Krungsri Securities maintained its ‘buy’ rating on PTT Global Chemical Pcl on expectations petrochemical spreads will remain strong this year, driven by robust demand.
At the midsession break, shares in PTT Global Chemical had gained 0.64 percent to 78.75 baht. The broader SET index was up 0.19 percent.
Krungsri expects PTT Global Chemical to post a fourth-quarter 2012 net profit of 9.8 billion baht ($327 million), 139 percent higher than a year earlier.
Krungsri also raised its forecast for PTT Global Chemical’s 2013 net profit by 13 percent to 36.3 billion baht.
“We expect spreads will remain attractive in 2013 following global economic stimulus measures to boost economic growth. Paraxylene product prices should remain positive on higher demand from new downstream PTA producers mainly in China and a continuing tight supply of benzene,” Krungsri said in a report.
1240 (0540 GMT) ($1 = 29.9850 Thai baht) (Reporting by Pairat Temphairojana; Editing by Anand Basu)