Atlas Energy Public Company Limited (ATLAS), soon to be listed on the Stock Exchange of Thailand, has captured keen attention as a leader in Thailand’s LPG sector—bolstered by significant growth prospects, according to recent research from Asia Plus Securities and Globlex Securities.
Market Leadership and Robust Growth
ATLAS operates as a subsidiary under the PTG group and stands as the country’s number one LPG supplier for the transport sector, holding a commanding 31.1% market share in the first half of 2025. The company’s reach extends to both household and industrial LPG segments, where it has steadily expanded its market share to 4.0% and 5.4% respectively, now ranking fourth in these categories.
In its latest report, Asia Plus Securities sets a 2026 year-end target price of THB4.20 for ATLAS, applying a PER methodology of average peers that values the firm at 15.5 times its 2026 forecasted earnings per share of THB0.27. Notably, ATLAS recorded net profits of THB155.7 million in the first half of 2025, a 2.1% increase year-on-year, driven by rising LPG sales across all business segments and burgeoning revenues from its advertising business—particularly on taxis.
Looking ahead, Asia Plus forecasts a robust net profit expansion, expecting 21.1% and 18.6% year-on-year growth for 2025 and 2026, taking net profits to THB321.4 million and THB381.2 million, respectively. This is underpinned by aggressive investments and business expansion strategies.
A core competitive advantage for ATLAS lies in its COCO (Company Owned, Company Operated) business model, which provides tighter operational control and facilitates branch expansion into new territories. The firm also benefits from leveraging PTG’s brand and ecosystem, boosting recognition and cross-business synergies.
Innovative Advertising: Atlas’ “Hidden Crown Jewel”
Both brokerages emphasize ATLAS’ high-margin advertising business as a vital growth driver. Atlas leverages its partnership with taxis, attracting over 14,000 taxi drivers through its “Taxi Sticker Program,” which allows them to earn additional income by displaying ads. This program is expected to generate annual advertising revenue of THB229 million and deliver a net profit margin of 64.5% in 2025, according to Globlex Securities. For 2025, advertising profits are expected to represent more than 50% of total net profits, providing a strong, stable earnings base while the LPG business continues to expand.
Household Cooking Gas: The Next Growth Engine
Atlas is poised for significant growth in the household LPG segment. Supported by a well-integrated value chain—including extensive storage capabilities, 10 nationwide refilling plants, 247 stations, and 442 shops—Atlas is set to raise its market share in household LPG from 3.5% in Q3 2024 to 10% by 2027.
Most of ATLAS’ LPG stations are strategically located in high-traffic, densely populated areas such as Bangkok and its surrounding provinces, presenting further upside for both its core LPG and advertising businesses.
IPO Funds to Fuel Expansion
The upcoming IPO proceeds will support ATLAS’s ambitious expansion plans and fund the PT Auto Transform project, focused on developing services for taxi drivers and reinforcing demand for LPG and related services.
Globlex Securities values ATLAS’ target price at THB4.90 per share, utilizing a sum-of-the-parts method to capture varying growth, profitability, and risk aspects of its business segments—including higher multiples for its high-margin, high-growth advertising operations.
