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.
PTG Energy PCLASL maintains Buy on PTG with 8.70 baht target, expecting 2H26 profit growth both HoH and YoY.
Pantai coffee's non-oil business improves from an increase in the number of branches.
