What PTT Shareholders Got Right
PTT spent much of the year talking up LNG expansion, renewables investment and asset light downstream moves, while analysts argued over whether those plans justified a higher or lower future P/E. For PTT shareholders, the return over the past year was 35.2%, including dividends. If you had been deciding on 6 November 2025, what would you have needed to believe about those projects and margins to buy before that outcome was known?
The easy part of this move is behind PTT. Zero in on 224 high quality undervalued stocks for companies trading below our estimates.
The Two Stories PTT Investors Had To Weigh
The shares cost THB30.75 at the start. Anyone looking at PTT then had to decide whether LNG expansion, renewables projects and asset light refining changes could justify paying for that future.
The bullish story pointed to a Fair Value of THB34.27, a notional price implied by its assumptions, based on revenue growth of 0.5% and a future P/E of 12.2x supported by AI driven efficiency and LNG scale.
The bearish view anchored on a Fair Value of THB26, with concern that slow renewables progress and oil overcapacity would reduce revenues by 2.4% a year.
What The Results Changed For The PTT Debate
PTT then reported Q2 2026 revenue of THB830,389.3 million and net income of THB52,524.6 million, compared with Q2 2025 revenue of THB676,754.2 million and profit of THB21,425.7 million. Net margin moved from 3.2% to 6.3%. That margin outcome leaned toward the bullish LNG and efficiency story, although one set of quarterly figures did not settle the longer term argument.
The key assumption was margin lift from LNG expansion and cost efficiency rather than just top line progress. For a different stock, you would want to track whether net margin moves toward or away from the level implied in the original thesis before relying on it.
What PTT's Recent Run Already Prices In
PTT shares now trade at THB38.25 after a 35.2% gain over the past year. The selected Narrative’s Fair Value sits below the current price, as its authors argue that earnings quality and energy transition execution matter more than headline profit today.
That means a buyer now effectively assumes LNG, CCS, hydrogen and digital programs can support resilient earnings. The question is how the selected Narrative’s concerns about weaker refining and petrochemical spreads might affect that assumption.
"The main thing that has to go right is that PTT turns LNG expansion, CCS hubs, hydrogen and other low carbon projects into commercially sustainable businesses while continuing to recycle capital through asset monetization and efficiency programs. The current valuation implies the share price already reflects resilient profits around recent levels and meaningful payoff from LNG growth, decarbonization projects and digital profit enhancement, which suggests there may be limited room for disappointment if these plans underdeliver."
One Narrative disagrees with today's price. → See where this Narrative says PTT should trade
How Could You Get There Earlier?
The story behind this run has already been told. The next one could be taking shape somewhere else. Where could you start looking before it becomes the headline?
- Company 1 - 48% below our estimate - sells forensic software that converts existing customers to higher priced, stickier subscriptions.
- Company 2 - 49% below our estimate - wins modular and energy-focused construction projects using digital tools to protect margins.
- Company 3 - 30% below our estimate - runs higher cost gold mines with long reserves across several politically sensitive regions.
Three companies from the same screener. Open every one of the 193 solid balance sheet companies →
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