PTTEP's market rating has been hit hard by the fall in oil prices since 2014. The Thai NOC is now one of the most discounted companies in our coverage with an enterprise value that is less than half our commercial asset valuation. PTTEP needs to improve its growth prospects if it is to achieve a market re rating. In common with many Asian NOCs it suffers from a maturing domestic portfolio and insufficient exposure to opportunities that could deliver sustained growth. We look at the company's current portfolio and strategic options.