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Name Rating Target price Current price Upside 14 EPS 15F EPS 16F EPS15F EPS growth

16F EPS growth 15F PER 16F PER 15F PBV 16F PBV15F Div yield15F ROAE

(Bt) (Bt) (%) (Bt) (Bt) (Bt) (%) (%) (x) (x) (x) (x) (%) (%)TOP* O 67.0 54.0 24.1 (2.0) 5.8 5.8 393.9 (0.0) 9.3 9.3 1.2 1.1 4.8 13.1PTTGC* N 65.0 53.5 21.5 3.4 5.7 6.9 67.1 21.4 9.4 7.8 0.9 0.9 6.6 9.9BCP* N 32.0 33.0 (3.0) 0.5 3.5 3.4 582.2 (3.6) 9.3 9.7 1.2 1.1 4.3 13.7IRPC* Unrated 4.0 4.5 (10.0) (0.3) 0.2 0.3 174.2 49.7 23.1 15.4 1.2 1.2 2.1 5.6SK Innovation Unrated 120,893 100,000 20.9 (6,404) 8,092 9,895 (226.4) 22.3 12.4 10.1 0.6 0.6 2.8 4.9S-Oil Unrated 68,731 67,000 2.6 (2,473) 4,239 5,121 (271.4) 20.8 15.8 13.1 1.4 1.3 2.3 9.4GS Holdings Unrated 47,619 44,700 6.5 (3,664) 3,590 4,338 (198.0) 20.8 12.5 10.3 0.7 0.7 2.8 5.6Formosa PetrochemicalUnrated 68.3 67.9 0.5 1.0 2.7 3.2 179.1 20.5 25.6 21.3 2.6 2.6 2.9 10.4Reliance Industries Unrated 1064.2 836.1 27.3 76.6 74.4 79.6 (2.8) 7.0 11.2 10.5 1.2 1.1 1.2 10.9Hindustan PetroleumUnrated 680.2 653.4 4.1 31.9 39.4 57.2 23.4 45.4 16.6 11.4 1.5 1.4 2.3 9.3Bharat Petroleum Unrated 833 804 3.6 54 44 58 (19.0) 32.0 18.4 13.9 2.7 2.4 1.9 15.6China Petroleum&ChemicalsUnrated 6 6 1.0 0 0 0 (26.9) 48.8 21.4 14.4 1.2 1.1 1.9 5.6JX Holdings Unrated 490.0 460.5 6.4 43.1 (72.1) 60.7 (267.5) (184.2) (6.4) 7.6 0.6 0.6 3.6 (9.0)Caltex Australia Unrated 33.9 34.9 (2.7) 0.1 1.9 2.1 2,447.3 10.7 18.5 16.7 3.4 3.1 3.2 19.2

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