PTT Public Company LimitedPTT.BK

Why is PTT (PTT.BK) moving?

Q3 202620 Jul – 25 Sep 2026

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PTT hits near six-year high on record profit and oil surge

Record first-half profit and oil price surge PTT reported record first-half profit of 78.3 billion baht, up about 75%, as oil prices stayed above $100 on Middle East and US-Iran tensions. Foreign investors bought the stock, pushing it to a near six-year high of 43.25 baht.
This is the main new positive driver of PTT's price in Q3.
Shareholder returns and investment plans PTT offered a 6–10% dividend yield, a better-than-expected interim dividend, and a share buyback. It also announced a 1-trillion-baht five-year investment plan and secured an SCB credit line, boosting confidence.
These capital actions supported the stock price in Q3.
Government diesel price cut and petrochemical oversupply The government's diesel price cut hurt refinery profits by about 7.2 billion baht, with an additional ~4 billion baht hit at PTTGC. Petrochemical oversupply worsened as Chinese polyolefin imports rose 31%, pressuring margins.
These were the main negative factors weighing on PTT's earnings and stock.
Rising gas costs and Fed rate hikes Natural gas costs climbed to 380 baht per mmBTU, squeezing gas margins. Meanwhile, Fed rate hikes threatened fund flows into emerging markets, including Thailand, adding pressure on PTT shares.
These cost and monetary pressures acted as headwinds for PTT in Q3.

September 20261 Sep – 25 Sep 2026

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PTT hits near six-year high on dividend, buyback, ADNOC talks

Interim dividend and buyback PTT paid a better-than-expected interim dividend of 1.40 baht per share and announced a buyback of 238.66 million shares, pushing the stock to a near six-year high of 43.25 baht.
This is the main new event that directly lifted the share price in September.
ADNOC stake talks PTT held talks with ADNOC about selling stakes in its refining and petrochemical units, a move that could bring in cash and strategic partnership, boosting investor optimism.
This is a new development that added to positive sentiment during the period.
Oil above $100 on US-Iran tensions Oil prices rose above $100 per barrel due to US-Iran tensions, lifting profits for PTT's upstream and refining businesses, and supporting the stock's gains.
This is a new external factor that drove earnings expectations and the share price higher.
Rising gas costs and Fed rate hike Rising natural gas costs at 380 baht per mmBTU squeezed gas margins, while the Fed's rate hike to 3.75–4.00% threatened fund flows and growth stocks, though energy remained a favored inflation hedge.
This is a new risk that partially offset the positive drivers during the period.

Latest20 Sep – 25 Sep 2026

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PTT hits 6-year high on big dividend, buyback, high oil and LNG expansion

Higher-than-expected dividend and share buyback PTT announced an interim dividend of 1.40 baht per share, above expectations, and a buyback of 238.66 million shares. The stock jumped to 43.25 baht, a nearly six-year high. This directly returns cash to shareholders and signals management confidence, supporting the share price.
This is the most immediate new event driving the stock to a six-year high.
Oil prices surge on escalating US-Iran conflict PTT reported Brent at $105.79, up $4.12, and Dubai crude at $124.90, up $8.45, due to US-Iran war risks and attacks in the Middle East. Higher oil prices boost PTT's upstream and refining profits, pushing the stock up.
Oil price spikes directly lift PTT's earnings and are a major new development this period.
LNG expansion and $5 billion low-carbon hub investment PTT detailed plans to grow its LNG trading portfolio to 15 million tons by 2035 and invest over $5 billion in a low-carbon energy hub at Map Ta Phut. These long-term projects signal growth and keep investors interested.
These are new concrete investment plans that reinforce PTT's long-term growth story.
Fed rate hike pressures market but energy favored The Fed raised rates to 3.75–4.00%, which could pressure foreign fund flows and growth stocks. However, brokers still favor energy stocks like PTT as a hedge against high oil prices and inflation, providing some support.
This is a new macro factor that could cap gains but also makes PTT relatively attractive.

14 Sep – 18 Sep 2026

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PTT gains on ADNOC stake talks, LNG hub push, oil spike and dividend appeal

ADNOC stake talks in refining/petrochemical units Abu Dhabi's ADNOC is negotiating to buy stakes in PTT's refining and petrochemical affiliates, a move brokers say could unlock value and cut crude feedstock risk. PTT keeps control and may pay an interim dividend of about 1 baht per share. This supports the share price.
This is the biggest company-specific catalyst this period, directly lifting PTT's valuation and investor interest.
LNG expansion to 15 million tonnes by 2035 At Gastech 2026, PTT said it will grow its LNG trading portfolio from 3-4 million tonnes now to 10 million by 2030 and 15 million by 2035, and aims to become the region's physical LNG delivery hub. This signals long-term growth and keeps investors interested.
It is a concrete long-term growth plan that supports PTT's earnings outlook and share price.
Oil above $100 on Saudi pipeline attack Saudi Arabia halted its East-West pipeline after an attack, pushing Brent to about $101.67 and Dubai crude to $116.45. Higher oil lifts PTT's upstream and refining profits, and Yuanta raised its 2026-2027 oil price targets and named PTT a buy with a 45 baht fair value.
The oil supply shock is a major force behind PTT's earnings and the stock's recent gains.
Fund inflows and high-dividend defensive demand Bualuang expects about 24.6 billion baht of foreign inflows into Thai stocks over three months and recommends accumulating PTT. InnovestX and Yuanta also list PTT in high-dividend defensive plays, with a 6-10% yield, as the Fed keeps rates high. Steady income and foreign buying support the price.
It explains the demand side: new money and income investors are buying PTT, which supports the share price.

7 Sep – 10 Sep 2026

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ADNOC refinery stake talks and $100 oil lift PTT

ADNOC in talks to buy stake in PTT refinery Abu Dhabi's ADNOC is in talks to buy a stake in a PTT subsidiary's refinery, possibly with crude supply and product offtake deals. For PTT this could bring a deep-pocketed partner into its Genesis restructuring, unlocking value and improving returns on capital. Shares of PTT group refiners rose on the news.
This is the period's biggest new company-specific catalyst for PTT.BK.
Oil surges past $100 on Iran shipping restrictions Iran widened its shipping restriction zone beyond the Strait of Hormuz after US attacks on its tankers, pushing Brent to about $94.51 and Dubai crude above $100. Higher crude lifts PTT's upstream and refining profits, and brokers name PTT a top pick while prices stay elevated.
Higher oil is a direct, current earnings driver for PTT.BK.
Foreign money returns to Thai stocks, PTT favored Analysts say foreign investors are buying Thai stocks again on the AI and data-center theme, with energy names like PTT cited as attractive long-term holdings. New money into the market supports PTT's share price even without new company news.
Fund flows are a fresh demand driver for PTT.BK this period.

1 Sep – 4 Sep 2026

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Oil swings, diesel export plan, gas costs and data-center push shape PTT

Diesel export ban may be lifted early The Energy Minister proposed lifting the ban on diesel exports, possibly by early September instead of Q4. That would let PTT's refineries sell more diesel abroad and add roughly 0.5–1% to 2026 earnings, supporting the share price.
A concrete policy change that directly lifts PTT's refining earnings.
Oil price swings on US-Iran war US-Iran fighting pushed Brent above $91–92, making PTT a top pick for higher upstream profit. But PTT's own weekly report showed Brent down $3.06 and diesel down $9.32 as Gulf exports rose, so the oil boost is not one-way.
Oil is PTT's core profit driver, and the period shows both a war-driven spike and a weekly decline.
Rising gas costs squeeze PTT's gas margins Thailand's average gas cost rose from 347 to 380 baht per million BTU and may stay high through Q4. PTT guides Q3 gas prices at 360–420 baht; if the quarterly average tops 380–390, it pressures PTT's gas wholesale margins and caps earnings.
A direct cost headwind to PTT's gas business, the main earnings engine.
Data-center and Net Zero plans boost gas demand Thailand is pushing to become a regional data-center hub with over 10,000 MW of reserve power, and is speeding up Net Zero to 2050 with a carbon tax and ETS. PTT's CEO says natural gas stays essential and PTT will invest $5bn in CCS and iSPARK, supporting long-term gas and power demand.
New policy and investment signals that support PTT's long-term gas and low-carbon business.

August 20265 Aug – 27 Aug 2026

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PTT's record profit and growth plan offset by margin pressures

Record first-half profit PTT reported a record first-half 2026 profit of 78.3 billion baht, up about 75% from a year earlier, driven by strong refining, petrochemical, and natural gas results.
This is the main positive event of the period, showing strong financial performance.
Broker upgrades and dividend appeal Brokers raised their price targets to as high as 45 baht, citing gas strength, a 6–10% dividend yield, and safe-haven appeal, which likely attracted income-focused investors.
This reflects improved market sentiment and potential buying interest.
1-trillion-baht investment plan PTT unveiled a 1-trillion-baht five-year investment plan and LNG expansion to 15 million tonnes by 2035, signaling long-term growth and commitment to energy transition.
This is a major strategic announcement that could drive future growth.
Margin pressures from diesel cut and oversupply The extended diesel price cut pressures refinery margins, potentially costing PTT Global Chemical around 4 billion baht, while petrochemical oversupply, with Chinese polyolefin imports up 31%, continues to cap margins.
This is a key risk that could offset positive earnings and weigh on future profits.

23 Aug – 27 Aug 2026

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PTT's record profit, 1-trillion-baht plan and higher broker targets drive gains

Morgan Stanley raises PTT target to 44.90 baht Morgan Stanley lifted its PTT target price to 44.90 baht from 39.40 baht, part of a broad upgrade of Thai energy stocks. Foreign brokers see the petrochemical downturn ending sooner, which pulls more investor money into PTT and supports the share price.
A major foreign broker raising its target is a fresh, concrete reason investors are buying PTT now.
PTT unveils 1-trillion-baht five-year investment plan PTT announced a five-year plan to invest 1 trillion baht in oil exploration, production and infrastructure, expand LNG imports to 15 million tonnes by 2035, and lift overseas revenue to 50%. Big long-term spending signals growth and keeps investors interested in the stock.
This is a new, company-specific growth plan that directly shapes PTT's long-term earnings and investor appeal.
Record first-half profit of 78 billion baht confirmed PTT reported a record first-half 2026 net income of 78 billion baht, up 75% from a year earlier, the best half-year since 2017. Strong refining, petrochemical and upstream results, plus 8.7 billion baht of profit-boosting measures, back the earnings upcycle and support the share price.
The record profit is the core fundamental driver behind PTT's current strength and confirms the earnings recovery.
Petrochemical oversupply and Chinese imports pressure PTT Thailand's petrochemical industry still faces oversupply, with Chinese imports of polyolefins up 31% and aromatics like paraxylene and benzene in surplus. PTT is adjusting its portfolio and seeking new markets, but this keeps a lid on petrochemical margins and caps some of PTT's gains.
It is the main counterweight to the positive drivers, showing a real risk that limits how much PTT's petrochemical arm can contribute.

17 Aug – 21 Aug 2026

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PTT profit surges, LNG expansion and high dividends drive gains

First-half profit jumps 74.5% to 78.3 billion baht PTT reported first-half 2026 net profit of 78.263 billion baht, up 74.5% from a year earlier, the highest among Thai listed firms. The strong result confirms the earnings upcycle and supports the share price.
This is the core new financial result that validates PTT's earnings momentum and directly supports the stock.
Brokers pick PTT as top pick with 6–10% dividend yield Bualuang Securities named PTT its top pick, citing strong earnings momentum and a 6–10% dividend yield. Yuanta and Asia Plus also highlighted PTT as a safe-haven energy play amid Middle East tensions. This attracts income and defensive investors.
Broker endorsements and high dividend appeal are key new catalysts that draw buyers to the stock.
PTT targets 15 million tonnes LNG by 2035, invests 28 billion baht PTT plans to grow its LNG portfolio to 15 million tonnes by 2035 and will invest 28 billion baht this year in pipelines and LNG terminals. It also plans a bond issue and an interim dividend. This signals long-term growth and financial strength.
The expansion plan and capital allocation show PTT's growth strategy and commitment to shareholder returns.
Diesel price cut extended, refinery margins under pressure The government extended the 2.40 baht per litre diesel price cut for another 31 days, the sixth such move, expected to hit Q3 refinery profits more than Q2. PTT Global Chemical alone may lose about 4 billion baht. This caps PTT's refining earnings.
This is a real counterweight that could limit PTT's profit growth in the near term.

5 Aug – 14 Aug 2026

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PTT Q2 profit beats forecasts, brokers raise targets on gas strength

Q2 2026 profit surges over 100%, beating expectations PTT reported Q2 2026 net profit of 52.5 billion baht, up more than 100% from a year earlier, driven by a strong recovery in refining, petrochemicals, and especially the natural gas business. This beat analyst forecasts, confirming the earnings upcycle and supporting the share price.
The actual profit result is the key new event that validates the bullish case and drives the stock.
Brokers raise target prices to 45 baht on strong gas business After the results, several brokers raised their target prices for PTT to as high as 45 baht, citing the strong gas business, solid financial position, and high dividend yield. Higher targets attract investors and push the stock up.
Broker upgrades are a direct new catalyst for the stock price.
Oil prices jump 5% on Iran-US tensions, boosting energy stocks Brent crude surged 5% after Iran-US negotiations stalled and Iran demanded conditions to reopen the Strait of Hormuz. Higher oil prices lift PTT's upstream and refining profits, and analysts named PTT a top pick in the energy sector.
Geopolitical tension and oil price spike directly benefit PTT's earnings and sentiment.
Q3 outlook softens on lower petrochemical spreads and higher gas costs Despite the strong Q2, brokers expect Q3 2026 profit to decline from the previous quarter due to softer polyethylene prices and higher gas costs pressuring the gas wholesale business. This is a near-term headwind that could cap gains.
It provides a fair counterweight to the bullish drivers, showing the next quarter may be weaker.

July 202620 Jul – 30 Jul 2026

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PTT hits near 4-year high on oil surge and foreign buying

Oil price surge lifts PTT Brent crude above $100 due to Middle East tensions boosted PTT's exploration and production earnings, pushing the stock to a near four-year high of 40 baht.
Oil price is a key driver of PTT's profitability and stock price.
Foreign funds and dividend appeal Foreign pension and diversified funds bought PTT shares, attracted by a steady 6–7% dividend yield and plans for Thailand's first tank infrastructure fund.
Foreign inflows and dividend yield directly support the stock price.
Credit line and tariff exemption A 68-billion-baht credit line from SCB strengthened PTT's finances, while US Section 301 tariffs exempted oil and gas, sparing PTT from additional costs.
Improved financial flexibility and tariff relief reduce risk and support valuation.
Diesel price cut hurts refining The government's 2.40-baht diesel price cut (24 July–15 August) is expected to reduce refinery profits by about 7.2 billion baht, directly hurting refining earnings.
This policy directly reduces PTT's refining margins and profitability.

26 Jul – 30 Jul 2026

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Oil spike and foreign buying lift PTT, but diesel price cap still weighs

Foreign funds buy PTT, stock hits 40 baht on growth strategy and 6–7% dividend PTT's CFO said the stock's rise to a near four-year high of 40 baht is driven by foreign pension and diversified funds buying, attracted by the group's new business model and steady 6–7% dividend. PTT also plans Thailand's first tank infrastructure fund, with over 20 foreign investors interested. This supports the share price.
Explains the main new force behind PTT's recent price strength: foreign inflows and dividend appeal.
US tariffs exempt oil and gas, easing pressure on PTT New US Section 301 tariffs of 12.5% hit many Thai exports, but oil, gas and fertiliser are exempt because the US imports them heavily. That spares PTT and other energy firms from the tariff pain facing pet food, electronics and other sectors. This removes a potential negative for PTT.
A new tariff development that directly affects PTT's export exposure and competitive position.
Middle East tensions push Brent above $90, boosting energy stocks Iran attacked US bases and Trump threatened retaliation, sending Brent crude up over 7% to near $91 and WTI above $84. US crude inventories fell sharply, pointing to a tight market. Higher oil prices lift PTT's upstream and refining profits, and brokers name PTT a top pick as money rotates from tech into energy.
The dominant new geopolitical and supply force driving oil prices and PTT's earnings outlook.

20 Jul – 24 Jul 2026

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Oil above $100 lifts PTT, but diesel price cut and rate fears cap gains

Brent crude tops $100 on Middle East attacks Houthi attacks on Saudi tankers in the Red Sea pushed Brent above $100 a barrel. Higher oil prices lift PTT's upstream and refining profits, and brokers named PTT a top energy pick. This is the main force pushing the stock up.
The oil price surge is the biggest new driver of PTT's earnings and share price this period.
PTT secures 68 billion baht credit line with SCB PTT and SCB signed credit facilities worth over 68 billion baht, including long-term loans for tank infrastructure and short-term funds to ensure energy security amid oil volatility. This strengthens PTT's finances and supports its expansion into new energy infrastructure.
A major new financing deal directly improves PTT's capital position and growth plans.
Government cuts diesel price, hurting refinery margins Thailand's Energy Policy Committee cut the ex-refinery diesel price by 2.40 baht per litre from 24 July to 15 August 2026. This is expected to reduce refinery group profits by about 7.2 billion baht, a direct hit to PTT's refining earnings.
This policy change is a concrete new negative for PTT's refining profits, balancing the oil-price boost.
PTT Laos and AMATA study EV truck park PTT's Laos unit signed an agreement with AMATA to study an EV truck park and clean energy infrastructure on the Thailand-Laos-China route. It fits PTT's clean energy strategy but is only a feasibility study, so any profit impact is years away.
Shows PTT's long-term clean energy expansion, but the early stage limits near-term price impact.