Krungsri Securities stated that PTT Oil and Retail Business Public Company Limited (SET: OR) shows robust 3Q25 results, surpassing market expectations with a net profit of 2,614 million baht. This marks a turnaround from a net loss of 509 million baht in 3Q24 and a 17% increase from the previous quarter (QoQ), beating both market and analyst forecasts. Core profit stood at 2,371 million baht, a sharp rise of 1,092% year-on-year (YoY), and up 23% compared to the previous quarter.
The main drivers for profit growth came from two key business segments:
- Mobility (oil) business was bolstered by a significant improvement in gross profit per litre (GP/L), especially in retail and commercial oil segments. There was also a slight contribution from stock gain, supporting the overall high profitability of this segment.
- Lifestyle (retail/coffee) business continued solid growth, with Cafe Amazon achieving record sales, supported by long holidays and hot weather boosting beverage sales. Additionally, the Global (overseas) business saw improved operations and cost control, resulting in a notable reduction in overseas losses.
The analyst has a “positive” view and recommends “buy” for OR, expecting continued growth in 4Q25 due to the peak tourism season and high consumption. OR is seen to have potential to grow core earnings per share (Core EPS) to THB 1.07 in 2026. The target price is estimated at THB 18.
KGI Securities (Thailand) recommends “Buy” on OR, maintaining a 12-month target price at THB 17.90, based on sustained strong performance. Net profit is forecast to increase further in 4Q25, which corresponds to the high season for tourism and domestic travel. Upward-trending oil marketing margins are expected to lift gasoline and diesel profit per litre. As of November 6, 2025, the Oil Fund’s position for the oil group remains strong with a positive balance of 28 billion baht, reinforcing market confidence in marketing margin stability.
