Business valuation

Slowing oil consumption could result in declining revenue, ramp-up of CAPEX necessary to ensure longevity, and attractive dividend yield could rise to 2x Japanese average.

Bright future of natural gas as a transition fuel, if Europe holds back Gazprom expansion, pivot to Asia, and domestic market still not fully penetrated yet.

Expansion to other industries as oil business matures, natural gas as transition fuel drives PTT’s organic growth, and attractive dividend yield despite rise in invested capital.

Scaling necessary to survive in thin-margin business, high oil price could offset gains from demand rebound, and growing environmental burden is a poison pill for margin.

Soaring energy prices in Europe lead to revenue explosion, green shift to stay competitive requires CAPEX ramp-up, and strong years ahead lead to attractive dividend yields.