PTT Global Chemical Public Company Limited

SET:PTTGC Stock Report

Market Cap: ฿116.1b

PTT Global Chemical 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

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

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 (THB25.75) is trading below our estimate of fair value (THB51.09)

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

Key Valuation Metric

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

Key metric: As PTTGC is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PTTGC. This is calculated by dividing PTTGC's market cap by their current revenue.
What is PTTGC's PS Ratio?
PS Ratio0.2x
Sales฿639.12b
Market Cap฿116.10b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for PTTGC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1x
IVL Indorama Ventures
0.3x0.1%฿143.2b
TOA TOA Paint (Thailand)
1.5x4.5%฿33.0b
BCT Birla Carbon (Thailand)
1.6xn/a฿20.6b
EPG Eastern Polymer Group
0.8x4.5%฿11.4b
PTTGC PTT Global Chemical
0.2x-1.9%฿116.1b

Price-To-Sales vs Peers: PTTGC is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

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

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
No more companies available in this PS range
PTTGC 0.2xIndustry Avg. 0.6xNo. of Companies6PS00.40.81.21.62+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PTTGC is good value based on its Price-To-Sales Ratio (0.2x) compared to the TH Chemicals industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

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

PTTGC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.2x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: PTTGC is good value based on its Price-To-Sales Ratio (0.2x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

Analyst Price Targets

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

The above table shows the analyst PTTGC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿25.75
฿27.54
+7.0%
16.4%฿39.00฿21.00n/a19
Nov ’25฿26.50
฿28.92
+9.1%
19.3%฿40.00฿21.00n/a19
Oct ’25฿30.25
฿30.33
+0.3%
20.1%฿40.20฿22.00n/a19
Sep ’25฿25.00
฿31.54
+26.1%
19.2%฿40.20฿22.00n/a19
Aug ’25฿27.50
฿35.09
+27.6%
16.0%฿50.00฿25.00n/a19
Jul ’25฿31.00
฿37.59
+21.3%
16.2%฿50.00฿25.00n/a19
Jun ’25฿34.75
฿39.22
+12.8%
15.6%฿50.00฿26.00n/a20
May ’25฿36.75
฿39.36
+7.1%
15.6%฿50.00฿26.00n/a19
Apr ’25฿39.50
฿39.36
-0.4%
18.4%฿56.00฿25.00n/a19
Mar ’25฿37.25
฿39.41
+5.8%
19.2%฿56.00฿25.00n/a19
Feb ’25฿34.00
฿39.41
+15.9%
19.2%฿56.00฿25.00n/a19
Jan ’25฿38.50
฿39.67
+3.0%
19.9%฿56.00฿26.00n/a19
Dec ’24฿38.50
฿39.16
+1.7%
20.3%฿56.00฿26.00n/a18
Nov ’24฿34.75
฿38.44
+10.6%
18.3%฿56.00฿28.00฿26.5016
Oct ’24฿34.50
฿41.85
+21.3%
19.2%฿61.60฿30.00฿30.2516
Sep ’24฿37.00
฿43.09
+16.5%
17.8%฿61.60฿30.00฿25.0017
Aug ’24฿39.50
฿43.68
+10.6%
17.2%฿61.60฿30.00฿27.5017
Jul ’24฿37.25
฿45.45
+22.0%
16.7%฿61.60฿30.00฿31.0017
Jun ’24฿34.75
฿48.15
+38.6%
17.2%฿64.00฿37.00฿34.7517
May ’24฿41.50
฿53.04
+27.8%
16.1%฿65.00฿40.00฿36.7517
Apr ’24฿45.75
฿53.86
+17.7%
16.0%฿65.00฿40.00฿39.5017
Mar ’24฿47.00
฿55.06
+17.2%
16.7%฿67.20฿40.00฿37.2519
Feb ’24฿50.00
฿54.12
+8.2%
16.3%฿67.20฿40.00฿34.0019
Jan ’24฿47.25
฿53.86
+14.0%
17.5%฿73.00฿39.00฿38.5020
Dec ’23฿48.00
฿53.78
+12.0%
20.6%฿82.40฿39.00฿38.5021
Nov ’23฿44.25
฿53.69
+21.3%
20.6%฿82.40฿39.00฿34.7521

Analyst Forecast: Target price is less than 20% higher than the current share price.

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