INVX 5/7/2566 :Fx THB appreciation/ IPO BRC (BIGC BJC) to rerate Commerce/ BOT NPLs regulation take time for public hearing/ Prefer HMPRO BBL IVLvs Neutral PTTEP

# PTTEP – 2Q23 preview : Expect 2Q23F net profit to remain solid at Bt19.4bn (-6% YoY flat QoQ) amid lower oil and gas prices, but FX and oil price hedging gains.

Recurring profit is expected -19% YoY -10% QoQ on lower ASP -15% YoY -5% QoQ to $45.5/BOE and sales volume -2% QoQ to 450kBOED.

Both ASP and sale volume beat previous guidance, thus there’s an upside to our full-year sales volume target of 456kBOED.

We still keep 2023F unchanged with core profit dropping -32% YoY, assuming 2023 Brent oil price at $82 vs YTD average of $80. Neutral TP Bt185.0.

# Petrochem update : Average PE/PP spread -5% WoW to a 10-week low of $408. PX-naphtha spread rose to an 8m high of $523 with 2Q23 avg at $484 (+20% QoQ). Integrated PET spread was steady WoW at $159 with 2Q23 avg at $190 (+14% QoQ).