PTG Energy PCL

SBI Thai Online Securities Company Limited, in an analysis dated October 2, 2026, selected PTG Energy Public Company Limited, or PTG, as a Top Pick stock, taking a positive view of its second-half 2026 earnings outlook on the recovery of the oil business alongside the expansion of its non-oil business. For its second-quarter 2026 results, PTG reported a net profit of 74 million baht, up 76.3% from the same period a year earlier, and a turnaround to profit from a loss of more than 205 million baht in the first quarter of 2026. Revenue from sales and services came to approximately 61.9 billion baht, up 9.5% from a year earlier and 8.9% from the previous quarter. The oil business was supported by improved marketing margins, with gross profit per liter at about 1.83 baht per liter, up from 1.66 baht per liter in the second quarter of 2025 and 1.29 baht per liter in the first quarter of 2026. Meanwhile, the non-oil business, especially the Punthai coffee brand, continued to grow on branch expansion, with about 2,467 branches as of the end of the second quarter of 2026, and the company aims to expand to about 2,751 branches by the end of 2026. SBI estimates PTG's EBITDA growth at around 0-5% from a year earlier. PTG's share price at the time of the analysis was 8.30 baht, while the average consensus target price for 2026 stood at 8.40 baht.

PTG Energy Public Company Limited, or PTG, has received the BUSINESS+ PRODUCT OF THE YEAR AWARDS 2026, as the company pushes ahead with expanding its business from energy into a Lifestyle Ecosystem through the development of PT MaxCard Plus and the Max Me application, elevating itself from a fuel station membership card to a platform that seamlessly connects members with products and services across the group. MaxCard Plus combines benefits including fuel discounts, privileges from partners, and insurance protection, while Max Me serves as a digital platform that brings together Max Wallet, financial services, product ordering, ticket booking, and point accumulation and redemption in a single system. In addition, Punthai Coffee Company Limited also won first place in the consumer products category, coffee shop business type, based on votes from consumers who most favor and choose to use its services, reflecting the potential of the group's brands and reinforcing PTG's image in seriously expanding its business from Energy into Lifestyle and Non-Oil.

ASL Securities stated that PTG's operating results showed a net profit of 74 million baht in 2Q26, down 76.3% YoY and 22% below expectations, due to high tax expenses of 66 million baht, or an ETR of 40.4%. Total revenue was 61 billion baht, up 8.9% QoQ and 9.5% YoY, benefiting from high global oil prices and the government's removal of pump price caps, the main factor supporting the recovery of marketing margin, which reached 1.83 baht per liter, up 41% from the previous quarter. As a result, GPM stood at 7.4%, flat from 7.5% in 1Q26 and below 7.7% in 2Q25. SG&A/Sales was at 7%, down from 7.7% in the previous quarter, reflecting efficient cost control, especially through adjustments to marketing plans. For the 2H26F outlook, net profit is expected to expand both HoH and YoY. In 3Q26F, sales may slow due to seasonal factors, but growth will be prominent in 4Q26F, the high season for travel, which supports traffic at gas stations, along with marketing margin rising about 10-15% compared with 1H26. The brokerage views positively management's 2H26F plan to cut capital expenditure to 3,000-4,000 million baht from 3,500-4,000 million baht, especially the Pantai coffee portion to 800-1,000 million baht from 1,000-1,500 million baht, as it aims to slow expansion of PTG-owned branches while continuing to expand through franchises, which helps reduce costs for hiring and training new employees. SG&A/Sales is expected to fall to 7.0% from 7.3% compared with 1H26. The YoY growth factors come from the benefit of high oil prices, improved performance in the non-oil business, especially Pantai coffee from the increase in the number of branches, and lower operating expenses due to reduced marketing budget. We maintain our Buy recommendation with a 2027F TP of 8.70 baht, based on PBV of 1.22 times, close to the three-year historical average of 1.69 times minus 1S.D. Currently PBV is 1.39, an attractive level. We view that PTG has room to recover in the remainder of the year, given marketing margin returning to normal in line with market mechanisms, flexibility in its business plan to cope with current conditions, and business restructuring to reduce the impact of global oil price volatility.

DBS Vickers Securities (Thailand) said in an analysis that it is maintaining its Neutral investment weighting on energy and petrochemical stocks, noting that the five business groups, namely upstream, refining, petrochemicals, power plants, and oil retail, each have different drivers. It highlighted eight top picks. The upstream group, which includes PTTEP and PTT, faces short-term pressure from lower oil prices, with Dubai crude falling 11.84 US dollars to 113.06 US dollars per barrel, though still well above the 2025 average of about 70 US dollars per barrel. The top pick in this group is PTTEP. The refining group, which includes BCP, IRPC, PTTGC, SPRC, and TOP, is supported by a recovery in Singapore refining margins of 3.17 US dollars to minus 1.44 US dollars per barrel. The top picks are BCP and SPRC. The petrochemical group, which includes IRPC, IVL, PTTGC, SCC, and TOP, benefits from a broad increase in price spreads after naphtha prices fell 33 US dollars per ton. The top picks are PTTGC and SCC. The power plant group, which includes BGRIM, GPSC, and GULF, has improved in the short term on weaker JKM gas prices, down 1.80 US dollars to about 26 US dollars per million British thermal units. The top picks are GULF and GPSC. The oil retail group, which includes OR and PTG, benefits from a 0.71 baht increase in diesel marketing margins to 2.00 baht per liter after pump retail prices were raised on September 24, 2026. The top pick is PTG.

PTG Energy, or PTG, expects its operating results to recover in the fourth quarter of 2026 after marketing margins began to ease from the pressure seen in the first and second quarters. Rangsan Puangprang, Senior Assistant Managing Director, said government agencies and related bodies have begun to ease pressure on retail prices. The company is pressing ahead with expanding its B20 oil business, which continues to see steady demand and still receives subsidies. Its non-oil businesses are also likely to grow well in the fourth quarter of 2026, even though total oil sales volume for the full year may be affected and the company has trimmed some of its targets. On progress toward listing Phaisan Capital Co Ltd on the stock exchange, Rangsan said the plan remains unchanged, with operations expected to begin in the third quarter of 2027. The company is currently preparing its systems and documentation in line with Securities and Exchange Commission criteria. PTG holds a 33% stake in Phaisan Capital and expects that to fall to about 25% after the IPO fundraising. Sukrit Rianpinyawat, Chief Executive Officer of Phaisan Capital Co Ltd, said the company's loan portfolio currently stands at about 3.7 billion baht, nearly 90% of which is truck hire-purchase lending, and it aims to expand the portfolio to 10 billion baht within no more than five years after listing on the stock exchange.

PTG Energy, or PTG, has formed a joint venture with Phaisan Capital, holding a 33.33% stake since 2024, to extend its non-oil business into used truck loans. Sukrit Rianpinyawat, Chief Executive Officer of Phaisan Capital, disclosed that the company aims to expand its loan portfolio from 3.7 billion baht to 10 billion baht within no more than five years after listing on the stock exchange. Currently, more than 90% of the portfolio consists of truck hire-purchase loans, and since PTG joined as a partner, the business has seen portfolio growth of around 25 to 30%. The company plans to file its filing with general investors in early 2027 and targets listing on the SET within the third quarter of 2027. After the IPO, PTG's stake will decrease to approximately 25% from 33.33%. Phaisan Capital currently has nine branches including its head office, covering the northern, northeastern, central, western, and eastern regions, and keeps its NPL ratio at around 3 to 4%.

HL is pressing ahead with full force to expand its customer base in the second half of 2026 by opening a new iCare branch at Phutthamonthon Sai 4, while accelerating the development of innovative products under the Prime brand, a line of health-care supplements including Prime Immuliv, Prime G3 and an absorption-enhancing product, as well as skin-care products and herbal products under the Q brand that have won international awards. The company is also moving into the Pet Health market in line with the pet humanization trend by sourcing and distributing supplements, vitamins and medicines for pets. Meanwhile, PTG has received the Human Rights Awards 2026 at the outstanding level in the large business organisation category for the second consecutive year. TMAN, for its part, has opened the Heaven Herb factory in Pathum Thani province, showcasing the potential of a production base driven by modern technology, with a target of creating 15 new products within five years to meet global demand and the growing longevity trend, while continuing to transform the factory with an investment budget of 50 million baht per year to help drive Thailand toward becoming a Global Wellness Hub.

The research department of Phillip Securities (Thailand) Public Company Limited has maintained its Buy recommendation on PTG Public Company Limited, or PTG, with a 2026 target price of 10.20 baht per share. It assesses that the downward trend in crude oil prices will be a positive factor for the recovery of oil marketing margins, while the non-oil business has the opportunity to continue growing during the year-end tourism season. The research department noted that Brent crude fell about 3.4% from late last week to around 100 dollars per barrel, driven by expectations that the conflict involving Iran may ease, as well as a recovery in oil exports from Saudi Arabia, which helps reduce pressure on marketing margins that had been affected during the period of rising oil prices. However, the research department views that the direction of oil prices for the remainder of the year remains highly uncertain and that government policy must be monitored, with a possibility that authorities may consider cutting excise taxes on certain fuels, namely E20 gasohol and B20 diesel, to assist the agricultural sector, though details and clarity on such measures are still pending. For the non-oil business, the research department views that the Thai coffee brand will be one of the businesses benefiting from increased travel and tourism. In the first half of 2026, PTG's non-oil business accounted for approximately 44.8% of total gross profit, reflecting its growing role in supporting the company's earnings.

PTG, through Max Me Corp Co., Ltd. within the PTG group, has partnered with the Metropolitan Electricity Authority, or MEA, to link the MEA Point loyalty system with Max Point, allowing members of both organizations to exchange points between the two programs in both directions and redeem them for a wider range of benefits. Mr. Rangsan Puangprang, a director of Max Me Corp Co., Ltd., said the key point of this model is enhancing the value of loyalty points so they can be used across ecosystems, which will help motivate members to keep returning to the platform. For PTG, this collaboration helps expand the user base and touchpoints of Max Me, because MEA members who connect to the Max Point system will have more opportunities to access products and services within the PTG group. Meanwhile, Max Me members can use their points to pay MEA electricity bills, giving the platform a bigger role in daily life, expanding it from travel and spending at fuel service stations into a platform that connects travel, energy, payments, and benefits together. This system linkage also helps increase how often users engage with the platform, since paying electricity bills is a regular activity, and it opens the opportunity for PTG to use member behavior data within an appropriate data-use framework to develop benefits and design campaigns that better match demand.

Krungsri Securities said the government is considering cutting excise taxes on specific fuels, namely E20 and B20, to directly help farmers growing sugarcane, cassava, and oil palm. The government will avoid cutting taxes on all fuel types in order to maintain fiscal discipline given limited resources and to prevent risks to the country's fiscal position. The research team assesses this measure as a small positive for the Thai economy and a positive sentiment for the SET. The policy will benefit ethanol and biodiesel producers and fuel service stations, namely BBGI, KSL, PTG, and OR, on rising demand for E20 and B20, and will also indirectly benefit grassroots retail groups such as CPALL and CPAXT, which stand to gain from recovering purchasing power among farmers.

PTG Energy Public Company Limited, or PTG, expects its third-quarter 2026 operating results to be better than the first quarter of 2026, even though this is the low season for the oil retail business and overall national oil consumption is being pressured by high oil prices. Rangsan Puangprang, Senior Assistant Managing Director, said the company continues to focus on cost management to keep net profit stable. Pressure also comes from dry spells and drought driven by the El Nino phenomenon, which affects the agricultural, transport and commercial sectors. As for oil marketing margins, PTG views the current level as manageable for operators, after the government gained a better understanding of the cost structure. Earlier this year, rising global oil prices raised costs for more than 18,000 small service stations, leading to a supply chain shock. Most recently, Max Me Corp Company Limited, part of the PTG group, signed a three-year memorandum of cooperation with the Metropolitan Electricity Authority, or MEA, to link the benefits of members of both organisations. Electricity users can exchange MEA Points for Max Points to receive discounts on fuel, products, services or rewards within the PTG network, as well as discounts on electricity bills. A campaign will also give members who pay their MEA electricity bills through the Max Me application an extra 50 Max Points per bill, limited to three entitlements per member per month, from 17 September to 31 October 2026. PTG currently has a Max Card membership base of about 25 million, and aims to add about 1.5 to 2 million new members a year, while MEA has about 4.3 million members in Bangkok and its surrounding provinces. PTG also has a partnership with the Expressway Authority of Thailand, or EXAT, and plans to expand cooperation to the Provincial Electricity Authority, or PEA, in the future.

PTG has announced that it is benefiting from the government's economic stimulus measures, particularly the "Thiao Thiao Thai Plus" scheme, which supports travel and consumption. As a result, the company maintains its oil sales volume growth target of 8-12% for 2026, with EBITDA growth of 10-15%. Meanwhile, the fourth quarter of 2026 enters the high season. Mr. Rangsan Puangprajang, Chief Financial Officer and Chief Sustainability Officer, stated that the recovering purchasing power is a positive factor for the service station and non-oil businesses. The company plans to expand its service stations by 40-50 locations, and its PunThai Coffee business aims to expand its branches to 1,500 by the end of 2026, while leveraging the Max Card membership base to stimulate spending. Additionally, the company is continuing to expand its LPG and EV charging businesses to increase the proportion of EBITDA from non-oil operations and reduce its long-term dependence on the oil business.

Globellex Securities expects PTG's net profit to have passed its lowest point, recovering in Q3/2026 and strengthening in Q4/2026, after oil marketing margins returned to normal at 1.60-1.70 baht per liter and SG&A expenses remained stable. Meanwhile, the non-oil business, especially the Pun Thai coffee shops, continues to benefit from strong gross margins of 54-55% and increased franchise expansion. The 4.9-megawatt waste-to-energy plant, which began commercial operation in May 2026, will recognize full-quarter revenue. Globellex maintains a Buy recommendation with a new target price of 9.70 baht, based on 2027 estimates and increasing the biodiesel business multiple to 12 times.

GULF is preparing to offer four tranches of bonds and digital bonds with tenors of 4-10 years. The corporate and bond ratings are AA- with a Stable outlook from Tris Rating, reflecting the strength of its energy and infrastructure businesses. The subscription is expected to open this October through eight leading financial institutions and the Paotang application. Meanwhile, PTG received the Outstanding Ethics Award from the Thai Chamber of Commerce for the 24th time in 2026, and DEMCO reported a net profit of 30.2 million baht in the first six months, an increase of 519.4%, with a backlog of 2,699 million baht and a target net profit of 200 million baht by 2028 from the JUMP+ project.

ASL Securities maintains a buy recommendation on PTG with a 2027 target price of 8.70 baht, expecting second-half 2026 net profit to grow from the first half and from the same period last year. Although second-quarter 2026 net profit was 74 million baht, down 76.3% year-on-year and 22% below estimates, tax expenses were as high as 66 million baht, representing an effective tax rate of 40.4%. Total revenue was 61 billion baht, up 8.9% quarter-on-quarter and 9.5% year-on-year, as oil marketing margin recovered to 1.83 baht per liter, up 41% from the previous quarter. The research team expects second-half oil marketing margin to rise 10-15% from the first half, and the selling and administrative expense-to-sales ratio to decline to 7% from 7.3% in the first half, after management lowered the capital expenditure framework to 3-4 billion baht from 3.5-4 billion baht and shifted focus to expanding Punthai Coffee branches through the franchise system.

PTG swung to a net profit attributable to owners of the parent of 74 million baht in the second quarter of 2026, from a net loss of 205 million baht in the previous quarter, helped by improved gross profit per litre in its oil business and 61.5% year-on-year revenue growth at its Punthai Coffee business. The company maintained its target for non-oil businesses to contribute 40 to 45 percent of gross profit. Meanwhile, SUPER signed an agreement for long-term credit support with the Bank for Investment and Development of Vietnam worth about 1.065 billion baht to support the first phase of the Soc Trang wind farm project with installed capacity of 30 megawatts. SUSCO received an outstanding standard toilet award from the Bangkok Metropolitan Administration for 2026.

Maxbit Digital Asset Company Limited announced that PTG Energy Public Company Limited, a leading Thai business group, has joined as an investment partner from the early stage to strengthen risk management, internal controls, and good corporate governance. Mr. Pokkhet Ratchakitprakan, Chief Executive Officer of Maxbit, said that having PTG as a co-investor reflects the company's business potential and marks an important step in laying the foundation for a digital asset ecosystem connected to everyday business and services. Maxbit operates under the supervision of the Securities and Exchange Commission and has received ISO/IEC 27001 and ISO/IEC 27701 certification, along with risk management systems, internal controls, and segregation of duties to ensure appropriate checks and balances in its operations.

PTG announced that second-quarter results for 2026 marked the bottom, with oil sales volume and marketing margin expected to return to normal in the second half of 2026. Chief Executive Officer Pitak Ratchakitprakarn said the company is maintaining its full-year marketing margin target at 1.70 to 1.80 baht per liter, but has lowered its full-year oil sales volume target to a range of minus 5 percent to zero percent, after the first half fell 5.2 percent. The non-oil business is expected to grow 20 to 30 percent, while EBITDA is projected to rise 0 to 5 percent from a year earlier. The company has cut this year's capital expenditure budget to 3 to 4 billion baht from the previous 3.5 to 4.5 billion baht, and expects to begin reaping benefits from new investments in the second half, such as a 4.9-megawatt waste-to-energy power plant that began commercial operations in late May 2026. Globlex Securities estimates 2026 net profit at 1.273 billion baht, up 24.7 percent from a year earlier, and recommends a buy rating with a target price of 9.80 baht.

PTG expects oil sales volumes in the second half of the year to return to normal, after first-half volumes fell 5.2% due to concerns about oil shortages earlier in the year. The company expects marketing margins to return to 1.70 to 1.80 baht per litre, and EBITDA to grow 0 to 5% from the previous year. The company aims to expand its service stations to 2,309 branches and Punthai coffee shops to 2,751 branches by the end of this year, while cutting this year's investment budget to 3 to 4 billion baht from the previous 3.5 to 4.5 billion baht.

Asia Plus Securities noted that PTG reported second-quarter 2026 results, swinging back to a net profit of 73.9 million baht from a net loss of 205.4 million baht in the first quarter of 2026, but below the research team's forecast, mainly due to higher-than-expected SG&A expenses and tax payments. Normalised profit stood at 73.9 million baht, supported by the oil business, where gross profit rose 16.0% from the previous quarter to 2.6 billion baht, as average gross profit per litre increased to 1.83 baht from 1.29 baht, even though total sales volume fell 17.9% to 1.4 billion litres. Meanwhile, the non-oil business saw gross profit decline 1.4% to 2.0 billion baht, and its gross profit margin fell to 42.8% from 46.9%. The research team maintained its 2026 normalised profit estimate at 404.6 million baht, down 60.5% from the previous year, and expects profit to have passed its low point for the year in the first quarter, with a gradual recovery in the second half. The end-2027 fair value is 9.6 baht per share.

PTG Energy reported first-half 2026 results with revenue from sales and services of 118.696 billion baht, up 4.2% from the same period last year. Non-oil business revenue was 13.34 billion baht, up 21.7%, and gross profit was 3.974 billion baht, up 39.5%, led by Punthai Coffee, whose revenue grew 61.5% to 3.518 billion baht after adding 825 branches to reach 2,467 branches, or more than two branches per day. Oil business revenue was 105.356 billion baht, up 2.3%, even as total oil sales volume fell 5.2% to 3.192 billion litres, with a retail oil market share of 20.0%. For the second quarter of 2026, the company swung to a net profit attributable to owners of the parent of 74 million baht from a net loss of 205 million baht in the previous quarter. Chief Executive Officer Pitak Ratchakitprakarn said the company will press ahead with its Powering Thai Lives strategy under the One PTG concept in the second half to connect businesses and customer bases across its ecosystem, targeting a non-oil gross profit share of 40 to 45 percent and raising the year-end 2026 Punthai Coffee branch target to 2,751 branches. For the LPG business, the company expects 836 distribution points by year-end, and the waste-to-energy plant of Palang Pattana 5 Company Limited will recognise full-quarter revenue from the third quarter of 2026 onward.

ASL recommends buying PTG shares, setting a 2027F target price of 8.70 baht based on a PBV of 1.22 times, which is close to the three-year historical average of 1.69 times minus one standard deviation. The view is that PTG has passed its trough for the year and is beginning to show signs of recovery. The 2026F net profit estimate has been revised down by 44 percent to 534 million baht, a contraction of 47.7 percent year-on-year, reflecting losses in the first quarter of 2026 and a gradual recovery in net profit that will become pronounced in the fourth quarter of 2026F, which is the high season. The second quarter 2026F net profit is forecast at 95 million baht, down 69.5 percent year-on-year but returning to profitability from the previous quarter, as the marketing margin recovers after the government lifted the retail fuel price cap, supporting a gross margin of 9 percent, up from 7.7 percent in the second quarter of 2025 and 7.5 percent in the first quarter of 2026. Total revenue is expected at 5.4 billion baht, down 3.9 percent quarter-on-quarter and 3.3 percent year-on-year, with oil business sales volumes declining due to high oil prices dampening demand and the low season, while the non-oil business helps limit the contraction. SG&A to sales rose to 8.65 percent from 6.9 percent in the second quarter of 2025 and 7.7 percent in the previous quarter, due to higher transport costs and the expansion of Punthai Coffee branches. For the full year 2026F, total revenue is forecast at 230 billion baht, up 3.9 percent year-on-year, with the oil business increasing in line with higher global oil prices and the non-oil business, especially Punthai Coffee, seeing higher sales from branch expansion. Gross margin is expected at 8.9 percent, up from 7.8 percent in 2025, supported by the non-oil business where gross margin rises to 33.1 percent from 27.4 percent in 2025, due to business restructuring to reduce reliance on the oil business. However, SG&A to sales reaches 8.4 percent, up from 7 percent in 2025, because of the increase in branch numbers and sales support budgets. The dividend yield for 2026F is expected at 2.5 percent. On the technical front, during the day the price tested the support at the previous candle's low and saw buying pressure that closed the candle with a positive signal. The trend has a chance to reverse upward, with support at 7.25 to 7.20 baht and resistance at the 13-day SMA of 7.50 baht. If it breaks through and holds firmly with increasing trading volume, it will be a buy signal, with the next major resistance at the previous double top of 7.90 baht. For those holding the stock, the recommendation is to hold or buy more, with a chance to test resistances at 7.50, 7.90, and 8.45 baht. For those without the stock, a short-term buy is recommended, focusing on holding support at 7.25 and 7.05 baht, which should not be breached.

Major Cineplex Group has joined forces with Max Solution Service, a subsidiary of PTG Group, to add a payment channel for movie tickets through Max Me Wallet on the Max Me app, E-Ticket kiosks, and the Major App, with instant Max Point accumulation. For every 100 baht spent, Max Card members who sign up from 1 November 2025 onwards will immediately receive 10 Max Card points. Max Card Plus, Max Card Plus EV members with an annual fee of 599 baht, and Max Card Premier members with a free annual fee also enjoy additional benefits: a combo set of 64-ounce popcorn and 32-ounce drink for 99 baht, down from the regular 310 baht, limited to 100,000 privileges from 4 August 2026 to 31 October 2026, and a 100-baht movie ticket discount by redeeming 450 points for one seat priced at 120 baht or above, limited to 16,500 privileges from 4 August 2026 to 31 December 2026.

Brokers assess that PTG Energy has passed the trough of its earnings, expecting a second-quarter 2026 net profit of about 109 million baht, swinging from a loss of 205 million baht in the first quarter. Although still down year-on-year, oil sales volumes have started recovering since May, while oil marketing margins remain robust above 1.80 baht per litre. The non-oil business continues to stand out, especially Punthai coffee, which has expanded to 2,468 branches, driving non-oil gross profit growth of around 30 percent from a year earlier. Trinity Securities upgraded its recommendation to buy with a target price of 8.60 baht, while Krungsri Securities maintains a buy rating with a target price of 9.50 baht, viewing long-term fundamentals as still strong.

Kasikorn Securities has maintained a hold rating on PTG with an unchanged target price of 7.70 baht, expecting second-quarter 2026 profit to swing back to positive from a loss of 207 million baht in the first quarter. This is despite a decline compared to the same period last year, as oil sales volumes weakened by 15 percent year-on-year and 18 percent quarter-on-quarter to 1.44 billion litres. The research team expects retail oil marketing margins to increase to 1.76 baht per litre, up 6.1 percent year-on-year and 36.1 percent quarter-on-quarter, following an easing of government intervention. Meanwhile, gross profit from non-oil businesses is expected to rise 30 percent year-on-year, driven by the expansion of Punthai Coffee branches and fewer discount promotions. However, the selling and administrative expense-to-revenue ratio is expected to increase to 8.3 percent due to the accelerated branch expansion. The research team believes third-quarter 2026 profit will improve both year-on-year and quarter-on-quarter, as oil consumption is expected to shift from the second quarter to the third quarter.

The Ministry of Finance has disclosed progress on the Thailand Individual Savings Account scheme, or TISA, and is preparing to scrap the tax-benefit multiplier so that all citizens receive equal tax deductions. Clearer details and the deduction limit framework are expected in September. The research arm of TTB Wealth Securities views this as positive for the overall stock market, as it will encourage more people to invest in equities, and positive for 14 high-dividend stocks: ADVANC, KTB, KKP, KTC, AMATA, PIN, THANI, SAK, CPN, HMPRO, PTG, SIRI, SPALI, and SAT.

Petroleum Thai Corporation Company Limited, operator of PT petrol stations under PTG Energy Public Company Limited, has partnered with TCP Group, producer of Krating Daeng beverages, to launch the campaign “Fill Up the Tank, Full Speed Energy” from 21 July to 15 September 2026 at PT Station outlets nationwide. PT Max Card and PT Corporate Card members who fill up with fuel worth 1,000 baht will receive one 1.5-litre bottle of PT drinking water. Those who fill up with 2,000 baht will receive one bottle of Krating Daeng Extra ABC and one bottle of PT drinking water. For every subsequent 1,000 baht fuel purchase, members will receive an additional bottle of Krating Daeng Extra ABC. The drinking water is limited to a maximum of one bottle per member per day, and Krating Daeng beverages are limited to a maximum of 10 bottles per member per day. Mr. Pitak Ratchakitprakarn, Chief Executive Officer and President of PTG Energy Public Company Limited, said the campaign reflects a vision that prioritises customer safety. Meanwhile, Mr. Worawut Phongchinaphak, Chief Executive of Sales and Marketing for Thailand at TCP Group, noted that Krating Daeng Extra ABC contains 800 milligrams of taurine along with vitamins A, B12, and C to help boost energy and alertness for drivers.

DPAINT is inviting existing shareholders to subscribe to a rights offering of up to 1.84 billion new ordinary shares, at a ratio of 1 existing share for 8 new shares, with an offer price of 0.20 baht per share. The subscription period runs from 23 July to 14 August 2026. The company plans to use the proceeds to invest in new projects, expand its business base, and create new revenue streams to enhance shareholder returns. Meanwhile, PTG has partnered with TCP to launch a campaign offering free Red Bull drinks to PT Max Card and PT Corporate Card members who refuel at PT Station service stations nationwide, from 21 July to 15 September 2026. SA views the extension of the reduced transfer and mortgage fee to 0.01% until 30 June 2027 as a positive catalyst for the property market in the second half of 2026. The company currently has a sales backlog awaiting transfer worth approximately 1.8 billion baht.