On Friday, the share price of PTT Oil and Retail Business Public Company Limited (SET: OR) at the time of 2:32 p.m. was at THB 13, a THB 0.50 or 4% increase with a total trading value of THB 306.60 million.
Wilaiwan Kanjanakanti, Senior Executive Vice-President for Finance at OR, disclosed that the company is currently in negotiations for new deals in both Lifestyle and Mobility businesses.
She expects to see clarity on a new Lifestyle deal—specifically in the Quick Service segment—by early 3Q25. Regarding joint ventures, the company is analyzing how such collaborations would strengthen OR, but no imminent progress in partnerships is expected in the near term.
Pitirat Rattanachote, Vice President of Investor Relations Management at OR, stated that although the Mobility business in 2Q25 is likely to be affected by a drop in oil prices and seasonal factors, resulting in slightly weaker fuel sales volume, the Lifestyle business continues to benefit from the persistently hot weather, which has boosted sales at Cafe Amazon. It is highly likely that Cafe Amazon will maintain a minimum sales volume of 100 million cups in this quarter.
OR forecasts that its full-year fuel sales for 2025 will track the GDP growth rates of both Thailand and its neighboring countries, even as the Office of the National Economic and Social Development Council (NESDC) has revised Thailand’s GDP forecast down to an average of 1.8%, and the Bank of Thailand estimates growth of just 1.3-2.0%, citing impacts from U.S. trade tariffs.
However, in the neighboring countries where OR operates, GDP growth is expected to outpace Thailand’s, opening greater opportunities for overseas fuel sales expansion.
The company projects that energy prices will remain highly volatile for the remainder of the year, within a range of $50-70 per barrel, given persistent external risk factors. OR will closely monitor the market to maintain optimal inventory levels and avoid stock losses, while also seeking hedging opportunities in selected products prone to price risk.
On the broader economic outlook, the IMF forecasts global economic growth for 2025 at just 0.8%, pointing to a slowdown mainly due to U.S.-China trade tensions. This impacts both the U.S. and Chinese economies and, in turn, ripple-effects into the Thai economy—affecting energy prices, monetary policy, and exchange rates.
However, OR sees a positive catalyst from Cambodia’s new airport opening, which is expected to drive up sales volumes of aviation fuel.
In addition, although projections for Thai tourist arrivals have been revised down due to declining Chinese visitation, this has been offset by a significant increase in tourists from India and the Middle East.
Consequently, flight volumes into Thailand remain robust and support ongoing growth in aviation fuel sales, which are expected to return to pre-COVID-19 levels this year.
While external risks remain—from trade wars and their impact on Thailand’s economy and exports, potentially weakening domestic purchasing power (an indirect risk to OR)—the company remains confident in its Lifestyle business.
In particular, OR’s coffee business commands the entire value chain from upstream to downstream, providing effective cost and expense management and ensuring consistently strong Lifestyle EBITDA resilience.
