Phillip keeps Buy on PTG, sees weaker oil supporting marketing margins

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2▲1 ▼1Impact / 5
Summary · why it matters

Phillip Securities (Thailand) said of PTG that Brent crude prices fell about 3.4% from late last week to around 100 dollars per barrel, after the market expected diplomatic talks to help ease the conflict situation with Iran this week, along with a recovery in Saudi Arabia's oil exports. The research team views that in the short term oil prices are likely to soften, which would be a positive factor for the marketing margins of fuel station operators, after they had earlier been pressured by rising oil prices. It also needs to monitor government policy, which is likely to consider cutting excise tax on certain types of oil such as E20 and B20 to help the agricultural sector. Meanwhile, external factors continue to support the Non-Oil business, with the late-year tourism season expected to boost sales in both the Oil and Non-Oil businesses, especially the Thai coffee brand, which stands to benefit from an increase in tourist numbers. The Non-Oil business accounted for 44.8% of gross profit in the first half of 2026 compared with total gross profit, leading the research team to maintain its Buy recommendation, or short-term speculation, viewing that softening oil prices will support sentiment and the recovery of marketing margins.

Impact on assets 2

Electrification & Mobility▲ · 1 stocks
PTG Energy PCL
PTG
▲ PositivePricingDemandrelevance

Phillip keeps Buy on PTG, viewing softening oil prices as positive for fuel station marketing margins after earlier pressure from rising oil prices.

Others▼ · 1 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

Brent fell ~3.4% to around $100/bbl on expectations diplomatic talks ease the Iran conflict and Saudi oil exports recover.

Off-coverage companies 1

Punthai CoffeePrivate▲ Positive
Demandrelevance

Thai coffee brand stands to benefit from an increase in tourist numbers during the late-year tourism season.

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