KS Securities forecasts PTT's Q2/2569 net profit at 40 billion baht (+86% YoY, +56% QoQ), driven primarily by E&P and improved gas margins. The company is expected to pay H1 dividend of 1.10 baht/share. KS upgrades price target to 42.70 baht with a "Buy" rating. Q3 profit expected to weaken QoQ due to planned maintenance shutdowns at GSP#6 and E&P production declines.