PTT Exploration faces a significant hit to its first-quarter net profit due to large hedging losses, according to DBS Group Research. Analysts warn the Thai oil producer will include losses from oil hedging and foreign-exchange exposure, triggered by rising crude prices since the Middle East conflict. Despite this, DBS maintains its buy rating and a 174 baht target price, noting PTT remains its top Thai energy pick as a direct beneficiary of the crude surge, though its current selling price hasn't fully reflected the gains.

Shares closed 1.6% lower at 157 baht. CGS International also raises its 2026 Brent crude forecast to $86.50 per barrel from $78, citing production disruptions in the Middle East creating a global oil deficit. This supports a higher gas price forecast for PTT of $6.00 per mmBtu, lifting its target price to THB179 from THB165. Tenaga Nasional's overseas renewable energy assets are poised to benefit from soaring global energy prices, aiding its expansion beyond Malaysia and net zero goals, according to Hong Leong IB's Daniel Wong. Tenaga could gain from higher regulated income, new power projects, and renewable expansion in 2026-2027, alongside lower taxes, with Hong Leong keeping a buy rating and 17.25 ringgit target.

Shares dipped 0.1% to 14.02 ringgit.