Brokers Expect ‘PTT Oil and Retail’ to Record 20% Profit Growth in 2023 as BLS Eyes Target Price at THB34

The share price of PTT Oil and Retail Business Public Company Limited (SET: OR) finished the trading session below THB20.00 per share mark in recent days this week as it is edging closer to its Initial Public Offering (IPO) price of THB 18.00 per share.

Despite the decline in share prices from over THB 30.00 per share in the first week of the first trading day, analysts remain positive on OR and expect the business to perform better this year.

Revenues of THB 789 billion in 2022 was higher than any other year the company had ever recorded, while net income of THB 10.3 billion was slightly lower than its record high made in 2021 at THB 11.4 billion.


7 out of 16 analysts still recommended ‘BUY’ on the Thai oil retailer, while three advised investors to ‘HOLD’ and six suggested ‘SELL’.

Bualuang Securities, FSSIA, Nomura and UOB Kayhian are among analysts that recommended investors to increase positions in OR with Bualuang Securities giving a target price as high as THB 34.00 per share. The firm expected a V-shape recovery for OR’s operations in the first quarter this year, while the valuation of the stock is quite cheap with a PER2023 at 18.1x. The recent adjustment in marketing margin of diesel and gasoline by the government would significantly help the company for cost reduction. Moreover, the economic reopening from Covid-19 would continue to support oil consumption in Thailand as well.

Other than Bualuang Securities that gave the highest price target, Nomura and FSS International Investment Advisory (FSSIA), though rated the oil company as ‘BUY’ but gave a relatively lower target price at THB 26.00 per share by both analytic firms.

Meanwhile, CGS-CIMB and Thanachart Securities gave a ‘SELL’ recommendation in mid February with a target price at THB 21.50 and THB 19.00 per share.


According to data compiled by Refinitiv, OR is expected to record at THB 733 billion in 2023, which is slightly lower than 2022, but net income would increase by nearly 20% to THB 12.4 billion due to lower costs and expenses.