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1. Company Snapshot

1.a. Company Description

PTT Exploration and Production Public Company Limited, together with its subsidiaries, engages in the exploration and production of petroleum in Thailand and internationally.It is also involved in the gas pipeline transportation business; investment funding; and the provision of petroleum-related technology, human resource support, treasury center, technology, and solar power businesses, as well as renewable energy and related activities.In addition, the company invests in cleaner energy and technology-related businesses.


The company was founded in 1985 and is headquartered in Bangkok, Thailand.PTT Exploration and Production Public Company Limited is a subsidiary of PTT Public Company Limited.

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1.b. Last Insights on PTTG

PTT Exploration and Production Public Company Limited's recent performance was driven by strategic expansion and acquisitions. The company acquired full control of the MTJDA Block A-18 for $450m, enhancing Thailand's energy security. Additionally, PTTEP entered into a Farm-in Agreement with Valeura Energy Inc. to earn a 40% interest in Blocks G1/65 and G3/65 in the Gulf of Thailand, creating a new growth platform. These moves demonstrate PTTEP's commitment to expanding its offshore acreage and solidifying its position in the energy sector.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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SLB OneSubsea Secures EPC Contracts from PTTEP for Two Deepwater Projects Offshore Malaysia

Oct -30

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Petrojet wins $1.08bn contract for Algerian oilfield development

Oct -21

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Thailand to Proceed with First CCS Project

Sep -09

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Top Asian Dividend Stocks To Consider For Your Portfolio

Jul -31

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Sapura Energy wins more than $118m worth of contracts in Thailand

Jul -28

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PTTEP acquires full control of MTJDA Block A-18, enhancing Thailand’s energy security

Jul -28

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Valeura Energy Inc.: Strategic Farm-in Agreement with PTTEP

Jul -25

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Valeura Energy Inc. Announces Strategic Farm-in Agreement with PTTEP

Jul -25

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.60%)

6. Segments

Southeast Asia - Thailand

Expected Growth: 1.5%

The growth is slightly lower than the global average due to the mature nature of the Thai oil and gas fields, which limits the potential for significant expansion. However, ongoing efforts to optimize production and explore new reserves support a growth rate close to the global hypothesis.

Southeast Asia - Other Southeast Asia

Expected Growth: 2.0%

The higher growth rate is justified by the potential for new discoveries and the development of less mature fields in countries like Indonesia and Malaysia, which can contribute to higher revenue growth compared to the global average.

Exploration and Production - Middle East

Expected Growth: 1.8%

The growth rate is higher than the global average due to the significant reserves and ongoing projects in the Middle East. However, geopolitical factors may impact the actual growth, keeping it slightly below what might be expected based on reserves alone.

Exploration and Production - Africa

Expected Growth: 2.2%

Africa is expected to have a higher growth rate due to ongoing exploration activities and the development of new fields, particularly in countries like Mozambique and Ghana, which are becoming significant players in the global LNG market.

Exploration and Production - Other

Expected Growth: 1.6%

This segment is expected to grow at the global average rate as it comprises a diverse range of geographies and projects, some of which may be growing faster while others are more stable or declining.

Other businesses and Corporate

Expected Growth: 1.0%

The growth rate for this segment is lower than the global average because it includes corporate and supporting functions that are not directly related to exploration and production activities, which may not grow as quickly as operational segments.

Inter-Company Elimination

Expected Growth: 1.6%

The growth rate for inter-company eliminations is assumed to follow the global average as it directly relates to the overall activity level of the company's subsidiaries, which is influenced by the global growth hypothesis.

7. Detailed Products

Crude Oil

PTT Exploration and Production Public Company Limited extracts crude oil from its upstream operations, which is then refined into various petroleum products.

Natural Gas

PTT Exploration and Production Public Company Limited produces natural gas from its upstream operations, which is then supplied to power plants, industrial users, and households.

Liquefied Petroleum Gas (LPG)

PTT Exploration and Production Public Company Limited produces LPG from its downstream operations, which is then supplied to households, commercial users, and industrial users.

Refined Petroleum Products

PTT Exploration and Production Public Company Limited refines crude oil into various petroleum products such as gasoline, diesel, jet fuel, and lubricants.

Petrochemicals

PTT Exploration and Production Public Company Limited produces petrochemicals such as ethylene, propylene, and butadiene from its downstream operations.

Liquefied Natural Gas (LNG)

PTT Exploration and Production Public Company Limited produces LNG from its upstream operations, which is then supplied to power plants and industrial users.

8. PTT Exploration and Production Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for PTT Exploration and Production Public Company Limited is medium due to the availability of alternative energy sources such as solar and wind power. However, the high demand for oil and gas in Thailand and the lack of a well-established alternative energy infrastructure in the country reduce the threat of substitutes.

Bargaining Power Of Customers

The bargaining power of customers for PTT Exploration and Production Public Company Limited is low due to the lack of alternative suppliers of oil and gas in Thailand. The company's dominant market position and the high demand for its products also reduce the bargaining power of customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for PTT Exploration and Production Public Company Limited is medium due to the presence of several suppliers of oil and gas equipment and services in Thailand. However, the company's large scale of operations and its dominant market position reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants for PTT Exploration and Production Public Company Limited is low due to the high barriers to entry in the oil and gas industry in Thailand. The company's dominant market position, high capital requirements, and the need for specialized expertise and technology also reduce the threat of new entrants.

Intensity Of Rivalry

The intensity of rivalry for PTT Exploration and Production Public Company Limited is high due to the presence of several competitors in the oil and gas industry in Thailand. The company faces intense competition from other state-owned and private companies, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 20.03%
Debt Cost 8.36%
Equity Weight 79.97%
Equity Cost 8.36%
WACC 8.36%
Leverage 25.04%

11. Quality Control: PTT Exploration and Production Public Company Limited passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PTTEP

A-Score: 7.1/10

Value: 7.2

Growth: 6.9

Quality: 8.0

Yield: 10.0

Momentum: 5.0

Volatility: 5.7

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Woodside Energy

A-Score: 6.8/10

Value: 6.7

Growth: 4.9

Quality: 6.5

Yield: 10.0

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

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Canadian Natural Resources

A-Score: 6.6/10

Value: 6.1

Growth: 5.6

Quality: 6.9

Yield: 10.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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EOG Resources

A-Score: 6.4/10

Value: 5.9

Growth: 5.7

Quality: 7.8

Yield: 8.0

Momentum: 2.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Diamondback Energy

A-Score: 6.2/10

Value: 7.4

Growth: 7.8

Quality: 6.3

Yield: 7.0

Momentum: 2.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
ConocoPhillips

A-Score: 5.6/10

Value: 6.0

Growth: 5.1

Quality: 6.5

Yield: 6.0

Momentum: 2.5

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.76$

Current Price

2.76$

Potential

-0.00%

Expected Cash-Flows