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PTTG

Global Chemical SET:PTTGC Stock Report

Last Price

฿47.25

Market Cap

฿213.0b

7D

3.3%

1Y

-21.9%

Updated

15 Aug, 2022

Data

Company Financials +
PTTGC fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance1/6
Financial Health2/6
Dividends5/6

PTTGC Stock Overview

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.

Rewards

Trading at 51% below our estimate of its fair value

Earnings are forecast to grow 18.31% per year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Profit margins (2.5%) are lower than last year (11%)


Global Chemical Competitors

Indorama Ventures

SET:IVL

฿242.8b

TOA Paint (Thailand)

SET:TOA

฿58.3b

Eastern Polymer Group

SET:EPG

฿26.9b

Birla Carbon (Thailand)

SET:BCT

฿15.7b

Price History & Performance

Summary of all time highs, changes and price drops for Global Chemical
Historical stock prices
Current Share Price฿47.25
52 Week High฿67.00
52 Week Low฿41.75
Beta1.45
1 Month Change8.62%
3 Month Change2.16%
1 Year Change-21.90%
3 Year Change-12.90%
5 Year Change-36.15%
Change since IPO-12.50%

Recent News & Updates

Shareholder Returns

PTTGCTH ChemicalsTH Market
7D3.3%0.8%1.3%
1Y-21.9%-8.8%8.0%

Return vs Industry: PTTGC underperformed the TH Chemicals industry which returned -8.8% over the past year.

Return vs Market: PTTGC underperformed the TH Market which returned 8% over the past year.

Price Volatility

Is PTTGC's price volatile compared to industry and market?
PTTGC volatility
PTTGC Average Weekly Movement3.2%
Chemicals Industry Average Movement4.2%
Market Average Movement4.6%
10% most volatile stocks in TH Market10.2%
10% least volatile stocks in TH Market2.3%

Stable Share Price: PTTGC is less volatile than 75% of TH stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: PTTGC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aKongkrapan Intarajanghttps://www.pttgcgroup.com

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.

Global Chemical Fundamentals Summary

How do Global Chemical's earnings and revenue compare to its market cap?
PTTGC fundamental statistics
Market Cap฿213.04b
Earnings (TTM)฿15.85b
Revenue (TTM)฿628.02b

13.4x

P/E Ratio

0.3x

P/S Ratio

Is PTTGC overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PTTGC income statement (TTM)
Revenue฿628.02b
Cost of Revenue฿552.02b
Gross Profit฿76.00b
Other Expenses฿60.15b
Earnings฿15.85b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.52
Gross Margin12.10%
Net Profit Margin2.52%
Debt/Equity Ratio96.2%

How did PTTGC perform over the long term?

See historical performance and comparison

Dividends

7.4%

Current Dividend Yield

50%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is PTTGC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PTTGC?

Other financial metrics that can be useful for relative valuation.

PTTGC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.7x
Enterprise Value/EBITDA6.4x
PEG Ratio0.7x

Price to Earnings Ratio vs Peers

How does PTTGC's PE Ratio compare to its peers?

PTTGC PE Ratio vs Peers
The above table shows the PE ratio for PTTGC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average15.7x
IVL Indorama Ventures
5.3x-10.3%฿242.8b
TOA TOA Paint (Thailand)
34.4x15.6%฿58.3b
EPG Eastern Polymer Group
19.5x12.5%฿26.9b
BCT Birla Carbon (Thailand)
3.7xn/a฿15.7b
PTTGC Global Chemical
13.4x18.3%฿213.0b

Price-To-Earnings vs Peers: PTTGC is good value based on its Price-To-Earnings Ratio (13.4x) compared to the peer average (15.7x).

Price to Earnings Ratio vs Industry

How does PTTGC's PE Ratio compare vs other companies in the TH Chemicals Industry?

Price-To-Earnings vs Industry: PTTGC is good value based on its Price-To-Earnings Ratio (13.4x) compared to the TH Chemicals industry average (14.1x)

Price to Earnings Ratio vs Fair Ratio

What is PTTGC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PTTGC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.4x
Fair PE Ratio21.2x

Price-To-Earnings vs Fair Ratio: PTTGC is good value based on its Price-To-Earnings Ratio (13.4x) compared to the estimated Fair Price-To-Earnings Ratio (21.2x).

Share Price vs Fair Value

What is the Fair Price of PTTGC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PTTGC (THB47.25) is trading below our estimate of fair value (THB96.46)

Significantly Below Fair Value: PTTGC is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Global Chemical forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

18.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PTTGC's forecast earnings growth (18.3% per year) is above the savings rate (2%).

Earnings vs Market: PTTGC's earnings (18.3% per year) are forecast to grow faster than the TH market (18.1% per year).

High Growth Earnings: PTTGC's earnings are forecast to grow, but not significantly.

Revenue vs Market: PTTGC's revenue is expected to decline over the next 3 years (-3.2% per year).

High Growth Revenue: PTTGC's revenue is forecast to decline over the next 3 years (-3.2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PTTGC's Return on Equity is forecast to be low in 3 years time (8.2%).

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Past Performance

How has Global Chemical performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE

-10.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PTTGC has high quality earnings.

Growing Profit Margin: PTTGC's current net profit margins (2.5%) are lower than last year (11%).

Past Earnings Growth Analysis

Earnings Trend: PTTGC's earnings have declined by 10.7% per year over the past 5 years.

Accelerating Growth: PTTGC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PTTGC had negative earnings growth (-62.3%) over the past year, making it difficult to compare to the Chemicals industry average (-3.6%).

Return on Equity

High ROE: PTTGC's Return on Equity (5.4%) is considered low.

Discover strong past performing companies

Financial Health

How is Global Chemical's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PTTGC's short term assets (THB252.4B) exceed its short term liabilities (THB165.6B).

Long Term Liabilities: PTTGC's short term assets (THB252.4B) do not cover its long term liabilities (THB310.2B).

Debt to Equity History and Analysis

Debt Level: PTTGC's net debt to equity ratio (69%) is considered high.

Reducing Debt: PTTGC's debt to equity ratio has increased from 35.4% to 96.2% over the past 5 years.

Debt Coverage: PTTGC's debt is not well covered by operating cash flow (17%).

Interest Coverage: PTTGC's interest payments on its debt are well covered by EBIT (7.4x coverage).

Balance Sheet

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Dividend

What is Global Chemical current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

7.41%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PTTGC's dividend (7.41%) is higher than the bottom 25% of dividend payers in the TH market (1.7%).

High Dividend: PTTGC's dividend (7.41%) is in the top 25% of dividend payers in the TH market (5.45%)

Stability and Growth of Payments

Stable Dividend: PTTGC's dividend payments have been volatile in the past 10 years.

Growing Dividend: PTTGC's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (49.8%), PTTGC's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (44.4%), PTTGC's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.8yrs

Average management tenure

CEO

Kongkrapan Intarajang (54 yo)

2.83yrs

Tenure

฿1,639,922

Compensation

Dr. Kongkrapan Intarajang, Ph D., serves as Director at Global Green Chemicals Public Company Limited since November 6, 2019. Dr. Intarajang is Chairman of Global Green Chemicals Public Company Limited sin...

Leadership Team

Experienced Management: PTTGC's management team is seasoned and experienced (6.8 years average tenure).

Board Members

Experienced Board: PTTGC's board of directors are considered experienced (3.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

PTT Global Chemical Public Company Limited's employee growth, exchange listings and data sources

Key Information

  • Name: PTT Global Chemical Public Company Limited
  • Ticker: PTTGC
  • Exchange: SET
  • Founded: NaN
  • Industry: Commodity Chemicals
  • Sector: Materials
  • Implied Market Cap: ฿213.043b
  • Shares outstanding: 4.51b
  • Website: https://www.pttgcgroup.com

Number of Employees

Location

  • PTT Global Chemical Public Company Limited
  • 555/1 Energy Complex, Building A
  • 14th-18th Floor
  • Bangkok
  • 10900
  • Thailand

Listings

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/15 00:00
End of Day Share Price2022/08/15 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.