Poramate Sanguanchokewanich, Chief Strategy and Business Transformation Officer at PTG Energy Public Company Limited (SET: PTG), stated that the company expects oil sales volume to increase by 1-3% year-on-year in 2025.
The company has also revised its revenue growth projection for the Non-Oil business (excluding LPG) upward from 40-50% to 50-60%, driven by impressive growth of 62.60% in the first half of the year.
In addition, PTG has increased its gross profit margin target for the Non-Oil segment from the previous 30-35% to now 35-40%, with the first half of the year seeing a robust 31.10% increase—thanks to aggressive branch expansion and efficient cost management.
The group continues to pursue aggressive network expansion for both PT service stations and Punthai Coffee outlets each year. Currently, PT stations number 2,236 locations and are expected to rise to 2,279 by year-end.
Punthai Coffee outlets saw a significant increase, from 1,642 outlets now to 1,947 by the end of 2025. Looking ahead to 2026, there are plans to add another 600-800 Punthai Coffee outlets—or potentially up to 1,000—bringing the total to as many as 3,000 branches by then. In 1H25, Punthai Coffee generated over THB 2 billion in revenue; the company forecasts no less than THB 5 billion in total revenue by year-end, with further increases expected next year as expansion continues.
Simultaneously, PTG aims to expand its total Touchpoints to 2,978 branches by year-end, which consists of 1,947 Punthai Coffee outlets and 1,031 other Non-Oil Touchpoints. The investment budget for this year remains unchanged at THB 3-4 billion, divided among Oil business (THB 1-1.5 billion), Punthai Coffee (THB 1-1.5 billion), Non-Oil (THB 0.5-1 billion), and new businesses (THB 1-1.5 billion).
However, analysts at Krungsri Securities delivered a slightly negative view, noting that 3Q25 oil marketing margins are likely to see limited recovery, expected to remain near 2Q25 levels (THB 1.66 per liter). While Non-Oil revenue, particularly from Punthai Coffee, outperformed expectations, this may only offset the rise in sales and administrative expenses (SG&A) due to the rapid pace of branch openings.
Nonetheless, analysts expect a faster operational rebound in the second half of 2025, supported by oil marketing margins and a forecast decline in crude oil prices to $65 per barrel (down from $72 in H1), which should continuously reduce the negative Oil Fund balance and facilitate retail price adjustments.
3Q25 profits are expected to rise year-on-year due to margin recovery as state intervention fades, alongside a projected 138% YoY increase in revenue from Punthai Coffee. As a result, The securities firm maintains a “Buy” recommendation with a target price of THB 10.50 per share.
