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 Energy PCLBroker maintains buy with target price, expects profit recovery despite weak Q2.
