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Name

Rating

TOP*
O
PTTGC*
N
BCP*
N
IRPC*
Unrated
SK Innovation
Unrated
S-Oil
Unrated
GS Holdings
Unrated
Formosa Petrochemical
Unrated
Reliance Industries Unrated
Hindustan PetroleumUnrated
Bharat Petroleum Unrated
China Petroleum&Chemicals
Unrated
JX Holdings
Unrated
Caltex Australia
Unrated

!&

Target price
(Bt)
67.0
65.0
32.0
4.0
120,893
68,731
47,619
68.3
1064.2
680.2
833
6
490.0
33.9

Current price
(Bt)
54.0
53.5
33.0
4.5
100,000
67,000
44,700
67.9
836.1
653.4
804
6
460.5
34.9

Upside
(%)
24.1
21.5
(3.0)
(10.0)
20.9
2.6
6.5
0.5
27.3
4.1
3.6
1.0
6.4
(2.7)

14 EPS
(Bt)
(2.0)
3.4
0.5
(0.3)
(6,404)
(2,473)
(3,664)
1.0
76.6
31.9
54
0
43.1
0.1

15F EPS
(Bt)
5.8
5.7
3.5
0.2
8,092
4,239
3,590
2.7
74.4
39.4
44
0
(72.1)
1.9

16F EPS
(Bt)
5.8
6.9
3.4
0.3
9,895
5,121
4,338
3.2
79.6
57.2
58
0
60.7
2.1

15F EPS
growth
(%)
393.9
67.1
582.2
174.2
(226.4)
(271.4)
(198.0)
179.1
(2.8)
23.4
(19.0)
(26.9)
(267.5)
2,447.3

16F EPS
growth
(%)
(0.0)
21.4
(3.6)
49.7
22.3
20.8
20.8
20.5
7.0
45.4
32.0
48.8
(184.2)
10.7

15F PER
(x)
9.3
9.4
9.3
23.1
12.4
15.8
12.5
25.6
11.2
16.6
18.4
21.4
(6.4)
18.5

16F PER
(x)
9.3
7.8
9.7
15.4
10.1
13.1
10.3
21.3
10.5
11.4
13.9
14.4
7.6
16.7

15F PBV
(x)
1.2
0.9
1.2
1.2
0.6
1.4
0.7
2.6
1.2
1.5
2.7
1.2
0.6
3.4

16F PBV15F Div yield15F ROAE

(x)
(%)
(%)
1.1
4.8
13.1
0.9
6.6
9.9
1.1
4.3
13.7
1.2
2.1
5.6
0.6
2.8
4.9
1.3
2.3
9.4
0.7
2.8
5.6
2.6
2.9
10.4
1.1
1.2
10.9
1.4
2.3
9.3
2.4
1.9
15.6
1.1
1.9
5.6
0.6
3.6
(9.0)
3.1
3.2
19.2

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