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PTT Global Chemical Public Company Limited

GCB.F
27
Chemicals · Basic Materials
Price
€0.97
-0.11 (-10.19%)
Market Cap
€4.37B
Exchange
Frankfurt Stock Exchange
Winston Score
27
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Headquartered in Bangkok, Thailand, PTT Global Chemical Public Company Limited (PTTGC) is a prominent international enterprise engaged in the production and distribution of a broad spectrum of chemical and biochemical products. The company boasts a significant global footprint, with operations spanning Thailand, China, Vietnam, Singapore, India, Malaysia, Indonesia, Japan, the United States, and other international markets. Its diverse activities are organized into seven distinct segments: Refinery, Aromatics, Olefins and Derivatives, Green Chemicals, Performance Materials and Chemicals, Service and Others, and Investments in Other Joint Ventures and Associates. PTTGC's comprehensive product line encompasses refined petroleum products such as LPG, jet fuel, diesel, fuel oil, light naphtha, and reformate. Its aromatics division offers benzene, toluene, paraxylene, cyclohexane, and orthoxylene. From its olefins operations, the company produces ethylene, propylene, mixed c4, and various byproducts like tail gas and pyrolysis gasoline. PTTGC is also a key manufacturer of polymers, including HDPE, LDPE, LLDPE, PP, PTA, PET, PS, and rotomolding compounds. Beyond these core offerings, the company specializes in EO-based performance products like ethylene glycol and ethanolamine, as well as a wide array of green chemicals such as methyl ester, glycerin, fatty acids, oleochemicals, and bioplastics. Further chemical production includes phenol, bisphenol A, acetone, hexamethylene diisocyanate, acrylonitrile, and methyl methacrylate. In addition to its manufacturing prowess, PTTGC provides essential support infrastructure and services. These include jetty and buffer tank farm facilities for liquid chemical, oil, and gas handling, alongside the production and distribution of industrial coating resins, additives, specialty petrochemicals, health, nutrition, and recycled plastic goods. The company also delivers factory maintenance, engineering, real estate development, safety, environmental, and chemical storage services, complementing its research and development initiatives focused on bio-based chemicals. Furthermore, PTTGC is involved in the generation and supply of vital utilities such as electricity, water, and steam.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+183.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Position

Cash flow positive

$114.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

PTT Global Chemical Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 4.49B (2021) → 4.51B (2025)

Score breakdown

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Quality

Gross Margin
15.6%
Thin — 15.6% gross margin
Operating Margin
9.1%
Modest — 9.1% operating margin
ROCE
3.0%
Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-14.3%
Shrinking sales (-14.3% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
8.7%
Modest free cash flow (8.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.52
Conservative — low debt load (0.52)
Interest Cover
1.11x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
1.26%
Small dividend — 1.26% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
-63.3%
Dividend cut (-63.3% YoY) — warning sign

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