTEP, TOP, and PTTGC. This morning the baht continues to weaken, which may pressure foreign capital flows.

PTT Group, together with Krungthai Bank, is building on their collaboration in ESG Financial Solutions to develop Carbon Credit Linked Derivatives, a financial innovation that links carbon credits with financial risk management tools. The goal is to expand options for businesses to manage risk while reducing greenhouse gas emissions, and to drive Thailand's carbon credit market toward international standards. The collaboration also supports the World Bank Group's Low Carbon Cities and Carbon Market Development Project, or LCC Project. Driving this cooperation forward are Ms. Pattaralada Sa-ngasang, Chief Financial Officer, and Mr. Chaturong Voravitsurasuwat, Senior Executive Vice President of the International Trading Business Unit at PTT Public Company Limited, along with Ms. Thananporn Tangpitakkul, Managing Director of PTT International Trading Pte Ltd, and Mr. Rawin Boonyanusasna, Head of the Money and Capital Markets Business Group at Krungthai Bank. Krungthai Bank takes on the role of bringing its expertise in the money and capital markets to develop the financial instruments, while PTT contributes knowledge in sustainable business operations and the transition to a low-carbon economy. PTT International Trading Pte Ltd supports the sourcing of quality carbon credits recognized at the international level. This integration of expertise across the financial sector, the energy sector, and the carbon market will help lay the foundation for Thailand's Carbon Finance Ecosystem, raise the carbon credit market to standards that are transparent and trustworthy, and support long-term Net Zero goals.

Piriyapol Kongwanich, Director of Investment Analysis for Wealth Management at Bualuang Securities, said the firm maintains a positive view on the Thai stock market, assessing that the SET still has an upward trend in the fourth quarter of 2026 through the first half of 2027 and could move close to its best-case index target of 1,780 points before shifting into a more range-bound movement. Under the base case, the SET is estimated at 1,710 points at the end of 2027, based on SET EPS of 106 baht, down 4% year on year, and a target PER of 16.0 times. Three key drivers are the global technology trend, the upcycle in global industry, and foreign capital inflows. Capital expenditure plans by major cloud service providers are expected to grow 93% in 2026 and another 41% in 2027, while Thailand's electronics exports are expected to grow 55% in 2026 and 40% in 2027. For the fourth-quarter 2026 strategy, a Barbell Strategy is recommended, focusing on energy and petrochemicals, namely PTT and PTTGC, alongside the power group GULF, GPSC and GUNKUL, before gradually shifting to sector rotation and stock selection in the first half of 2027 and increasing the weighting of dividend stocks as the core of the portfolio in the second half of 2027.

PTT Public Company Limited, or PTT, has signed a memorandum of intent for cooperation with four government agencies to develop the I-SPARK pilot model, building readiness in clean energy and infrastructure for low-carbon industry in Rayong province. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT, presided over the ceremony, held at Gastech Bangkok 2026 at the BITEC Exhibition and Convention Center in Bangkok. The co-signatories included Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT; Dr. Pirun Saiyasitpanich, Director-General of the Department of Climate Change and Environment; Mr. Wattanapong Kurovat, Director of the Energy Policy and Planning Office; Mr. Warakorn Prasertphon, Director-General of the Department of Mineral Fuels; and Mr. Sumet Tangprasert, Governor of the Industrial Estate Authority of Thailand. I-SPARK is the development of a low-carbon industrial ecosystem in Map Ta Phut district, Rayong province, integrating investment projects and key infrastructure across three clusters: Low Carbon Energy & Solution, Shared/Common Infrastructure, and Specialties, Bio & Circularity. It covers LNG, hydrogen and ammonia energy, battery energy storage systems, carbon capture and storage, sustainable aviation fuel, bio-based products, specialty chemicals, and the recycling of used plastics back into new raw materials. By 2035, investment in I-SPARK projects is expected to reach as much as 5 billion US dollars and to cut greenhouse gas emissions by as much as 9 million tonnes of carbon dioxide equivalent.

Kanthara Ladawan na Ayudhya, an executive director of Finansia Syrus Securities Public Company Limited, or FSS, disclosed that the roadshow in the United States, meetings with foreign institutional investors, and cooperation between Thai capital market agencies and the New York Stock Exchange are positive factors helping foreign investors pay more attention to Thailand, and may mark the beginning of drawing foreign capital flows, or Fund Flow, back into the Thai stock market after a period of heavy outflows. The signing of a memorandum of understanding between the Thai capital market and the New York Stock Exchange on the listing of securities in more than one market, or Dual Listing, is an important development that will help increase liquidity and raise the standards of the Thai capital market. For short-term strategy, Kanthara views that the market remains highly volatile due to US government bond yields rising to around 5.25% and oil prices that remain high. He recommends monitoring Brent crude oil at around 102 dollars per barrel; if it can hold above this level, prices may continue to rise, but for concerns to ease, prices should fall to around 91 to 93 dollars per barrel. He also recommends gradually accumulating PTT Public Company Limited, or PTT, and PTT Exploration and Production Public Company Limited, or PTTEP, when oil prices weaken, and holds a positive view on commercial banks, giving a fair value for Bangkok Bank Public Company Limited, or BBL, at 240 baht. As for the earnings outlook for the third quarter of 2026, he views that commercial banks remain continuously strong, while the export sector is interesting, especially Thai Union Group Public Company Limited, or TU, and I-Tail Corporation Public Company Limited, or ITC. Meanwhile, the hospital sector has an opportunity to recover seasonally, with attention on Praram 9 Hospital Public Company Limited, or PR9, and Bangkok Dusit Medical Services Public Company Limited, or BDMS. He assesses that the Thai stock market is still more suitable for short-term trading than for chasing prices, with a key resistance level around 1,612 to 1,620 points, and that a strong break above this level would require new positive factors to support it.

PTT Public Company Limited, or PTT, has announced an interim dividend for its first-half 2026 results of 1.40 baht per share, with an ex-dividend date of 7 October 2026, a record date of 8 October 2026, and a payment date of 22 October 2026. That represents a half-year dividend yield of about 3.3%, higher than the 0.90 baht per share paid in the first half of 2025 and the 2.30 baht per share paid for the full year 2025. Separately, PTT's board of directors, meeting on 24 September 2026, approved the sale of 238.66 million treasury shares held for financial management, representing no more than 0.84% of total issued and sold shares, to be sold through automatic order matching on the Stock Exchange of Thailand trading system from 28 September 2026 to 12 October 2026. PTT had previously carried out a share buyback of 238.66 million shares between 24 March and 23 September 2025 for 7.549 billion baht, or an average price of about 31.63 baht per share. Against PTT's current share price of 43.00 baht, that implies a gain of roughly 1.17 billion to 2.71 billion baht. Selling through automatic order matching means PTT will gradually feed sell orders into the normal board like any ordinary investor, with the selling price set by the market at the time, subject to a floor of no less than 85% of the average closing price over the five trading days before the transaction date. If the shares are not fully sold by the deadline, the company will reduce its registered capital. Research from Asia Plus Securities noted that announcing the treasury share sale at the same time as the ex-dividend date could worry investors, but the impact is expected to be insignificant because the shares being sold represent only 0.84% of the total. It maintained its 2027 earnings estimate and fair value of 48 baht per share, and continues to favour PTT as a holding company with diversified businesses that generate stable profits, offering an attractive high dividend, while the current share price still lags well behind its subsidiaries.

Land and Houses Securities issued an analysis recommending buying ITC and PTT shares, with a strategic target price of 19.5 baht for ITC, equivalent to a FY69F P/E of 17.1x, and 44.75 baht for PTT, equivalent to a FY69F P/E of 10.3x. For ITC, it estimates resistance at 17.8 baht, support at 16.5 baht, and a stop loss at 15.2 baht. It expects normal profit in Q3/69F of 827 million baht, up 5% year on year but down 3.5% quarter on quarter, while revenue hits a peak of 5.4 billion baht, up 15% year on year and 19.8% quarter on quarter, supported by rising orders in the United States, especially for pouches and from major global customers, even though gross profit margin weakens on higher tuna and packaging costs. It also expects a dividend this year of 1 baht per share, a dividend yield of about 6%. For PTT, it estimates resistance at 45 baht, support at 42.75 baht, and a stop loss at 41.75 baht, with FY69F profit trends strong after the upstream and downstream businesses recover together, and it announced an interim dividend of 1.4 baht per share, a dividend yield of about 3.2%, going ex-dividend on 7 October 2026.

PTT shares jumped to 43.25 baht per share, the highest in nearly six years, after the board approved an interim dividend of 1.40 baht per share, worth 39.6 billion baht. The stock will go ex-dividend on October 7, with payment scheduled for October 22, 2026. The company also announced a buyback of 238.66 million shares between September 28 and October 12. Brokers view the dividend as higher than expected and recommend buying, with a target price of 49 baht per share. Meanwhile, AWC will hold a press conference today on the sale of assets into a REIT, preparing to set up a trust worth about 50 billion baht, with a target price of 3.90 baht per share. VCOM has signaled a large revenue recognition in the fourth quarter of 2026 and is confident full-year revenue will meet its 2.2 billion baht target. CK is proceeding with the sale of 200 million BEM shares through a big lot, worth a total of more than 1.3 billion baht at 6.50 baht per share, with subscriptions exceeding the offered shares by more than seven times. SEAOIL approved an investment in newly issued ordinary shares of Jatujak Pattana, an 8% stake worth a total of 40 million baht, with the transaction expected to be completed within the fourth quarter of this year.

The board of PTT Public Company Limited, or PTT, has approved an interim dividend of 1.40 baht per share for its first-half 2026 results and retained earnings. The ex-dividend date is set for 7 Oct 2026, the record date for dividend entitlement is 8 Oct 2026, and the payment date is 22 Oct 2026, for a total of approximately 39.655 billion baht. Of that, 0.91 baht per share carries a tax credit entitlement, while the remaining 0.49 baht per share does not. Meanwhile, PTT shares helped prop up the Thai stock index, which closed yesterday without falling below 1,600 points. As for GULF shares, after the price fell to 60.25 baht and held, it rose to test resistance at 63.00 baht but failed to break through. Yesterday, 24 September, was the first day that Singtel was able to sell the GULF shares held by SINGTEL GLOBAL INVESTMENT PTE. LTD., roughly 4.95%, after having previously signalled it would manage its GULF holdings, making for negative sentiment. The original support remains at 60.25-60.00 baht; if it breaks, there is a chance of a drop to between 54.00-56.00 baht. DELTA shares fell 1 baht yesterday, affecting the index by only 1 point, while ADVANC shares have declined throughout the past 2-3 months, reflecting that institutions or funds are offloading holdings. The first support is 337 baht, next 303 baht, and the safe price zone is 282-280 baht. Meanwhile, Pimjai Leeissaranukul, chairman of the Federation of Thai Industries, supports extending the Thai Chuay Thai Plus programme for another 2 months, as well as increasing the credit limit on the state welfare card, to help reduce the cost of living and pass momentum to the business sector, especially small operators and SMEs. Meanwhile, Areerat Murachai, chief analyst at G Capital Company Limited, or GCAP GOLD, said gold prices are signalling a recovery after returning to stand above 4,300 US dollars per ounce and edging closer to key resistance at 4,400 US dollars per ounce, supported by lower oil prices. She recommends waiting to buy on a pullback and base-building around 4,330-4,300 US dollars per ounce, or about 68,250-67,800 baht for Thai gold, with resistance for short-term profit-taking at 4,400-4,420 US dollars per ounce, or roughly 69,200-69,500 baht.

Suwat Sinsadok, Managing Director of Globlex Securities, told "Than Hoon" that oil prices are likely to remain elevated for at least another six months, with a base-case floor of 70 to 80 dollars per barrel and a chance of swinging up to 80 to 90 dollars per barrel. He noted that commercial and strategic petroleum reserves in many countries around the world have fallen to very low levels. He also pointed out that a key window of roughly one to two months could see the opposing sides return to the negotiating table, under pressure from the U.S. general election and the start of winter. Even if talks conclude, repairing damaged production facilities in Russia and the Middle East will take time, meaning supply will not recover quickly over the next six months. On investment strategy, he still favors the energy and refinery groups, viewing the government's move to skim 4 baht per liter from refining margins as a negative but tolerable factor, because global refining margins, or GRM, remain above 10 dollars per barrel and the diesel crack spread is around 50 dollars per barrel. PTT is the top pick, while TOP is given a fundamental target price of 88 baht, BCP just over 75 baht, and SPRC 15.50 baht. For petrochemicals, he recommends focusing on stocks that also have refineries, seeing IRPC and PTTGC as beneficiaries, followed by IVL.

Fitch Ratings announced it has revised the outlook on the long-term foreign-currency international credit ratings of the Electricity Generating Authority of Thailand, or EGAT, PTT Public Company Limited, and PTT Exploration and Production Public Company Limited, or PTTEP, to stable from negative, while affirming the long-term international credit ratings at BBB+. The outlook revision follows Fitch's revision of Thailand's long-term foreign-currency international credit rating outlook at BBB+ to stable from negative on September 18, 2026. For EGAT and PTT, Fitch assigns credit ratings equal to Thailand's sovereign rating, reflecting their standalone credit profiles at bbb+ together with government support, which Fitch assesses as certain under its criteria for rating government-related entities. PTTEP is rated at the same level as its parent, PTT, under the parent-subsidiary relationship criteria, with Fitch assessing PTT's strategic and operational incentive to support PTTEP as high and its legal incentive as low. PTTEP is PTT's only upstream business company and accounted for approximately 60% of PTT's consolidated earnings before interest, taxes, depreciation and amortization in 2025.

PTT, together with Bank of Ayudhya, announced the successful completion of its first sustainability-linked loan, or Sustainability Term Loan, worth 4.8 billion baht, with Krungsri acting as Sole Sustainability Finance Advisor and Sole Lender. This collaboration marks a significant step for PTT in integrating sustainability concepts into its business strategy. The loan facility will support key sustainability projects of PTT, such as forest restoration and expansion, as well as support for the development of science and technology education through Kamnoetvidya Science Academy, or KVIS, and the Vidyasirimedhi Institute of Science and Technology, or VISTEC. The transaction coincides with PTT's 48th anniversary and reflects the close and long-standing relationship between PTT and Krungsri, as well as Krungsri's commitment to being a leading regional bank for sustainability.

The PTT Group has announced an investment plan of more than 5 billion US dollars over the next 5 to 10 years to develop the Map Ta Phut area into a Low-Carbon Energy Hub, under a vision presented at Gastech 2026. Mr. Rattachak Kampanatsanyakorn, Senior Executive Vice President for Corporate Sustainability at PTT, said the plan is driven through three pillars: low-carbon energy and solutions, infrastructure for low-carbon industry, and the extension of new economies through the bio-circular economy and green electricity. On low-carbon energy, PTT will accelerate investment in renewable energy, press ahead with the Phase 3 LNG receiving and regasification terminal project for completion within 3 years to raise the country's LNG handling capacity to 27 million tons per year, and prepare to develop carbon capture and storage, or CCS, infrastructure with a target of at least 5 million tons per year by 2030. The project is expected to create more than 10,000 jobs and help reduce greenhouse gases by as much as 5 to 9 million tons per year. PTT is using an Area-Based Model and cooperating with the Department of Climate Change and Environment, or DCC, and the Industrial Estate Authority of Thailand, or IEAT. Mr. Bandit Thammaprachit, Chief Operating Officer of the Upstream Petroleum and Natural Gas Business Group at PTT, noted that Thailand has the potential to become a Physical LNG Hub given the strength of its receiving terminals and gas pipeline system, but it must increase its capabilities in reloading gas back onto ships, or Reload, and in break bulk. Meanwhile, Mr. Jaturong Worawitsurawatthana, Senior Executive Vice President of the International Trading Business Unit at PTT, said long-term contracts remain necessary for baseload power generation, but there must be flexibility in volumes, the right to defer cargo acceptance, and more options to change destinations.

PTT is studying investments in several overseas liquefied natural gas, or LNG, production projects and expects to finalise and propose one project to its board of directors for consideration within this year. Mr. Jaturong Voravitsuratwattana, Senior Executive Vice President of the International Trading Business Unit, said the LNG production sources to be invested in must initially have a volume of one million tonnes per year, and the decision will be based on return conditions in both cases: where the rate of return is very high even without the right to buy gas back for sale, and where the return is only slightly above the average cost of capital but comes with the right to buy gas back. PTT has set aside approximately one billion US dollars for investment in LNG production sources and plans to expand its investments further in the future to strengthen its LNG trading business, which is expected to reach 3.7 million tonnes in 2026 and expand to 10 million tonnes in 2030 and 15 million tonnes by 2035, supporting PTT's advance to become a Global LNG Player. Last week, PTT International Trading Company Limited, or PTTT, signed a cooperation agreement with Korea East-West Power Co., Ltd., or EWP, and also signed a long-term LNG purchase and sale agreement with GS Energy Trading Singapore Pte. Ltd., or GSETS, which is PTTT's first long-term LNG sales contract with GSETS, as well as with Equinor ASA of Norway. Meanwhile, Globlex Securities continues to recommend buying PTT and has raised its target price from 45 baht to 49 baht per share.

PTT Group is pressing ahead with expanding its role in the global energy market by signing long-term liquefied natural gas, or LNG, purchase and sale agreements and cooperation agreements with international partners at Gastech 2026, in a move to increase flexibility in sourcing and managing energy from various sources around the world. One of the key collaborations is the signing of a long-term LNG purchase and sale agreement between PTT International Trading Pte Ltd, or PTTT, and GS Energy Trading Singapore Pte. Ltd., or GSETS, an energy company from the Republic of Korea. This marks the first long-term LNG sales agreement between the two parties. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited, and Mr. Yongsoo Huh, Vice Chairman and Chief Executive Officer of GS Energy Corporation, together with Mr. Prasong Intaranongpai, Chief Operating Officer of the Downstream Petroleum Business Group, and Mr. Jaturong Worawitsurawatthana, Executive Vice President of the International Trading Business Unit, witnessed the signing. The collaboration aims to strengthen LNG trade between Thailand and the Republic of Korea and to expand opportunities into major markets in the North Asia region. Meanwhile, PTTT also signed an agreement with Korea East-West Power Co., Ltd., or EWP, to seek opportunities in the LNG business, both in enhancing management efficiency and in joint investment in upstream operations. In addition, PTTT signed a long-term LNG purchase and sale agreement with Equinor ASA, or Equinor, an energy company from the Kingdom of Norway, reflecting the expansion of its partner network and the linking of energy sources from multiple regions around the world. Cooperation with partners in both Asia and Europe will help accelerate the expansion of its LNG portfolio, increase flexibility in managing the LNG supply chain, and support PTT Group's goal of becoming a Global LNG Player in order to create long-term growth.

PTT has announced a goal to expand the volume in its LNG portfolio from 3.7 million tonnes in 2026 to 10 million tonnes in 2030 and to reach 15 million tonnes by 2035, separate from the LNG volume under long-term contracts procured to serve domestic demand, totalling 6.2 million tonnes per year. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT, said the PTT Group views natural gas and LNG as a destination fuel that will still have a role in the system over the long term, not merely as a transition fuel. The PTT Group has an onshore and offshore gas pipeline network spanning more than 4,500 kilometres, connected to two LNG receiving and regasification terminals operated by PTTLNG, with a combined regasification capacity of 19 million tonnes per year. Meanwhile, PTTEP is expanding investment in 10 countries worldwide and made a final investment decision in 2025 on a carbon capture and storage project, or CCS, at the Arthit natural gas field, with the potential to capture and reinject up to 1 million tonnes of carbon dioxide per year, and it is Thailand's first CCS project. At present, PTT's international trading business has more than 6 offices and a trading network covering more than 80 countries. PTT is also developing a Free Zone system and Virtual Inventory to support Thailand's development into a regional LNG trading hub.

PTT Public Company Limited reported on the oil market situation for the week of September 21-25, 2026, that average weekly oil prices rose across all categories. Brent crude stood at 105.79 US dollars per barrel, up 4.12 US dollars. West Texas crude stood at 102.37 US dollars per barrel, up 4.47 US dollars, and Dubai crude stood at 124.90 US dollars per barrel, up 8.45 US dollars. Meanwhile, 95-octane gasoline stood at 149.14 US dollars per barrel, up 11.22 US dollars, and diesel stood at 193.29 US dollars per barrel, up 18.61 US dollars. The main pressure came from the US-Iran war, which looks set to escalate after US embassies across the Middle East issued security alerts and warned citizens to avoid travel to Iran, Iraq, Lebanon, Yemen, Syria, and Saudi Arabia. At the same time, the conflict between Saudi Arabia and the Houthi group in Yemen continues to spread. On September 19, 2026, the Houthis used missiles and drones to attack Riyadh, including the area around King Khalid International Airport, causing fires. In addition, Saudi Aramco of Saudi Arabia sold 60 million barrels of crude oil for delivery in September to October 2026 from the Ras Tanura port, using ship-to-ship transfers in the Gulf of Oman to deliver to customers. Russia claimed it intercepted more than 1,600 Ukrainian drones during September 19-20, 2026, of which 450 were headed for Moscow, the largest attack on the capital since the Russia-Ukraine war began in 2022, leaving at least 3 people dead, at least 20 injured, and about 400 people evacuated from buildings. Meanwhile, the Moscow refinery of Gazprom Neft, with a capacity of 245,000 barrels per day in the Kapotnya district in southeastern Moscow, was attacked and caught fire, but there have been no reports of damage.

September earnings estimates for the SET were revised up a further 0.7% month on month and 15.6% since the start of the year, driven mainly by sectors benefiting from higher energy and commodity prices. Petrochemicals led the way with a 6.2% month-on-month increase, as PTTGC rose 13% and IVL gained 7%. The energy sector rose 1.8%, led by refiners BCP up 26%, TOP up 10% and SPRC up 9%, which lifted the estimate for sector heavyweight PTT by a further 2%. The agricultural sector rose 2.1% on higher rubber prices, with STA's earnings estimate revised up 26%. However, the upward revisions are no longer as broad-based as before: fuel station operators PTG fell 26% and OR dropped 4%, while power plant groups SPP, BGRIM and GPSC slipped 2% and 1% respectively. In real estate, LH fell 1% and ORI dropped 13%, reflecting a growing divergence in earnings estimate trends between sectors and individual companies. Stocks still seeing upward revisions included AWC up 8%, CENTEL up 5%, BJC up 4%, CRC up 3%, AMATA up 8% and GUNKUL up 2%.

Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.

The US Federal Reserve voted unanimously 12–0 to raise interest rates by 0.25% to a range of 3.75–4.00%, its first hike since 2023, and signaled it may raise once more this year. Its latest projections put the year-end 2026 rate at about 4.1%, with 2027 likely holding steady before a possible cut in 2028. Several brokers assess the meeting as negative for the Thai stock market in the short term, because US Treasury yields and the dollar are likely to strengthen, which could pressure foreign capital flows and share prices, especially growth stocks and those with high P/E ratios, amid inflation still above the 2% target and oil prices holding above 100 dollars a barrel, forcing the market to cope with a prolonged period of high interest rates. Tisco Securities estimates the SET will move in a range of 1,570–1,660 points, with support at 1,570–1,580 points and resistance at 1,630 and 1,660 points, and highlights the energy and commodities group such as PTTEP, PTT, SPRC, TOP, IVL, PTTGC, CPF, TFG, GFPT, TVO, SCGP and SCCC; the banking and insurance group such as KBANK, KTB, TTB, BLA and TLI; and the AI, infrastructure and power group such as HANA, AMATA, WHA, GULF, EGCO, ADVANC, TRUE and STECON. Meanwhile, Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, especially BDMS and BCH, and warns that expensive, rate-sensitive stocks such as DELTA could come under pressure if the Fed signals more sustained rate hikes than the market expects.

Mr. Bandit Thammaprachit, Chief Operating Officer of the Upstream Petroleum and Natural Gas Business Group at PTT Public Company Limited, or PTT, disclosed that amid the energy transition, natural gas continues to play an important role both as a transition fuel and a destination fuel, especially in Asia, where energy demand is still trending upward, driven by the power sector, the industrial sector, and new sources of demand such as data centers and AI. He also noted that LNG procurement models are shifting from a point-to-point LNG system to a connected flexible network that links supply sources, shipping routes, infrastructure, and destination markets together. PTT therefore places importance on developing both gas and LNG infrastructure and its LNG portfolio in parallel, with two key approaches: first, developing infrastructure to be more connected and flexible, moving from having capacity to having connectivity and flexibility through enhanced storage, reload, re-export, break-bulk, and ship-to-ship capabilities, as well as a virtual inventory approach; and second, building a diversified and flexible LNG portfolio by spreading diversity across supply sources, regions, sellers, contract types, transportation, and destination markets, while balancing long-term contracts that serve as the foundation of supply security with short-term and spot market procurement. Through the development of connected infrastructure alongside a flexible LNG portfolio, PTT aims to elevate Thailand's potential to become the region's physical LNG delivery hub, in order to strengthen the security and flexibility of the Thai energy system.

Yuanta Securities raised its Dubai crude oil price assumptions for 2026-2027 to 90 dollars per barrel from 85 dollars per barrel, and to 75 dollars per barrel from 70 dollars per barrel, respectively, after Middle East tensions dragged on longer than previously expected, with the situation having been expected to gradually ease in the second half of 2026. Instead, tensions re-escalated from early September after the United States and Iran resumed attacks on each other following a ceasefire that had held since July, and the conflict also spread to Saudi Arabia and the Houthi group, which attacked refineries and the East-West Pipeline that carries roughly 4-5 million barrels per day, or 4-5% of global supply. Saudi Arabia said it could restore partial operation of about 50% within the next few days, but a full return to capacity may take around six weeks. The research team raised its 2026-2027 net profit forecasts for PTTEP by 5-12% to 77 billion baht and 72 billion baht, respectively. It maintained its investment weighting for the energy sector at "equal to market" and sees upstream energy stocks PTT, PTTEP and BANPU as the main choices for investment at this time, with BANPU as the top pick with a "buy" rating and a fair value of 19.00 baht, driven by its gas business in the United States, which is supported by the data center industry, and its coal business, which benefits from demand substituting for LNG in a region strained by war. Meanwhile, risk-averse investors can invest in PTT with a "buy" rating and a fair value of 45.00 baht, based on its integrated business with lower volatility and consistently high dividend payouts.

InnovestX Securities has assessed three possible outcomes for tomorrow's US Federal Reserve meeting, after US August inflation figures came in close to expectations. The Consumer Price Index stood at 3.4% year-on-year, unchanged from the previous month, while Core CPI slowed from 2.5% to 2.4% year-on-year. However, the month-on-month figures came in slightly above expectations, and the overall inflation level remains above the Fed's target, keeping the market concerned about the interest rate path. The first scenario is a hold, which is the base case, but the market assigns it only about 10% probability, while nearly 90% expect a rate hike. The second scenario is a single Dovish Hike with no signal of further increases, which could pressure the SET to pull back in the short term before building a base. The third scenario is a Hawkish Hike with a signal of further increases, in which case the Dot Plot must be watched to see whether it reflects a higher rate path for next year. For Thai equity portfolios, InnovestX recommends two defensive themes for low-risk investors. The first is a Domestic Play, focusing on big-cap stocks with domestic revenue, such as CPALL, CPN, CRC, BDMS, BCH, PR9 and CHG. The second is a High Dividend Play, stocks expected to deliver a consistent dividend yield above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC, PTT, FTREIT and LHSC. For investors with a high risk appetite, the firm recommends a Tactical strategy based on the meeting outcome. If the Fed holds rates, it sees a Risk-on play in MTC, SAWAD, TIDLOR, AP, SIRI, DELTA, HANA and KCE. If it is a Dovish Hike, it recommends buying on dips. If it is a Hawkish Hike, it recommends raising cash holdings and waiting for a market correction over roughly three to six months before considering groups that benefit from high interest rates and a weak baht, namely BBL, KBANK, KTB, TLI, BLA, TU and ITC.

Bualuang Securities outlined a tactical strategy based on data through August 18, noting that although the SET has climbed back to around 1,600 points from 1,260 points at the end of last year, this year-to-date rally has been highly concentrated. The SET is up 26.7% year-to-date, or 28.7% when measured by market capitalization, yet the median gain is only 7.6%, and just 24.2% of all stocks have managed to beat the market, even though 64.5% delivered positive returns. The top ten stocks driving the index accounted for more than 62% of the gains, with DELTA alone contributing 26.5%. Leader-group share prices have risen far faster than their earnings, delivering an average return of 51.1% against profit growth of 25.7%, while non-leader stocks returned only 18.3% despite similar profit growth of 24.0%, because the average PER of the leaders rose 18.6% while that of non-leaders fell 4.9%. On 2026 earnings estimates, the leader group is expected to grow 28.6%, but in 2026 the market expects earnings to decline 5.0% in 2027, and leaders trade at a 2026 PER 115% higher than non-leader SET50 stocks. The expensive valuations are concentrated mainly in DELTA. If PTTGC and DELTA are excluded, and the restructured GULF and BANPU are left out, six leader stocks remain trading at a 2026 PER of just 11.66 times, below the 13.10 times of SET50 ex-leaders, even though their earnings are expected to grow 25.6% versus 15.3%. The strategy from here, therefore, is to find gap-closing stocks that the market has yet to value, screening for SET50 names that have lagged the market and remain cheaply valued relative to their history but still have supportive fundamentals, blending growth groups that support low valuations with quality-on-sale names. The five final picks are PTT, CPALL, OSP, BDMS and MINT as the standout stocks for this investment theme.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited, or PTT, said at Gastech 2026 that energy providers cannot drive the energy transition alone, and must therefore build strategic partnerships and invest in shared regional infrastructure to ensure security and keep Southeast Asia's energy costs at appropriate levels over the long term. Thailand currently draws about 50% of its natural gas from domestic sources and imports roughly 50%, and PTT is focused on managing risk by diversifying fuel supply sources while expanding oil and gas exploration and production in the Gulf of Thailand. At the same time, high electricity use in industry and fast-growing data centre businesses across the region are making the stability of power systems more important. Dr. Kongkrapan noted that Southeast Asia already has cross-border energy links, including thousands of kilometres of cross-border gas pipelines such as the network between Thailand and Malaysia, as well as nearly 20 LNG receiving terminals. But large infrastructure projects require heavy investment and take years to build, and a single operator may not be able to shoulder the cost, so trust must be built among partners, even if they have not cooperated directly under past natural gas or LNG purchase agreements. PTT has raised the flexibility of its refineries so they can switch between Middle Eastern and East Asian crude oil within one week, allowing Thailand to maintain energy continuity and avoid shortages during past crises. Although a flexible energy system costs more, PTT is ready to invest ahead of time and manage the financial burden internally to safeguard energy security and deliver energy to end consumers at the lowest possible cost.