PTT Exploration and Production Public Company Limited

PTTEP and PETRONAS have signed a production sharing contract and a natural gas sales agreement for Block A-18-01 in the Thailand-Malaysia Joint Development Area, effective from January 1, 2026, for a period of 35 years. The joint venture partners each hold a 50% stake, and the natural gas production capacity is expected to be approximately 300-400 million cubic feet per day, with equal shares delivered to Thailand and Malaysia, accounting for about 4% of Thailand's natural gas demand for electricity generation in the southern region. Block A-18-01 covers an area of approximately 3,494 square kilometers and is a significant source of natural gas and condensate resources, which will help enhance long-term energy security.

A review of Q2 2026 earnings reports for 19 listed companies in Thailand's energy and utilities sector shows that all companies posted net profit growth compared to the same period last year. Notably, BGRIM, EASTW, WHAUP, and SUSCO saw profits surge by several hundred to several thousand percent. Meanwhile, PTT and PTTEP reported net profits of 52,524.59 million baht and 27,197.17 million baht, respectively, up 143.93% and 101.23%. Key drivers include higher electricity and water sales volumes, lower financial costs, and improved energy prices. Looking ahead, power plant operators continue to benefit from the new Power Development Plan (PDP2026), the introduction of direct power purchase agreements (Direct PPA), and rising electricity demand from AI and data center businesses. Investors should monitor gas costs, oil prices, and progress on government policies. Bangkok Aviation Fuel Services (BAFS) reported a net profit of 60.50 million baht, up 8.02%.

Krungsri Securities Public Company Limited stated that PTT has maintained energy security even as geopolitical conflicts increasingly disrupt energy transport, supported by the capability of its trading business to access supply sources worldwide. The company can still procure crude oil and feedstock for downstream operations to continue production, with refinery utilization in its group at 103% in the first half of 2026, compared with a normal level of 104% in the first half of 2025, versus the region where run rates have been cut by 8 to 17 percent, led by Chinese refineries. On the petrochemical side, olefins utilization in the first half of 2026 rose to 86%, compared with 80% in the first half of 2025, allowing the company to benefit from higher margins amid persistently tight supply. PTT maintains its target to keep expanding its trading business over the long term, aiming to diversify crude oil procurement sources to strengthen energy security and to expand trading into more fuel types. It keeps its target to increase LNG trading volume by about three times to 10 million tonnes per annum by 2030, versus 1.75 million tonnes per annum in the first half of 2026 and a 2026 target of 3.7 million tonnes per annum. The company is generating stronger cash flow, supported by nearly all businesses, and is considering increasing shareholder returns. First-half 2026 EBITDA and net profit rose 55% and 75% year on year respectively, supported by tight energy supply from the closure of the Strait of Hormuz. This drove higher margins in the exploration and production business along with crude oil prices, supported the gas business through lower costs from gas price restructuring and higher reference selling prices, and helped the refinery and petrochemical businesses through recovering refining margins and product spreads. These factors are expected to continue supporting year-on-year growth in the second half of 2026, leading to an improving cash flow trend. Net debt to EBITDA is likely to keep declining from 1.26 times in the first half of 2026, compared with 1.75 times in 2025, leaving excess liquidity to pay dividends to shareholders at no less than the industry average. PTT maintains its asset monetization plan and its search for strategic partners to reduce financial costs and strengthen long-term competitiveness. It keeps its target to carry out asset monetization of about 100 billion baht during 2025 to 2027, with 18 billion baht already completed from 2025 through the first half of 2026, to use liquidity to reduce debt and improve the ability to withstand long-term business volatility. It also maintains its plan to seek strategic partners or a Genesis transaction to enhance competitiveness in feedstock procurement and long-term funding sources, with progress now expected to be delayed into 2027 because the war in the Middle East and government intervention have affected negotiations. Krungsri Securities views this as slightly positive for PTT, as management is considering higher shareholder returns based on excess liquidity. This makes the forecast 2026 dividend of about 2.3 baht per share, or a yield of 5.6%, which is close to the 2025 level that included a special dividend, more likely and possibly subject to upside, compared with expected dividend yields of no less than 6 to 7 percent for PTTEP and TOP. The delay in concluding a strategic partner or Genesis transaction during the war is not worse than expected, and the broker maintains its view that it does not reduce the competitiveness of PTT and its subsidiaries, while stronger current business conditions increase bargaining power in negotiations. Krungsri Securities maintains its view that normalized profit in the third quarter of 2026 will grow year on year, still supported by nearly all businesses from upstream to downstream. Gas price restructuring has reduced feed costs for gas separation plants by 17% year on year, while the closure of the Strait of Hormuz has raised reference selling prices. Subsidiary businesses are supported by persistently tight supply, boosting margins at PTTEP, TOP, PTTGC, and IRPC. The broker maintains a Buy recommendation with a 2027 target price of 44.5 baht. It keeps its view that the business is in a recovery phase, with the gas business turning around from gas restructuring and the refinery and petrochemical businesses benefiting from tighter supply as less new capacity comes online and global production restructuring takes place. This is keeping refining margins above the ten-year average and lifting petrochemical spreads back to long-term profitable levels, supporting normalized profit growth at a compound annual growth rate of 18% during 2026 to 2028.

Newspapers report that PTT has unveiled a five-year investment plan worth 1 trillion baht, pushing into petroleum exploration and production and infrastructure businesses, with PTTEP as the spearhead for investment, supporting the government's policy to drive Thai GDP growth of 3 percent. PTT will also co-host Gastech 2026 from September 14 to 17, moving ahead to seek partners to strengthen PTTGC, TOP, and IRPC, expanding LNG imports to 15 million tonnes in 2035 and targeting an increase in the share of overseas revenue to 50 percent. Meanwhile, BGRIM is pursuing energy megatrends, developing projects to support PDP 2026 and highlighting data center business as a star after signing power purchase agreements for 100 megawatts, with new customers set to add another 150 megawatts. It is also studying construction of new power plants to support data centers and preparing to bid for Quick Big Win projects to drive community solar of 300 to 500 megawatts. SGC is adjusting its loan portfolio, pushing Lock Phone with a yield of 25 percent and targeting an increase in its share to 65 percent of the portfolio. It is set to sell C4C for no more than 1.3 billion baht and preparing cash to support the high season in the third and fourth quarters of 2026. SINGER-SGC is moving to clear accumulated losses, hoping to unlock dividend payments after SGC has posted profits for eight consecutive quarters. SPCG has been taken over by the Phokachai Pattana group teaming up with Jaruthavee in a deal worth more than 5.527 billion baht, opening a full-scale offensive in green energy business in response to the new PDP 2026 plan and the unlocking of direct power purchase agreements. SPCG is found to hold hidden land assets in the Eastern Economic Corridor of more than 3,000 rai, and is moving ahead to sell electricity directly to customers of the Bangkok Free Trade Zone project of the MK group in Bang Pakong Industrial Estate. ERW is confident that the third quarter of 2026 will be strong, with total revenue growing 7 percent after July average revenue per room rose 5 percent, supported by a bright tourism outlook in the second half, driving full-year revenue growth of 6 percent to 8.4 billion baht. It is advancing the JUMP+ plan toward a target of 10 billion baht in 2028. IND believes the second half of 2026 can maintain good growth momentum after first-half results showed net profit of 13.33 million baht and service revenue of 413.31 million baht. SO continues toward a double-digit growth target, with cumulative revenue plus backlog awaiting recognition at 2.894 billion baht, or 93.2 percent of the full-year revenue target of 3.1 billion baht. THAI is adjusting strategy to cope with surging oil prices, increasing hedging to 60 percent for two years ahead as the Middle East situation looks set to drag on. It plans no reduction in available seat kilometers in the second half and will resume flights on two routes, Xiamen and Da Nang, while increasing frequency on three European routes: Paris, Munich, and Zurich. It is confident of maintaining operating profitability this year, while the aircraft procurement plan continues, with a fleet of 102 aircraft by the end of this year before rising to 128 in 2028. PRM is paying a special dividend of 0.20 baht per share from retained earnings, with the ex-dividend date set for August 27, after second-quarter 2026 results showed net profit of 580.5 million baht, up 20.2 percent, and total service revenue of 2.3171 billion baht, up 4.5 percent. INET is confident of continued growth, developing INET-IDC4 to reflect rising domestic demand for cloud infrastructure and strengthening Thai organizations toward data sovereignty. It is currently developing the EduPass system with the Ministry of Education, expected to launch within six months. SAMART is confident of a strong second-half recovery, benefiting from SAV's busy flights, while the direct coding business has passed its lowest point. It is preparing to bid for new projects worth nearly 10 billion baht, expecting the government to gradually approve and open bidding from October onward, supporting total backlog to exceed 20 billion baht by the end of this year. BAM is accelerating in the second half, generating revenue from non-performing loans, non-performing assets, and joint venture asset management companies toward set targets. It reported second-quarter 2026 collections of 3.513 billion baht, up 16 percent, with profit of more than 234 million baht, up 8 percent, while helping more customers restructure debt through the New Start with BAM program. BCH reported strong third-quarter 2026 operating results as the high season began showing good signs from late May through June, believing foreign customers will continue to recover and drive year-end results higher. It revealed it is in talks on more than 10 merger and acquisition deals and preparing to meet with the Social Security board to adjust capitation rates for all items, expected to be completed by October 2026. TFG is benefiting from high farm-gate pig prices of 72 to 74 baht per kilogram, expected to hold until September, while chicken prices have also edged up. Export demand for chicken in Europe, the United Kingdom, and Japan remains strong. It has locked in soybean and soybean meal prices until the end of 2026 to manage raw material costs, and is expanding retail stores to 875 branches by the end of this year before surpassing 1,075 branches by the end of next year. JR is set to benefit from the new PDP round, creating opportunities for additional system installation work. It signaled that the second half of 2026 will outperform the first half, supported by recognition of additional projects, and is preparing to bid for new electrical projects worth another 100 million baht, boosting backlog from 5 billion baht. It is shifting more toward quick wins to fill its portfolio and generate steady revenue. KUMWEL is building Kumwel Clinic with a target of covering 10 provinces by the end of the year, set to book revenue from the third quarter, while also eyeing BOI Plus incentives worth 100 million baht. The data center megatrend is driving demand for lightning protection and grounding systems, opening opportunities for many new projects. It is confident that 2026 revenue will grow strongly by 50 percent. ORI has laid out a three-year JUMP+ plan to accelerate performance to 1.43 billion baht in 2028, highlighting a build-operate-exit-reinvest model to develop hotels and warehouses for added value before selling into REITs to recycle capital for new investments. In the second half, it is set to book revenue from asset and land sales of another 1.5 to 1.8 billion baht. TOA is adjusting strategy to penetrate the economy paint segment, targeting rental property customers, while expanding in construction and repair chemicals to capture home renovation demand. It is proceeding with planned investment of about 600 million baht, expected to accelerate in late third quarter of 2026, focusing on new production development and targeting sales growth of 5 percent. PRINC has set a 2026 target of revenue growth exceeding 10 percent from the previous year, reaping full-year benefits from new hospital investments and a growing customer base. It said third-quarter 2026 performance will be better than the second quarter, supported by the high season and rising service usage, plus benefits from the Happitat project opening, which will continue to boost Prince Suvarnabhumi Hospital. It is upgrading complex disease services and expanding its foreign customer base to support margins. READY is expanding its Plus Customer base among medium-sized businesses with annual revenue of 30 to 300 million baht, aiming to build recurring revenue beyond its existing share of more than 90 percent. It is accelerating the use of AI to enhance products and internal systems, and launching Ready Agent-R Service, targeting revenue growth of 7 percent this year. PCE signaled a bright second half of 2026, benefiting from domestic demand for B100 biodiesel. It is expanding production capacity at its palm oil refinery for edible oil, expected to be completed in the fourth quarter of 2026 to support food industry growth. It is confident of strong growth in value-added products and manages integrated infrastructure to control costs efficiently across the system, supporting sustainable growth. ORN revealed a bright business outlook for the third quarter of 2026, with a solid backlog of 4.26 billion baht and continuous transfers of low-rise and high-rise projects. It is preparing to launch The Next Jed Yod 4 condominium on August 22, along with sales campaigns, and plans to expand community malls to Phuket, with opening targeted for early 2027.

CGS International Securities Thailand expects the SET index to trend weaker in the 1,600-1,620 point range today, pressured by volatility in US government bond yields and uncertainty over the Middle East situation. Its research team said the index may decline in line with US and Nikkei equity markets this morning. It recommends PTTEP, which posted net profit of 27.197 billion baht in the second quarter of 2026, up 130 percent from the previous quarter, and PR9, whose revenue and profit are expected to recover in the second half of 2026, especially at hospitals with a high proportion of foreign patients.

A survey of second-quarter 2026 earnings among companies listed on the Stock Exchange of Thailand found that 71 firms recorded net profit growth of more than 100% compared with the same period last year. TMT Steel Public Company Limited, or TMT, led the pack with net profit of 299.87 million baht, up 910.23% from 29.68 million baht. Hana Microelectronics Public Company Limited, or HANA, followed with net profit of 326.31 million baht, up 838.35%, and Susco Public Company Limited, or SUSCO, posted net profit of 120.59 million baht, up 797.01%. Among large-cap stocks with profit growth above 100%, True Corporation reported net profit of 6.55 billion baht, up 222.68%; Berli Jucker Public Company Limited posted net profit of 2.88 billion baht, up 191.07%; PTT reported net profit of 52.52 billion baht, up 143.93%; SCG Packaging posted net profit of 2.30 billion baht, up 128.15%; and PTT Exploration and Production reported net profit of 27.20 billion baht, up 101.23%.

PTT has announced an investment budget of 28 billion baht this year to expand its pipeline system and LNG terminals, and has set a five-year investment target for the PTT Group of about 1 trillion baht. The company plans to issue bonds late this year and will seek board approval for an interim dividend in September. It also acknowledged that finding partners to co-invest in petrochemicals and refining may be delayed from the original plan. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited, said the company has prepared a 2026 investment budget of about 28 billion baht, of which around 10 billion baht was spent in the first half, and is confident it will be fully utilized as planned in discussions with the Ministry of Finance. The PTT Group's five-year investment target is about 1 trillion baht, covering PTTEP projects, TOP's CFP project, PTT's pipeline system, and expansion of the LNG trading business. The group currently has total cash flow of about 425 billion baht, of which PTT accounts for about 120 billion baht, after borrowing about 70 billion baht from SCB at the end of the second quarter of 2026 and borrowing up to about 150 billion baht from financial institutions at peak periods. Approval of the 2026 interim dividend is expected to be considered by the board of directors within September, and the company is considering issuing PTT bonds late this year to meet customer demand, without specifying the amount. Last year it issued about 20 billion baht, and this year about 30 billion baht of bonds mature. The company has shareholder approval for bond issuance of about 100 billion baht per year. For the second-half business plan, the company sees global energy conditions as highly uncertain and difficult to predict due to geopolitical factors and decisions by leaders of various countries. The PTT Group is therefore focusing on internal management and operational efficiency to prepare for changing conditions, while affirming that national energy security remains a key mission and the public will not face energy shortages. In the LNG business, the company aims to increase LNG procurement to 10 million tonnes per year by 2030 and to 15 million tonnes per year by 2035, up from this year's target of 3.7 million tonnes per year, after reaching 1.75 million tonnes per year in the first half of 2026, by seeking investment opportunities both on the supply side, such as the United States, and in end-user markets in regions such as China, South Korea, and Europe. On progress in finding partners for petrochemicals and refining, the company continues to seek global partners to strengthen its flagship business while adjusting its approach amid changing conditions from Middle East unrest and government policy factors. However, it acknowledged that the timeline may need to shift from the original plan of achieving clarity this year, because the situation in the Middle East has changed the fundamentals of feedstock sourcing. This is a deliberate slowdown to gain clarity on feedstock sources before making large investments. Key criteria for selecting partners are not limited to capital, but require partners who can strengthen technology, improve efficiency, reduce costs, or help the company access more flexible and diversified feedstock sources globally. Dr. Kongkrapan said some partners currently in talks have feedstock and some have markets, while some previous partners may have slowed down because the flexibility of feedstock sources now known may not yet be sufficient. The goal is for partners to help extend the business, make it stronger, and provide more flexibility in bringing feedstock sources. However, more new partners have entered discussions, especially business groups seeking to diversify production and feedstock sources away from certain Middle East regions, though the company cannot yet identify which companies they are. The PTT Group is accelerating internal strengthening, improving performance, and creating added value from collaboration within the group of more than 8.7 billion baht through Profit Enhancement Initiatives, including the MissionX project, while driving digital transformation through the AXIS project, focusing on applying digital tools and AI. It is also strengthening supply chain and marketing cooperation domestically and internationally through the P1 and D1 projects, alongside Financial Excellence initiatives to maintain financial discipline and manage the group's cash flow efficiently, which are key foundations for sustainable growth and long-term shareholder returns, as well as maintaining a credit rating equivalent to the sovereign level. This supports energy stability and business growth. The PTT Group also supports government measures and helps mitigate energy price impacts on the public, with the estimated value of government support measures at about 17.5 billion baht, of which PTT's share is more than 8.5 billion baht.

PTT has announced an investment plan for 2026 totalling 25 billion baht, focusing on exploration and production through PTTEP and natural gas infrastructure, while targeting expansion of its LNG portfolio to 15 million tonnes by 2035 to become a global LNG player. In the first half of 2026, the company posted a net profit of 78.263 billion baht, up 74 percent from the same period last year, and will propose an interim dividend to the board for consideration this September. Chief Executive Officer and President Kongkrapan Intarajang said the company will continue to streamline its internal structure to cut costs and improve efficiency, while steadily expanding its overseas LNG trading portfolio to generate profit and diversify risk amid uncertainty in the Middle East.

Analysts estimate crude oil prices will remain elevated until 2027 if the Middle East conflict continues, with Brent crude recently at about 91.44 US dollars per barrel and West Texas Intermediate at about 85.45 dollars per barrel. If the war de-escalates, oil prices could fall to a range of 65 to 76 dollars per barrel, or an average of about 70 dollars in 2027. The Energy Policy Executive Committee has approved using excess benefits from July 2026 refining margins to cut the ex-refinery price of high-speed diesel by 2.40 baht per litre for another 31 days, the sixth such move, totalling more than 17 billion baht. This is expected to hit net profits of refinery groups in the third quarter of 2026 more than in the second quarter, with PTT Global Chemical affected most at about 4 billion baht, followed by Bangchak Corporation at about 2.98 billion baht, Thai Oil at about 2.93 billion baht, IRPC at about 2.5 billion baht, and Star Petroleum Refining at about 1.4 billion baht. Analysts recommend short-term speculative buying in line with oil price trends and waiting to gradually accumulate when the war eases, viewing PTT Exploration and Production as a direct beneficiary of higher crude prices while PTT benefits indirectly from the group's refining business.

Asia Plus Securities has warned that three risk factors are pressuring risky assets worldwide, dragging Asian equities sharply lower, and expressed concern over the Thai economy after the second-quarter current account deficit reached as high as 17.7 billion US dollars, or about 12 percent of GDP, the most severe compared with past crises. The brokerage recommends investors adjust portfolios defensively, focusing on commodities, energy, retail, and high-dividend stocks, while highlighting PTT, CPF, and KLINIQ as safe-haven picks. The three risk factors are tensions in the Strait of Hormuz, which pushed Brent crude to 91.3 US dollars per barrel, the highest in 25 days; the 10-year US Treasury yield rising to 4.71 percent and the 30-year yield touching 5.29 percent, pressuring technology stock valuations; and institutional investors increasing short positions in NASDAQ100 futures by more than 41 percent over two weeks to 109,700 contracts. That sent the NASDAQ index to its lowest in two weeks and dragged the KOSPI down 5.46 percent, the Nikkei down 2.37 percent, Taiwan down 1.20 percent, and Singapore down 1.16 percent. For the Thai economy, the current account in the second quarter of 2026 swung to a deficit for the first time in eight quarters, due to surging imported fuel costs and freight rates. The trade balance recorded a deficit of 12.1 billion US dollars, while the services balance deficit also widened, pressuring the baht. Foreign investors opened net short positions in TFEX as high as 23,212 contracts in a single day and have sold a net total of more than 6.2 billion baht in Thai equities since the start of the month. Asia Plus Securities recommends a selective buy strategy in three main groups: beneficiaries of higher oil prices and freight rates such as PTTEP, PSL, RCL, and PRM; companies with recovering third-quarter 2026 earnings and benefits from a weaker baht such as CPF, ITC, DELTA, HANA, KCE, BH, BDMS, and PR9; and domestic consumption, tourism, and advertising media names such as CPALL, CENTEL, ERW, and VGI. The top picks of the day are PTT, which benefits from oil prices and offers high dividends; CPF, which gains from the weaker baht and recovering meat prices and is set to trade ex-dividend on 31 August 2026 with an interim dividend of 0.45 baht per share; and KLINIQ, whose second-half outlook is strong with a chance of raising its sales target from the current expected growth of 20 percent year on year.

Bualuang Securities reported second-quarter 2026 results for eight energy companies under its coverage, with combined net profit of 109 billion baht, up 195% year-on-year and 35% quarter-on-quarter. Core profit totaled 127 billion baht, up 237% year-on-year and 49% quarter-on-quarter. The refinery group was the main driver, boosted by higher revenue and margins from selling prices and elevated GRM and GIM amid the war situation. BCP, PTT and SPRC beat expectations, while IRPC, PTTEP and TOP were in line. BANPU and OR came in below expectations. The group's overall financial position remains strong, with SPRC in a net cash position, OR near net cash, and PTTEP holding net debt to equity of only 0.1 times, followed by TOP and PTT. BCP stood at 0.7 times, while BANPU and IRPC were higher than the group at 1.0 times and 0.9 times respectively. On cash flow, PTT and PTTEP have posted positive operating cash flow and free cash flow for six consecutive quarters, while BANPU is the only company that has not yet generated positive free cash flow during that period. For the third-quarter 2026 outlook, most management teams are cautious but still positive. Oil prices and GRM are expected to decline from the previous quarter as supply increases after Middle East tensions ease, but they should remain high compared with a year earlier. OR is more positive, expecting oil sales volume and marketing margin to improve from the previous quarter. The research team views BCP, PTT, PTTEP and SPRC as having potential to pay high dividend yields of around 6 to 10 percent in 2026, and around 5 to 7 percent over the medium term. PTT remains the top pick on strong earnings momentum and an attractive dividend yield.

Kasikorn Securities noted that crude oil prices rebounded strongly due to geopolitical tensions and supply concerns. Dubai crude and naphtha prices rose 6% and 4% week on week respectively, after the United States prepared to tighten sanctions on Iran and Russian crude exports declined following Ukrainian attacks on energy infrastructure. This benefited PTTEP from higher crude prices, while oil refiners faced pressure from Singapore GRM, which fell 7% week on week to 25.7 US dollars per barrel, as gasoline spreads weakened after China relaxed fuel export restrictions. Petrochemical producers were pressured by significantly higher naphtha costs, with aromatics product spreads down 6 to 55% week on week and combined PET and PTA margins down 3% week on week, while PP spreads improved 8% week on week. Crude oil prices are expected to remain elevated amid ongoing supply disruptions, but GRM needs to be monitored closely to assess demand risks.

PTT Public Company Limited will receive interim dividends totaling more than 12.13 billion baht from two subsidiaries, PTTEP and GPSC. PTTEP announced an interim dividend for the first six months of 2026 at 4.50 baht per share, while GPSC announced a dividend of 0.55 baht per share. PTT holds 2,532,340,489 PTTEP shares, equivalent to 11.4 billion baht in dividends, and 1,332,955,135 GPSC shares, equivalent to 733 million baht, for a combined total of 12.13 billion baht.

PTT remains the champion for the highest net profit in the first six months of 2026, with net profit of 78.263 billion baht, surging 74.50% from the same period last year, reflecting a strong recovery in the energy and petroleum business. PTTEP follows in second place with profit of 39.03245 billion baht, up 29.78%, while ADVANC continues to stand out in the telecom group with profit of 27.21151 billion baht, growing 26.18%. As for DELTA, despite having the highest market value of more than 3.34 trillion baht, it posted a first-half profit of 15.15577 billion baht, up 49.80% from the same period last year. TRUE is another company worth watching, because this time it recorded net profit of 13.14285 billion baht with a strong growth rate of 258.60%, reflecting the results of the merger and cost management that are beginning to show full effect. However, for GULF, although its net profit figure declined significantly, a closer look inside shows that in the second quarter of 2025 it booked a special gain from the business combination with INTUCH of 56.12 billion baht. Therefore, if counting only operating profit, it would be 21.659 billion baht, up 59.2% compared with the same period last year.

PTT Group reported combined second-quarter profit for 2025 of 103 billion baht, up 157% from the same period last year. This brought first-half combined profit to 175 billion baht, an increase of 106%. PTT Public Company Limited posted net profit of 52.525 billion baht, up more than 100%, driven by higher price spreads and bond buybacks. PTT Exploration and Production recorded net profit of 27.197 billion baht, up 101%, supported by record average sales volume of 572,882 barrels of oil equivalent per day. PTT Global Chemical swung to a profit of 12.208 billion baht from a loss of 3.616 billion baht a year earlier. Thai Oil posted net profit of 8.284 billion baht, up 28%. PTT Oil and Retail Business reported a net loss of 1.774 billion baht, compared with a profit of 2.232 billion baht a year earlier. IRPC swung to a profit of 2.921 billion baht from a loss of 2.132 billion baht. Global Power Synergy recorded net profit of 1.819 billion baht, down 10%.

Profits at PTT Group have recovered, with PTTEP remaining strong while PTTGC has swung back into the black, according to eFinanceThai. The news agency reported that the operating results of companies in PTT Group have improved markedly, especially PTTEP, which has continued to maintain its profitability, and PTTGC, which has successfully turned from a loss back to a profit.

MSCI rebalancing supports Thai stocks with net inflows of 500 million baht. GUNKUL and HANA surprised by entering the small-cap index, while PTTEP and TRUE received higher weightings. The market impact is expected to be neutral to slightly positive. PTT posted second-quarter profit for fiscal year 2026 surging 143.9 percent to 52.525 billion baht, supported by international trading, petrochemicals, refining and oil businesses as product price spreads improved, pushing first-half profit to 78.263 billion baht, up 74.5 percent. TOP reported net profit of 8.284 billion baht, up 28 percent year-on-year, with first-half net profit of 27.765 billion baht, and is moving ahead with the CFP project scheduled for 2028. AOT showed third-quarter profit for fiscal year 2026 of 4.44168 billion baht, up 14.93 percent, supported by a 2.61 percent increase in aeronautical revenue, especially passenger service charge revenue rising by 168.36 million baht, or 2.85 percent, after the charge was raised from 730 baht to 1,120 baht per person, pushing nine-month net profit to 14.81233 billion baht, up 3.86 percent, while total passengers reached 99.03 million, up 1.84 percent, with an average target price of 67.56 baht. BGRIM posted second-quarter profit for fiscal year 2026 growing by 676 million baht, up 9,557 percent, on higher total electricity sales volume, and continues expanding its renewable portfolio, targeting six LNG cargoes of 280,000 tonnes this year and gradually achieving commercial operation dates for new power plants, with an interim dividend of 0.18 baht per share. ACE reported second-quarter net profit for fiscal year 2026 of 278.7 million baht, surging 87.3 percent, supported by strong growth in solar and waste-to-energy power plants and lower financial costs, and is advancing a clean energy portfolio of 92 projects with total capacity of 767.42 megawatts. MGC posted second-quarter profit for fiscal year 2026 surging 554 percent to 352 million baht, a record high for four consecutive quarters, pushing first-half net profit to 675 million baht, up 521 percent, supported by deliveries of XPENG and Alpha X electric vehicles growing 688 percent, and the board approved an interim dividend of 0.24 baht per share with the XD date on 26 August. JMART's CEO is confident second-half profit for fiscal year 2026 will exceed the first half, driven by the lock-phone business, SINGER, JMT and Suki Tee Noi, maintaining a profit target for 2028 of more than 2 billion baht. ACE said it will continue seeking opportunities to bid for clean energy power plants in the second half of 2026 and accelerate construction of new projects, expecting several more projects to reach commercial operation by 2027. 88TH has laid out three growth strategies, expanding the LYO portfolio into China and Hong Kong and building a new S-curve in the pet business through Monster Lab, with new revenue expected to be recognised from the second half of 2026 after second-quarter revenue reached 151.82 million baht, up 10.16 percent. GFC is shifting its second-half strategy with digital marketing plans targeting Gen Z to drive egg-freezing services, while accelerating expansion of its foreign customer base through nine agents, aiming to raise the foreign customer share to 25 percent, partnering with more than eight hospitals, and approving an interim dividend of 0.03 baht per share. ILINK expects solar product sales revenue to double this year, benefiting from government subsidies of 50,000 baht per household for rooftop installation and a 200,000 baht tax deduction, with about 9 billion baht in auctions still pending, and hinted third-quarter results will grow on surging trading and engineering demand. III expects second-half performance to improve as the freight transport business enters its high season, advancing its Logistics and Beyond strategy to build an aviation ecosystem, with two to three M&A deals under negotiation and expected to be concluded within this year, while raising this year's revenue growth target to 20 percent from 15 percent, after posting second-quarter profit for fiscal year 2026 of 140.9 million baht, a ten-quarter high. SAWAD is pushing ahead at full speed, benefiting from the high season in the second half, confident this year's growth will meet targets, with first-half profit of 2.74 billion baht, up 16 percent, and brokers see SAWAD's asset quality as having passed its lowest point. TEAMG posted first-half revenue for fiscal year 2026 of 1.266 billion baht, up 22 percent, and profit of 111 million baht, up 18 percent, after second-quarter revenue of 635 million baht, up 19 percent, and profit of 61 million baht, up 29 percent, with the zoo phase two and light red line rail projects lifting backlog to 5.988 billion baht, and targets new work of at least 1 billion baht in the second half. KLINIQ posted second-quarter net profit for fiscal year 2026 surging to 111.53 million baht, up 24.9 percent, pushing first-half profit to 232.66 million baht, and the board approved an interim dividend of 0.88 baht per share with the XD date on 27 August and payment on 11 September 2026. PIS posted first-half net profit of 164 million baht, up 8 percent, with total revenue reaching 1.531 billion baht, up 6 percent, on continued project deliveries and effective cost control, and the second-half outlook is bright as it bids for new work to add to a backlog of more than 6.096 billion baht to be recognised over the next three to four years, confident of driving this year's revenue growth of 10 to 15 percent. MTC is expanding its loan portfolio amid Thailand's slowing economy, with first-half revenue of 16.064 billion baht, up 8.63 percent, and net profit of 3.728 billion baht, up 15.84 percent, while keeping NPLs at 2.61 percent and expressing confidence that second-half loan growth will be around 10 percent.

Five Thai listed companies with market capitalizations above 40 billion baht reported second-quarter 2026 net profit growth of more than 50 percent compared with the same period last year. PTTEP posted net profit of 27.197 billion baht, up 101 percent. True Corporation posted net profit of 6.554 billion baht, up 222 percent. SCG Packaging posted net profit of 2.304 billion baht, up 128 percent. Central Plaza Hotel posted net profit of 166 million baht, up 51 percent. Siam Global House posted net profit of 955.48 million baht, up 83 percent.

Krungsri Securities expects the MSCI index rebalancing in August 2026 to drive net inflows into the Thai stock market of about 15 million US dollars, or roughly 500 million baht. In the MSCI Standard Index, no Thai stocks will be added or removed, with the number of constituents held at 18 companies and Thailand's investment weight steady at 1.0 percent, translating into inflows of 5 million US dollars, or about 165 million baht. Meanwhile, PTTEP's weight is being increased by about 23 million US dollars, or roughly 760 million baht, and TRUE's by about 17.5 million US dollars, or roughly 578 million baht. CPN's weight is being reduced by about 23.5 million US dollars, or roughly 777 million baht. In the MSCI Small Cap Index, GUNKUL is a new Thai entrant and is expected to receive about 8 million US dollars, or roughly 264 million baht, while HANA is expected to receive about 10 million US dollars, or roughly 330 million baht. CHG and JTS are being removed from the index, resulting in total net inflows into the MSCI Thailand Small Cap Index of 10 million US dollars, or roughly 330 million baht, and Thailand's weight rising from 2.5 percent to 2.6 percent.

President Donald Trump announced that the United States has total control over the Strait of Hormuz in a post on Truth Social on August 12, 2026, saying the naval blockade is called an iron wall and Iran cannot retaliate. He also claimed that Iran has no navy and no air force, its personnel are not being paid, the Islamic Revolutionary Guard Corps has been badly damaged, inflation is at 300%, and Iran is no longer a bully in the Middle East. Kasikorn Securities said in a research note that the announcement came amid stalled US-Iran negotiations. Although Iran and Oman have made some progress on shipping routes, energy supply risks remain high, supporting oil prices through geopolitical risk premiums. KS views this as positive for the upstream energy sector, especially PTT Exploration and Production Public Company Limited, or PTTEP, given the outlook for high oil prices, while it is negative for airlines, petrochemicals, and stocks with high energy costs.

Brent crude oil prices jumped 5% overnight after negotiations between Iran and the United States stalled. Iran stated it will not open the Strait of Hormuz until the US meets six conditions, including ending threats and blasphemous remarks, permanently ceasing war and aggression against Iran and its allies, ending the naval blockade and withdrawing military forces, compensating for war damages, lifting sanctions, and unconditionally returning frozen assets. This has led to expectations of prolonged talks and tight market supply, supporting a positive outlook for energy stocks, namely PTTEP, PTT, TOP, BCP, and SPRC.

Analysts expect PTT to report a record net profit of 49 billion baht for the second quarter of 2026 on August 13, driven by strong gas and exploration and production businesses amid higher oil prices and Middle East supply concerns, as well as gains from oil price hedging contracts that reversed from losses in the previous quarter. Meanwhile, four of the seven subsidiaries under PTT Group have already announced their second-quarter 2026 results, with PTTGC standing out with a net profit of 12.208 billion baht, swinging from a loss a year earlier and surging 278 percent from the previous quarter. PTTEP posted a net profit of 27.197 billion baht, up 101 percent year-on-year. GPSC reported a net profit of 1.8191 billion baht, down 9.91 percent year-on-year but up 6 percent from the prior quarter. OR was the weakest performer, swinging to a net loss of 1.77495 billion baht from a profit of 2.2318 billion baht a year earlier and a profit of 2.414752 billion baht in the first quarter of 2026. Analysts at Trinity Securities said the overall performance of PTT Group was much better than market expectations, especially PTTGC and PTTEP, which will be key profit contributors driving PTT's results higher as well. For the third quarter of 2026 outlook, the refining group still has positive factors from Brent crude oil prices above 80 dollars per barrel and expected strong refining margins, with top picks being TOP with a target price of 61 baht and PTTGC with a target price of 46.50 baht.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Bualuang Securities expects robust profit growth for the energy sector in the second quarter of 2026, with core profit for stocks under its coverage totaling 110 billion baht, up 191 percent from a year earlier and 28 percent from the previous quarter. Net profit is projected at 89 billion baht, rising 138 percent year-on-year and 9 percent quarter-on-quarter, supported by high refining margins. The refinery group leads the recovery, while PTT is boosted by its gas, exploration and production, refinery, and petrochemical businesses. PTTEP benefits from higher sales volume and average selling prices, along with lower unit costs, and BANPU gains from strong coal and gas operations. Only OR is expected to see weaker profit due to lower oil sales and marketing margins. The research team has raised its full-year 2026 net profit forecast for the sector by 24 percent to 293 billion baht. For the third quarter of 2026, although profit is still expected to grow year-on-year, it is likely to soften from the previous quarter as energy prices and refining margins begin to decline. This comes as oil supply is set to increase from OPEC+, the UAE, and Iran, coupled with expectations of the reopening of shipping routes through the Strait of Hormuz, while coal prices are trending lower on reduced demand. The research team favors PTT the most in the sector, citing its diversified profit structure across multiple businesses, which delivers strong cash flow and dividends.

CGS International Securities Thailand, or CGSI, recommends buying PTTEP shares with a target price of 165 baht after the company reported second-quarter 2026 net profit of 27.2 billion baht, up about 130 percent from the previous quarter, driven by higher sales volume and average selling prices, as well as a gain of 94 million US dollars from oil price hedging contracts. Sales volume rose 3.5 percent to 573,000 barrels of oil equivalent per day, while the average selling price was 52.9 US dollars per barrel of oil equivalent. Liquid petroleum selling price increased 28.4 percent to 99.5 US dollars per barrel, and natural gas price rose 2.6 percent to 5.9 US dollars per million BTU. CGSI expects third-quarter 2026 net profit may soften due to lower production volume, but will recover in the fourth quarter of 2026. The company maintains its full-year sales volume target of 560,000 barrels of oil equivalent per day and offers a 2026 dividend yield of around 6 percent.

PTTEP reported net profit for the second quarter of 2026 at 833 million US dollars, up 122% from the previous quarter, with record average sales volume of 572,882 barrels of oil equivalent per day and an EBITDA margin of 72%, exceeding the JUMP+ programme target of no less than 70%. Supporting factors included a 4% increase in sales volume and a 15% rise in selling prices, although unit costs rose 6% to 29.8 US dollars per barrel of oil equivalent. The company maintains its target of keeping costs close to 30 US dollars per barrel of oil equivalent. For the third quarter of 2026, sales volume is expected to decline to approximately 525,000 barrels of oil equivalent per day due to a maintenance shutdown deferred from the second quarter, but full-year average sales volume is projected to be near 560,000 barrels of oil equivalent per day. The financial position remains strong, with a debt-to-equity ratio of 0.26 times, and the company declared an interim dividend of 4.50 baht per share.

Krungsri Securities stated that PTTEP's plan to reduce capital expenditure at its Gulf of Thailand production assets, known as GoT SAVE, has made significant progress. The company has successfully reused both the topsides and jackets of wellhead platforms, achieving capital expenditure savings of up to 50 percent compared to new builds, or around 15 to 16 million US dollars per platform. It targets reusing entire platforms for another 10 platforms during 2027 to 2029. Combined with plans to reuse topsides for another 10 to 15 platforms, this will lift capital expenditure savings above the original plan, which targeted reusing only 26 topsides at a saving of 8 million US dollars each. As a result, there is an opportunity to save an additional approximately 62 million US dollars in capital expenditure. Meanwhile, the short-term production delay at some assets in the United Arab Emirates due to the impact of war does not alter the long-term growth support from the Middle East portfolio. Normalised net profit for the third quarter of 2026 is expected at around 19 billion baht, up 38 percent year-on-year but down 23 percent quarter-on-quarter. The year-on-year growth is driven by tight supply from the closure of the Strait of Hormuz, while the quarter-on-quarter decline reflects softer selling prices and lower sales volumes due to seasonal maintenance shutdowns.

US stock indices closed higher overnight, with the Dow Jones rising 276.97 points to 52,485.03, the S&P 500 gaining 52.09 points to 7,489.72, and the Nasdaq advancing 251.68 points to 25,373.85. The gains were driven by strong earnings from major technology companies. Amazon shares surged over 15% after posting its fastest quarterly revenue growth in more than four years, while Microsoft's earlier results helped ease concerns about AI data center spending. However, Apple shares fell significantly after a disappointing business outlook. In European markets, the Stoxx 600 index closed down 0.76 points at 649.19, with tech stocks edging up just 0.3%, reflecting a mixed picture as Microsoft gained while Meta Platforms was pressured by selling. Asian markets opened mostly lower this morning, led by South Korea's drop of over 4% on profit-taking in technology and chip stocks. Samsung Electronics and SK Hynix both fell around 7%, while Hong Kong's Hang Seng bucked the trend to rise. The Thai stock market is expected to move sideways, supported by easing Middle East tensions and lower oil prices, though short-term technical signals warrant caution. A stock to watch is PTTEP after its second-quarter 2026 profit surged 104% above expectations to 27.2 billion baht, with sales hitting a new record of 572,882 barrels per day.

PTTEP expects average sales volume in the third quarter of 2026 to decline from the previous quarter to 525,000 barrels of oil equivalent per day, due to planned maintenance shutdowns, but still higher than the same period last year from the recognition of sales volumes from the SK408 project and Algeria Touat. Meanwhile, the full-year target remains at 10% growth to 560,000 barrels of oil equivalent per day, with total production capacity expected at 790,000 barrels of oil equivalent per day. The average natural gas selling price for the full year is expected at 6.0 US dollars per million BTU, and the company also targets reducing unit cost to around 30 US dollars per barrel of oil equivalent, while maintaining an EBITDA margin target of 70%. In addition, PTTEP has a 10-year plan to expand its international base, aiming to increase the proportion of profit from international businesses to more than 50% of net profit within 10 years, through investments in Southeast Asia, the Middle East, and North Africa.

PTTEP reported second-quarter net profit for 2026 jumped 104% to 27,197 million baht, up from 13,515 million baht in the same period last year. Total revenue reached 102,717 million baht, a 40% increase. For the first half, net profit stood at 39,032 million baht, driven by average petroleum sales volume of 563,179 barrels of oil equivalent per day, up 14%, and an average selling price of 49.54 US dollars per barrel, up 10%. The board approved an interim dividend of 4.50 baht per share, with the XD date set for 14 August 2026 and payment on 28 August 2026.

Pi Securities assesses that Thai stocks have a chance to outperform amid volatility in tech stocks and surging crude oil prices. The Dow Jones Industrial Average closed down 1,153 points, or 2.2 percent, pressured by semiconductor stocks and inflation concerns. Meanwhile, Brent crude oil prices rose 7.9 percent due to tensions in the Middle East, prompting a rotation from tech stocks into value stocks and Thai energy plays such as PTT and PTTEP. Pi Securities also recommends SYNEX with a target price of 11.10 baht and HMPRO with a target price of 7.50 baht, and estimates the SET Index range for the day at 1,600 to 1,640 points.

CGS International Securities Thailand, or CGSI, expects the Thai stock market today to undergo a mild correction within a range of 1,615 to 1,640 points, after US equities fell sharply. The Dow Jones Industrial Average closed at 51,594.14 points, down 1,153.18 points or 2.19 percent, while the S&P 500 dropped 1.52 percent and the Nasdaq declined 1.74 percent. This followed a non-unanimous Federal Reserve decision to hold interest rates at 3.50 to 3.75 percent, reiterating its 2 percent inflation target, which stoked investor concerns that monetary policy will remain tight. Meanwhile, WTI crude oil surged 6.56 percent to close at 84.46 dollars per barrel, and Brent rose 7.91 percent to 90.74 dollars per barrel, on worries that Middle East tensions will disrupt supply. CGSI recommends BDMS, setting a profit target of 19.40 baht and a stop-loss at 18.80 baht. Although normalised profit for the second quarter of 2026 is expected to decline, revenue is seen accelerating in 2027, driven by a recovery in foreign patient arrivals and domestic demand. It also recommends PTTEP, with a profit target of 152 baht and a stop-loss at 148.50 baht, benefiting from higher oil prices, with second-half 2026 earnings expected to be supported by strong gas prices and sales volumes.

US stocks closed sharply lower after the Federal Reserve voted 9 to 3, a non-unanimous decision, to keep short-term interest rates at 3.50 to 3.75 percent, while reiterating its 2 percent inflation target. The Dow Jones Industrial Average ended at 51,594.14 points, down 1,153.18 points or 2.19 percent. The S&P 500 fell 1.52 percent and the Nasdaq dropped 1.74 percent, pressured by AI chip stocks ahead of earnings reports from Microsoft and Meta Platforms. West Texas Intermediate crude oil surged 6.56 percent to close at 84.46 dollars per barrel, and Brent crude jumped 7.91 percent to 90.74 dollars per barrel, on concerns that escalating tensions in the Middle East could disrupt supply. Reports indicated that Iran attacked US forces, and the US together with Saudi Arabia struck Iran-backed militant groups in Iraq. For the Thai stock market, CGS International Securities Thailand, or CGSI, expects the SET Index to undergo a minor correction within a range of 1,615 to 1,640 points, pressured by the global stock sell-off and Middle East tensions. The firm recommends BDMS and PTTEP. BDMS is forecast to see normalized profit in the second quarter of 2026 decline 7 percent year-on-year and 20 percent quarter-on-quarter, but revenue in 2027 is expected to grow 7 percent from 2026. PTTEP is supported by strong gas prices and sales volumes in the second half of 2026.

Asia Plus Securities assesses that the Thai stock market today must brace for impact from all-round pressure factors, after a two-day closure. Global equity markets faced severe risk-off sentiment from three negative factors: the Fed's tight monetary policy, which signalled a more hawkish stance than the market expected, with three committee members voting to raise rates by another 0.25 percent to 4.0 percent, and the FedWatch Tool assigning a 57 percent probability that the Fed may hike rates at the next meeting, pushing the 30-year US Treasury yield to 5.21 percent, a 19-year high, and the 10-year yield to 4.68 percent, pressuring technology stocks; the widening Middle East situation from the US and Iran into a full-scale regional war, covering the US, Iran, Saudi Arabia, Iraq, and Yemeni groups, while shipping through the Strait of Hormuz remains stalled and Oman-mediated talks have halted, driving Brent crude oil prices past 90.74 US dollars per barrel, accelerating global inflation and production costs; and the heavy correction in technology and AI stocks, with the NASDAQ 100 index falling more than 10 percent in two days and semiconductor stocks dropping an average of 25 percent on concerns over investment returns and lower-than-expected second-quarter 2026 earnings, while the South Korean stock market plunged 16.2 percent and the Japanese market corrected more than 5.4 percent. However, the research team finds positive signals from capital movements, as foreign fund managers rotate out of North Asian technology stocks into TIP markets, which have lower technology weightings and are safer, giving the Thai stock market a chance to receive catch-up buying from its standout and safe valuations, including PE, PBV, and yield spreads, coupled with support from higher crude oil prices. The first support level for the SET Index today is assessed at 1,615 points, but caution is advised on volatility in domestic electronics stocks such as DELTA, which may decline in line with global tech stocks. The investment strategy focuses on defensive positioning, selecting stocks with individual positive factors: PTTEP, which directly benefits from surging crude oil prices due to the war situation, with expected standout second-quarter 2026 earnings and a high dividend payout ratio; KTB, which benefits from the direction of interest rates staying high, supporting net interest margin and having a strong asset position; and SJWD, which has a clear recovery trend in second-half earnings and high share price upside potential. For foreign investment portfolios, speculative trading is recommended through DR instruments: SBUX80, which reported strong third-quarter fiscal 2026 revenue of 93.2 billion dollars and EPS growth of 70 percent year-on-year to 0.85 dollars, driven by same-store sales growth for the fourth consecutive quarter; and BYDCOM80, supported by continued delivery growth in July after launching new car models in the market, while monitoring Microsoft's strong fourth-quarter earnings, especially cloud revenue accelerating 32 percent year-on-year to 39.3 billion dollars, which will send positive sentiment to global mega-cap stocks like the Magnificent Seven going forward.

Dao Securities (Thailand) expects the Thai stock index to potentially decline, tracking a sell-off in technology stocks in international markets amid concerns over chip supply in China and the value of AI investments. Meanwhile, tensions in the Middle East have flared again after the United States intercepted Iranian missiles, pushing Brent crude oil prices above 87 US dollars per barrel, and the Federal Reserve held interest rates steady as expected. The brokerage recommends gradually selling to take profits to reduce risk, with support at 1,614 to 1,620 points and resistance at 1,628 to 1,632 points, while highlighting PTTEP and PTT as top picks in its model portfolio.