2Q21 missed estimates on high tax cost■ PTTEP's 2Q21 net profit missed our/consensus forecasts by 20-24% due tohigher-than-expected loss on hedge contracts and tax expenses.■ Strong sales volume in 2Q21 led PTTEP to revise up its full-year target.■ We reiterate Add on PTTEP as gas selling prices should improve in 2H21F.

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