The share price of PTT Oil and Retail Business (OR) will likely continue an upward trend until it is added to the MSCI Global Indexes weight on Feb 26 when there may be a sell-off period, analysts say.
The price may be volatile during the period as investors take profits. However, it will be able to retain its momentum as the price is currently higher than its fundamentals and all brokers’ estimates.
Merchant Partners Asset Management’s senior vice-president Prakit Siriwattanaket said analysts forecast the price range for OR would be at 19-25 baht per share on its debut on the Stock Exchange of Thailand (SET) last Thursday.
However, OR surpassed all research institutes’ estimates by opening at 26.50 baht and closing at the highest price of 29.25 baht per share last Friday, while the price-to-earning ratio (P/E) rose to 33 times.
OR’s market capitalisation also…
