Dao Securities says PTG Energy Public Company Limited, or PTG, is slowing new investment, but earnings have already passed their trough in the first quarter of 2026, with recovery expected to be gradual. The oil business is likely to see sales volume stay flat quarter-on-quarter in the third quarter of 2026. Even though this is the low season, the company is choosing to control expenses instead of competing on price promotions like rivals. The non-oil business is expected to maintain high gross margins in line with the rising share of PT Max Card Plus members, but revenue growth is likely to slow in line with the plan for new branch openings. The company has lowered this year's business targets, including revenue growth and the number of new Punthai Coffee branches. The research team keeps its 2026 and 2027 net profit forecasts at 0.5 billion baht and 1.3 billion baht, compared with 1.0 billion baht in 2025. It expects 2026 profit to fall year-on-year, due to softer gross profit per litre and a higher selling and administrative expense-to-revenue ratio. It maintains a Hold rating with a mid-2026 target price of 8.00 baht, based on a 2026-2027 price-to-earnings ratio of 14.7 times.
PTG Energy PCLEarnings past trough but 2026 profit forecast cut, Hold rating with target price 8.00 baht.
