PTT Global Chemical (PTTG.BK/PTTGC TB)

A big step towards megatrend
We believe PTTGC’s investment in Perstorp’s isocyanates business unit was the right move as
it would be key to the company achieving its long-term strategic goals. The market
misperceived that the investment was in Perstrop Holding AB (the mother company), while
in fact it is in Perstorp Holding France SAS (the subsidiary—isocyanates business unit), a
debt-free company, so the market should turn more positive towards this investment as it is
the most feasible investment to pave the way for PTTGC to enter into the polyurethane
business with the company’s existing aromatics and olefins facilities. We maintain a rating of
Outperform rating on PTTGC with a target price of Bt75.00.

by kgi