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1. Company Snapshot

1.a. Company Description

PTT Global Chemical Public Company Limited produces and distributes ethylene, propylene, polyethylene plastic pellets, and biochemical products in Thailand, the People's Republic of China, Vietnam, Singapore, India, Malaysia, Indonesia, Japan, the United States, and internationally.It operates through seven segments: Refinery, Aromatics, Olefins and Derivatives, Green Chemicals, Performance Materials and Chemicals, Service and Others, and Investments in Other Joint Ventures and Associates.The company offers refined products, including liquefied petroleum gas (LPG), light naphtha, reformate, jet fuel, diesel, and fuel oil.


It also provides aromatics products, such as benzene, toluene, paraxylene, cyclohexane, and orthoxylene; olefins comprising ethylene and propylene, mixed c4, tail gas, cracker bottom, hydrogen, and pyrolysis gasoline; and polymers consisting of HDPE, LDPE, LLDPE, PP, PTA, PET, PS, and rotomolding compounds.In addition, the company offers EO-based performance products, including ethylene glycol and ethanolamine; green chemicals, such as methyl ester, glycerin, fatty acid and alcohol, ethoxylate, oleochemicals, and bioplastic; and phenol, bisphenol A, and acetone.Further, it provides hexamethylene diisocyanate and derivatives, as well as acrylonitrile and methyl methacrylate.


Additionally, the company operates production support facilities, such as jetty and buffer tank farm services for liquid chemical, and oil and gas; manufactures and distributes industrial coating resins, additives, petrochemical, health, nutrition, and recycled plastic products.It also offers factory maintenance and engineering services; real estate development services; safety and environmental services; service for the storage and handling of liquid chemicals, oil, and gas; and research and development of bio-based chemicals.In addition, the company produces and distributes electricity, water, steam, and other utilities.


The company is headquartered in Bangkok, Thailand.

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1.b. Last Insights on GCB

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.64%)

6. Segments

Upstream

Expected Growth: 4.5%

Growing demand for petrochemicals, increasing investment in exploration and production, and advancements in extraction technologies are expected to drive the upstream segment's growth.

Polymers and Chemicals

Expected Growth: 4.5%

Growing demand for packaging, textiles, and automotive products drives the polymers and chemicals segment. Increasing use of petrochemicals in manufacturing processes and rising consumer spending in Asia-Pacific region also contribute to growth.

Performance Chemicals

Expected Growth: 4.5%

Growing demand for high-performance materials in construction, automotive, and electronics industries drives the growth of performance chemicals. Increasing adoption of advanced technologies and rising need for sustainable solutions also contribute to the market expansion.

Intermediates

Expected Growth: 4.5%

Growing demand for plastics, fibers, and adhesives in automotive, construction, and packaging industries drives the growth of intermediates from PTT Global Chemical Public Company Limited. Increasing adoption of sustainable materials and rising investments in research and development also contribute to the segment's growth.

Bio and Circularity

Expected Growth: 10.2%

Growing demand for sustainable products, increasing adoption of circular economy principles, and government regulations supporting eco-friendly initiatives drive the growth of PTT Global Chemical's Bio and Circularity segment.

Service and Others

Expected Growth: 4.5%

The Service segment's growth is driven by increasing demand for maintenance and repair services in the petrochemical industry, while the Others segment, including transportation and other businesses, benefits from PTT Global Chemical's diversified portfolio and strategic investments.

7. Detailed Products

Olefin

PTT Global Chemical produces olefins, including ethylene and propylene, which are used as feedstock for the production of various petrochemical products.

Aromatics

PTT Global Chemical produces aromatics, including benzene, toluene, and xylene, which are used as feedstock for the production of various petrochemical products.

Polyethylene

PTT Global Chemical produces polyethylene, a type of plastic used in packaging, plastic bags, and containers.

Polypropylene

PTT Global Chemical produces polypropylene, a type of plastic used in packaging, automotive parts, and medical devices.

Polyvinyl Chloride (PVC)

PTT Global Chemical produces PVC, a type of plastic used in pipes, vinyl records, and construction materials.

Styrene

PTT Global Chemical produces styrene, a chemical used in the production of plastics, resins, and adhesives.

Ethylene Oxide (EO)

PTT Global Chemical produces EO, a chemical used in the production of detergents, textiles, and personal care products.

Glycols

PTT Global Chemical produces glycols, a type of chemical used in the production of polyester fibers, resins, and coolants.

Lubricants

PTT Global Chemical produces lubricants, including base oils and additives, used in the automotive and industrial sectors.

Fuel

PTT Global Chemical produces fuel, including gasoline, diesel, and jet fuel, used in the transportation sector.

8. PTT Global Chemical Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for PTT Global Chemical Public Company Limited is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for PTT Global Chemical Public Company Limited is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for PTT Global Chemical Public Company Limited is medium due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for PTT Global Chemical Public Company Limited is low due to the high barriers to entry in the chemical industry.

Intensity Of Rivalry

The intensity of rivalry for PTT Global Chemical Public Company Limited is high due to the competitive nature of the chemical industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.10%
Debt Cost 10.35%
Equity Weight 49.90%
Equity Cost 10.78%
WACC 10.57%
Leverage 100.42%

11. Quality Control: PTT Global Chemical Public Company Limited passed 2 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
Perseus Mining

A-Score: 6.5/10

Value: 3.4

Growth: 6.6

Quality: 8.4

Yield: 1.7

Momentum: 9.5

Volatility: 9.3

1-Year Total Return ->

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Kemira

A-Score: 5.9/10

Value: 6.5

Growth: 6.0

Quality: 6.0

Yield: 6.9

Momentum: 2.5

Volatility: 7.7

1-Year Total Return ->

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Indorama Ventures

A-Score: 5.3/10

Value: 5.2

Growth: 4.0

Quality: 4.0

Yield: 5.8

Momentum: 5.5

Volatility: 7.3

1-Year Total Return ->

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Solvay

A-Score: 4.7/10

Value: 6.0

Growth: 2.1

Quality: 3.4

Yield: 10.0

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

Stock-Card
PTT Chemical

A-Score: 4.1/10

Value: 7.0

Growth: 3.6

Quality: 2.8

Yield: 3.3

Momentum: 5.5

Volatility: 2.7

1-Year Total Return ->

Stock-Card
Celanese

A-Score: 3.4/10

Value: 7.9

Growth: 3.1

Quality: 3.9

Yield: 2.0

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.52$

Current Price

0.52$

Potential

-0.00%

Expected Cash-Flows