Company Preview 17 Apr 2018

Btmn Net profit EPS

PTTGC – BUY (TP’18: 113) 1QFY18 norm-profit expected to hit new high 1QFY18E

4QFY17

1QFY17

% y-y

% q-q

12,646

9,559

13,182

-4.1

32.3

2.83

2.23

2.96

-4.1

32.3

 1QFY18 norm-profit expected to hit new high: We forecast norm-profit will scale a new high of Bt11.9bn, up 12% q-q and 7% y-y in 1QFY18 due chiefly to wider petrochemical spreads and a high utilization rate. In this period, refinery business is likely to weaken on assumptions that market GRM will drop to US$6.4/barrel compared to US$6.8/barrel in 4QFY17 due to an upward trend in crude premium, tracking crude oil prices but it will receive a boost from higher spreads of middle distillates. Olefins business is expected to be better as HDPE price grew 13% q-q to US$1,379 as a result of China’s growing demand. The performance of aromatic business is projected to be slightly weaker although spreads of paraxylene and benzene spreads increased q-q, the business is still under pressure from a q-q decrease in by-product spreads (LPG and condensate) which may pull P2F down to US$184/ton from US$194/ton in 4QFY17. However, we estimate norm-profit will soar to Bt12.6bn, up 32% q-q but down 4% y-y if the impact of oil stock and baht value is included in our forecast.  ‘BUY’ rating still intact with target price of Bt113/share: We leave our FY18 profit outlook for PTTGC unchanged at Bt43.5bn, representing an 11% increase, on expectations that (i) petrochemical spreads tend to be stronger, (ii) PTTGC will recognize a full-year contribution from the ‘asset injection’ project which is expected to generate a profit of around Bt4.9bn a year, (iii) efficiency enhancement of MAX project is expected to add a profit of around Bt3bn, and (iv) PTTGC will unlikely set aside investment impairment allowances as it recorded last year for Myriant. (Source: Company) Naree Apisawaittakan Securities Investment Analyst #17971/Athid Siriphand Ref. No.: CO2018_330 This report is for information only and should not be construed as an offer or solicitation for the purchase or sale of any securities referred to herein. PST accepts no liability whatsoever for any loss, direct or indirect from the use of this information, and reliance upon the comments, opinions or analyses in the material is at the sole discretion of the user.

Corporate Governance - 2017

Thai CAC (As of July 31, 2017) Declared

Non-participation

A

AI

AIE

AIRA

AJ

2S

ALUCON

AMATAV

AOT

APCO

AQUA

ADAM

AEC

AEONTS

AF

AFC

ARROW

ASIA

ASK

AU

BCH

AGE

AH

AAV

AHC

AIT

AJA

BROCK

AKR

CEN

CGH

CHEWA

CHG

AMATA

AMC

ANAN

APCS

APEX

CHOW

CIG

COL

COM7

APURE

AQ

ARIP

AS

ASAP

CPALL

CPF

BLAND

CPR

BR

CSC

EKH

ASEFA

ASIAN

ASIMAR

AMA

ACC

CHOTI

BJCHI

ALT

ACAP

BRR

BJC

ALLA

ABICO

ASN

AMARIN

ATP30

EPCO

FC

FER

FPI

FSMART

AUCT

BA

BAT-3K

BCPG

BDMS

GEL

GFPT

GGC

GIFT

GJS

BEAUTY

BEC

BEM

BFIT

BGRIM

GLOBAL

GOLD

GPSC

GREEN

GSTEL

BGT

BH

BIG

BIZ

BKD

GUNKUL

HARN

IFS

ILINK

INET

BLISS

BM

BOL

BPP

BSBM

IRC

J

JMART

JMT

JUBILE

BSM

BTC

BTNC

BTW

BUI

JUTHA

KASET

KBS

KCAR

KTECH

CBG

CCET

CCP

CGD

CHARAN

KWC

KYE

L&E

LEE

LIT

CHO

CHUO

CI

CITY

CK

LVT

MAKRO

MATCH

MATI

MBAX

CKP

CMO

CMR

CNT

COLOR

MC

MFEC

MIDA

MILL

ML

COMAN

CPH

CPL

CRANE

CRD

MTLS

NBC

NCL

NEP

NINE

CSP

CSR

CSS

CTW

CWT

NNCL

NTV

NUSA

NWR

D

DCON

DCORP

DELTA

NMG

DIGI

OGC

PACE

PAF

PAP

PATO

DNA

DTCI

EA

EARTH

EASON

PCSGH

PIMO

PK

PL

PLANB

ECF

EE

EFORL

EIC

EMC

POST

PRINC

PRO

PSTC

PYLON

EPG

ERW

ESSO

ESTAR

ETE

QTC

ROH

ROJNA

RWI

SANKO

EVER

F&D

FANCY

FMT

FN

SAUCE

SC

SCCC

SCN

SEAOIL

FOCUS

FORTH

FTE

FVC

GC

SE-ED

SENA

SIRI

SMART

SPACK

GENCO

GL

GLAND

GRAMMY

GRAND

SPPT

SPRC

SR

SRICHA

SST

GTB

GYT

HFT

HOTPOT

HPT

STA

SUPER

SUSCO

SWC

SYMC

HTECH

HYDRO

ICHI

ICN

IEC

TAKUNI

TBSP

TFI

THE

TICON

IHL

III

INGRS

INOX

INSURE

TIP

TKN

TLUXE

TMILL

TMT

IRCP

IT

ITD

ITEL

JAS

TNP

TPA

TRUE

TSE

TTI

JCT

JSP

JTS

JWD

KAMART

TU

TVD

TVO

TVT

TWPC

KC

KCM

KDH

KIAT

KKC

U

UPA

UREKA

UWC

VGI

KOOL

KTIS

KWG

LALIN

LDC

VIBHA

VIH

VNT

WAVE

WHA

LH

LOXLEY

LPH

LRH

LST

WICE

WIIK

LTX

M

MACO

MAJOR

MALEE

MANRIN

MAX

M-CHAI

MCS

MDX

Certified ADVANC

AMANAH

AP

ASP

MEGA

METCO

AYUD

BAFS

BANPU

BAY

BBL

MM

MODERN

MPG

MPIC

NC

BCP

BKI

BLA

BROOK

BTS

NCH

NDR

NETBAY

NEW

NEWS

BWG

CENTEL

CFRESH

CIMBT

CM

NFC

NOBLE

NOK

NPK

NPP

CNS

CPI

CPN

CSL

DCC

NVD

NYT

OHTL

OISHI

ORI

DEMCO

DIMET

DRT

DTAC

DTC

OTO

PAE

PDG

PERM

PF

EASTW

ECL

EGCO

FE

FNS

PICO

PJW

PLANET

PLE

PMTA

FSS

GBX

GCAP

GLOW

HANA

POLAR

POMPUI

PPM

PRAKIT

PRECHA

HMPRO

AKP

HTC

ICC

IFEC

INTUCH

PRIN

PRM

MGT

PTL

MJD

RAM

MK

RCI

IRPC

IVL

K

KBANK

KCE

RCL

RICH

RICHY

RJH

ROCK

KGI

KKP

KSL

KTB

KTC

RP

RPC

RPH

RS

S

LANNA

LHBANK

LHK

LPN

MBK

S11

SAFARI

SALEE

SAM

SAMART

MBKET

MCOT

MFC

MONO

SAMCO

SAMTEL

SAPPE

SAWAD

SAWANG

MOONG

MSC

MTI

NKI

NSI

SCI

SCP

SDC

SE

SEAFCO

OCC

OCEAN

PB

PDI

PE

PG

PHOL

PLAT

PPP

SELIC

SFP

SGF

SHANG

PPS

PRANDA

PREB

PRG

PSH

SIAM

SIMAT

SKN

SKR

SKY

PSL

PT

PTG

PTT

PTTEP

SLP

SMK

SMM

SMT

SOLAR

PTTGC

Q-CON

QH

QLT

RATCH

SPA

SPALI

SPCG

SPG

SPORT

RML

ROBINS

S&J

SABINA

SAT

SPVI

SQ

SSC

SSP

STANLY

MINT

PM

SF

SCB

SCC

SCG

SGP

SINGER

STAR

STEC

STHAI

STPI

SUC

SIS

SITHAI

SMIT

SMPC

SNC

SUTHA

SVH

SVOA

SYNEX

T

SNP

SORKON

SPC

SPI

SSF

TACC

TAPAC

TASCO

SSI

SSSC

SVI

SYNTEC

TAE

TCC

TCCC

TCJ

TCOAT

TEAM

TCAP

TCMC

TFG

TGCI

THANI

TFD

TFMAMA

TGPRO

TH

THAI

THCOM

THRE

TC

TCB

THREL

TIPCO

TISCO

THANA

THIP

THL

TIC

TKT

TMB

TMD

TNITY

TNL

TK

TKS

TM

TMC

TMI

TOG

TOP

TPCORP

TRU

TSC

TMW

TNDT

TNH

TNPC

TNR

TIW

TSTH

TTCL

TVI

UOBKH

WACOAL

TOA

TOPP

TPAC

TPBI

TPCH

TPIPL

TPIPP

TPOLY

TPP

TR

TRC

TRITN

TRT

TRUBB

TSF

TSI

TTA

TTL

TSR

TSTE

TTTM

TTW

TUCC

TWP

TWZ

TYCN

UAC

UBIS

UEC

UKEM

UMI

UMS

UNIQ

UP

UPF

UPOIC

UT

UTP

UV

UVAN

VARO

VI

VNG

VPO

VTE

WG

WHAUP

WIN

WINNER

WORK

WORLD

WP

WPH

WR

XO

YCI

YNP

YUASA

ZIGA

ZMICO

Industry Group Name Agro & Food Indus try[AGRO] Cons umer Products [CONSUMP]

Fi na nci a l s [FINCIAL]

Indus tri a l s [INDUS]

Property & Cons tructi on[PROPCON]

Res ources [RESOURC] Servi ces [SERVICE]

Technol ogy [TECH]

Sector Name Agri bus i nes s Food & Bevera ge Fa s hi on Home & Offi ce Products Pers ona l Products & Pha rma ceuti ca l s Ba nki ng Fi na nce & Securi ti es Ins ura nce Automoti ve Indus tri a l Ma te ri a l s & Ma chi nery Pa cka gi ng Pa per & Pri nti ng Ma teri a l s Petrochemi ca l s & Chemi ca l s Steel Cons tructi on Ma teri a l s Cons tructi on Servi ces Property Devel opment Property Fund & REITs Energy & Uti l i ti es Mi ni ng Commerce Medi a & Publ i s hi ng Hea l th Ca re Servi ces Touri s m & Lei s ure Profes s i ona l Se rvi ces Tra ns porta ti on & Logi s ti cs El ectroni c Components Informa ti on & Communi ca ti on Technol ogy

Sector Index AGRI FOOD FASHION HOME PERSON BANK FIN INSUR AUTO IMM PKG PAPER PETRO STEEL CONMAT CONS PROP PF&REIT ENERG MINE COMM MEDIA HELTH TOURISM PROF TRANS ETRON ICT

PSR Rating System Capital Gain > 15% > 5% - 15% > 0% - 5% 0 <=

Recommendation BUY ACCUMULATE / TRADING BUY NEUTRAL SELL

Remarks We do not ba s e our recommenda ti ons enti rel y on the a bove qua nti ta ti ve return ba nds . We cons i der qua l i ta ti ve fa ctors l i ke (but not l i mi ted to) a s tock's ri s k rewa rd profi l e, ma rket s enti ment, recent ra te of s ha re pri ce a ppreci a ti on, pres ence or a bs ence of s tock pri ce ca ta l ys ts , a nd s pecul a ti ve undertones s urroundi ng the s tock, before ma ki ng our fi na l recommenda ti on

Research Team Fundamental Sa s i korn Cha roe ns uwa n, CFA, CAI A Da na i Tunya phi s i tcha i , CFA

Analyst Reg No. Ca pi ta l Ma rke t I nve s tme nt Ana l ys t #9744 Ca pi ta l Ma rke t I nve s tme nt Ana l ys t #2375

Tel 662 635 1700 Ext 480 662 635 1700 Ext 481

Na re e Api s a wa i tta ka n

Se curi ti e s I nve s tme nt Ana l ys t #17971

662 635 1700 Ext 484

Si a m Ti ya nont Adi s orn Mua ngpa rnchon Ha tha i cha noke Moonwong Pa ttra porn Boonma l e rt Ya ni n Api cha rts a kul wong Athi d Si ri pha nd Pa cha ra Ye npa i s a rn

Se curi ti e s I nve s tme nt Ana l ys t #17970 Se curi ti e s I nve s tme nt Ana l ys t #18577 Se curi ti e s I nve s tme nt Ana l ys t #64324 Se curi ti e s I nve s tme nt Ana l ys t #95008 Se curi ti e s I nve s tme nt Ana l ys t #41993 As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t

662 635 1700 Ext 483 662 635 1700 Ext 497 662 635 1700 Ext 530 662 635 1700 Ext 525 662 635 1700 Ext 532

Strategy Te e ra da Cha rnyi ngyong Chuti ka rn Sa nti me tvi rul Kl a na rong Mongkol s i ri cha i kul Ki tti Bua bue ng Ta na pon Ni mi tta non

Se curi ti e s I nve s tme nt Ana l ys t #9501 De ri va ti ve s Inve s tme nt Ana l ys t #37928 As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t

662 635 1700 Ext 487 662 635 1700 Ext 491

Technical Sa s i ma Ha tta ki tni korn Kri tti na t Pa ntuwi chi t

Se curi ti e s I nve s tme nt Ana l ys t #18328 As s i s ta nt Ana l ys t

662 635 1700 Ext 490

Database & Production Ma nunpa t Yue nyongwa ta na korn Suti porn Oupka e w Ka ni ttha Sri wong Translation Cha i yot I ngkha s ora ra t Cha l oe mpong Pha ntupo

Sector Fi na nce &Se curi ti e s Cons tructi on Ma te ri a l s , Prope rty De ve l opme nt, Ene rgy Agri bus i ne s s , Food&be ve ra ge , El e ctroni c Compone nts , Ene rgy, Pe troche mi ca l s , I CT Tra ns porta ti on, Me di a & Publ i s hi ng Ba nki ng, Se curi ti e s & Fi na nce , He a l th Ca re , Touri s m Food&be ve ra ge , I CT Automoti ve , Comme rce

Head Office and Branches Domestics Offices Bangkok Offices He a d Offi ce Sri n a ka ri n dr Vi p ha va d e e Ya owa ra j Ba n gka pi 1 Ba n gka pi 2 Hu a l ump ho ng Ra n gs i t Si a m Di s cove ry Ce ntra l Worl d Si nd h orn EmQu a rti e r Ama ri n

849 Vora wa t Bl dg., 11s t Fl ., Un i t 1101,1102,1104, 14th Fl ., Un i t 1403, 1404 a n d 15th Fl ., 22n d Fl ., Un i t 2202 Si l om Rd. Si l o m,Ba n gra k, Ba n gko k 10500 699 Mod e rn fo rm To we r, 17th Fl ., Sri na ka ri nd r Rd ., Su a n Lua ng, Su a n Lua ng, Ba n gkok 10250 333 La o Pe n g Ngu a n To we r 1, 15th Fl ., So i Chu a yp ua n g, Vi p ha va d i -Ra ngs i t Rd ., Jomph o n, Cha tu cha k, Ba n gko k 10900 308 Ka n ch a na dh a t Bl d g., 19th Fl ., Ya o wa ra t Rd ., Ja ka wa t, Sa mpa nta won g, Ba n gko k 10100 3522 The Ma l l Offi ce To we r-Ba ngka p , 8th Fl ., La d Pra o Rd., Kl o n gcha n, Ba ngka p i , Ba ngkok 10240 3522 The Ma l l Offi ce To we r-Ba ngka p , 8th Fl ., La d Pra o Rd., Kl o n gcha n, Ba ngka p i , Ba ngkok 10240 320 Ta n g Hua Pa k Bl d g., 4th Fl ., Ra ma 4 Rd., Ma h a p ru th a ra m, Ba n gra k, Ba ngkok 10500 94 Fu tu re Pa rk Ra ngs i t, G Fl ., Ro om#PLZ.G.SHP065A, Pa h ol yothi n Rd ., Pra ch a thi pa t, Thu nya bu ri , Pa th umtha ni 12130 989 Si a m To we r Bu i l di ng, 11th Fl ., Un i t A2, Ra ma I Rd ., Pa th umwa n , Pa th umwa n, Ba ngkok 10330 999/9 Th e Offi ce s a t Ce ntra l Wo rl d, 17 FL. Un i t ML 1707, Ra ma I Rd , Pa th umwa n, Pa thu mwa n , Ba n gko k 10330 130-132 Si n dh orn Towe r 3 Bui l d i n g, 19 Fl o or, Wi re l e s s Rd., Lu mpi ni , Pa th umwa n, Ba ngkok 10330 689 Bhi ra j To we r a t EmQu a rti e r, 39th fl oo r, Un i t 3909-10, Su khu mvi t Rd ., Kl on gto n Nu e a , Va dh a n a , Ba ngkok 10110 496-502 Ama ri n To we r, 8th fl o or, Un i t 6-7, Pl o e nch i t Rd ., Lump i n i , Pa thu mwa n , Ba n gko k 10330

Provincial Offices Ch i a n gma i Ha d Ya i Ha d Ya i - Pe tka s e a m Kh on Ka e n Ph i ts a nu l o k Ch ump orn Le a mcha ba ng I nve s to r Ce n te r Kho nKa e n

111/51 Mo o 2 Ma h i d ol Rd ., No ng Ho i , Mu a n g Chi a n g Ma i , Ch i a ng Ma i 50000 55 So uthl a n d Ru bb e r Bl d g., 4th Fl ., Ra tyi n d e e Rd ., Ha d Ya i , Ha d Ya i , Son gkl a 90110 607 Re d a r Grou p Bl d g., 3rd Fl ., Uni t 3D, Pe tka s e a m Rd ., Ha d Ya i , Ha d Ya i , Son gkl a 90110 359/2 Ko w Yoo Ha h Bl d g., 4th Fl ., Mi tta p a p Rd., Na i mu a n g, Mua n g Kh on Ka e n , Kh on Ka e n 40000 59/15 Tha i Si va ra t Bl d g., 2n d Fl ., Ba ro mtri l o ka na d 2 Rd ., Na i mua n g, Mua ng Pi ts a nu l o k, Ph i ts a nu l o k 65000 25/45 Kro m Lu a n g Ch u mp orn Rd ., Ta ta pa o, Mu a n g Chu mp o rn , Ch umpo rn 86000 53/112, 53/114 Mo o 9, Tu ngs ukl a , Sri ra cha , Ch on bu ri 20230 252 Moo 11, Mu a ng Ka o , Mua ng Kho n Ka e n , Kh on Ka e n 40000

Overseas Offices SI NGAPORE HONG KONG MALAYSI A JAPAN I NDONESIA CHI NA FRANCE UNITED KI NGDOM UNITED STATES AUSTRALI A SRI LANKA TURKEY I NDI A DUBAI CAMBODI A

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Disclosures and Disclaimers (Cont.) To the extent permitted by law, PST, or persons associated with or connected to PST, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments which may be mentioned in this publication. Accordingly, information may be available to PST, or persons associated with or connected to PST, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and PST, or persons associated with or connected to PST, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. PST, or persons associated with or connected to PST, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic or political factors. Past performance is not necessarily indicative of future performance or results. Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PST and the research analyst believe to be reliable, but neither PST nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material and are subject to change without notice. Furthermore, PST is under no obligation to update or keep the information current. Caution: Risk of loss in trading in can be substantial. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. For U.S. persons only: This research report is a product of Phillip Securities (Thailand) PCL which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. This report is intended for distribution by Phillip Securities (Thailand ) PCL only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor. If Distribution is to Australian Investors This report is produced by Phillip Securities (Thailand) PLC and is being distributed in Australia by Phillip Capital Limited (Australian Financial Services Licence No. 246827). This report contains general securities advice and does not take into account your personal objectives, situation and needs. Please read the Disclosures and Disclaimers set out above. By receiving or reading this report, you agree to be bound by the terms and limitations set out above. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities (Thailand) PCL Registered office: 15/F, Vorawat Building, 849 Silom Road, Bangrak, Bangkok 10500 Thailand

pttgc - Settrade

Apr 17, 2018 - HONG KONG ... King & Shaxson Capital Limited 3rd Flr, 35 Rue de la Bienfaisance Tel (33-1) 45633100 www.kingandshaxson.com .... To the extent permitted by law, PST, or persons associated with or connected to PST, ...

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