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.
PTG Energy PCLExpects Q2 2026 profit to turn positive with higher retail oil marketing margins and 30% growth in non-oil gross profit.
