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Investing.com - UBS has downgraded PTT Global Chemical PCL (PTTGC:TB) from Buy to Sell, while lowering its price target to THB20.00 from THB30.00.
The downgrade comes as the company’s operational improvement trajectory is tracking "well behind" UBS’s earlier expectations, despite the firm previously anticipating a more sustained profit turnaround in 2025.
UBS notes that PTT Global Chemical shares have risen more than 20% over the past three months, creating what the firm sees as "more risk on the downside" for investors.
The research firm has significantly cut its 2025-27 earnings forecasts for the chemical company, citing an expected weak second quarter 2025 and a "subdued chemical margin outlook."
UBS analysts believe a meaningful profit turnaround for PTT Global Chemical may not materialize until 2026, suggesting further share price upside would require stronger operational improvements than currently anticipated.
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