PTT Oil and Retail Business Public Company Limited (SET: OR) has garnered varied responses from analysts, with brokerages highlighting the company’s evolving strategy in both its core oil business and non-oil segments. While some analysts cite OR’s shift towards an asset-light model and its efforts to solidify market leadership, others focus on the company’s margin sustainability and expansion in lifestyle offerings. Here is a breakdown of sentiment and recommendations from leading brokerages.
KGI Securities
KGI Securities takes a constructive stance on OR, applauding its pivot in the non-oil sector towards a rental-based business model that emphasizes leasing over direct investments. This includes replacing Texas Chicken with KFC, which will now operate on a space-leasing basis. KGI maintains an “Outperform” rating with a 2026 target price of THB 17.90 based on a 15.0x forward PE. The firm continues to highlight OR as a preferred pick in the energy sector, citing a smarter asset-light strategy and expectations of improved earnings in 4Q25, supported by robust oil marketing margins and buoyant sales volumes.
Krungsri Securities
Krungsri Securities remains neutral following OR’s analyst meeting, noting that the company intends to focus on maintaining margins within its mobility business while pursuing ongoing expansion of its lifestyle segment. Management anticipates that growth in 2026 will stem from continued development in lifestyle and stable jet fuel volumes, with gross profit per liter expected to hold at approximately THB 1. The broker keeps its “Buy” recommendation, with a 2026 price target of THB 18.0, estimating that ongoing network expansion in lifestyle will underpin normalized profit growth at an average CAGR of 23%, with PER hovering around 14-15 times.
LH Securities
LH Securities emphasizes OR’s strategy to defend its leading market share in petroleum retail through station expansion, new attractions at service stations, and promotional campaigns. Gross profit margins per liter have remained robust at around THB 1. The analyst points to the switch from Texas Chicken to KFC, now operating under a space rental model, as a move that should immediately enhance profitability. With expectations for strong 4Q68 earnings and profit margin increases year-on-year, LH Securities has lifted its earnings projection for this year and next, foreseeing +45% and +4% annual growth, respectively. The brokerage reaffirms its “Buy” rating with a new target price of THB 16.10 and expects a 4% dividend yield.
Bualuang Securities
Bualuang Securities is optimistic on the improvements in OR’s mobility business for 2026, fueled by an anticipated 1% increase in market share and steady oil gross margins around THB 1 per liter. The analyst also highlights expanded F&B business development in both investment and space rental formats, with KFC taking the place of Texas Chicken. In the hotel business, OR is projected to begin investments next year, and discussions for new restaurant ventures are ongoing. There is a likelihood for the dividend payout ratio to rise above the current 50% threshold. Despite subdued short-term prospects, Bualuang maintains a “Hold” stance, citing OR’s strong financial position, a 4% dividend yield, and prospective long-term profit growth from new investments as factors that could limit share price downside.
