The research department of Phillip Securities (Thailand) Public Company Limited has maintained its Buy recommendation on PTG Public Company Limited, or PTG, with a 2026 target price of 10.20 baht per share. It assesses that the downward trend in crude oil prices will be a positive factor for the recovery of oil marketing margins, while the non-oil business has the opportunity to continue growing during the year-end tourism season. The research department noted that Brent crude fell about 3.4% from late last week to around 100 dollars per barrel, driven by expectations that the conflict involving Iran may ease, as well as a recovery in oil exports from Saudi Arabia, which helps reduce pressure on marketing margins that had been affected during the period of rising oil prices. However, the research department views that the direction of oil prices for the remainder of the year remains highly uncertain and that government policy must be monitored, with a possibility that authorities may consider cutting excise taxes on certain fuels, namely E20 gasohol and B20 diesel, to assist the agricultural sector, though details and clarity on such measures are still pending. For the non-oil business, the research department views that the Thai coffee brand will be one of the businesses benefiting from increased travel and tourism. In the first half of 2026, PTG's non-oil business accounted for approximately 44.8% of total gross profit, reflecting its growing role in supporting the company's earnings.
PTG Energy PCLPhillip maintains Buy rating and 10.20 baht target on PTG, citing weaker oil supporting marketing margin recovery.
Thai coffee brand identified as a non-oil business set to benefit from increased travel and tourism.
