The share price of PTT Oil and Retail Business Public Company Limited (SET: OR) rose more than 3.62% to THB 14.30 per share in the morning session on Friday, September 5, 2025, amid positive sentiment from analysts from declining oil prices as a key driver for the company’s operational outlook.
According to research from InnovestX Securities, softer crude prices are expected to bolster OR’s financial performance, particularly in the third quarter of 2025. Analysts anticipate a marked recovery during this period, spurred by peak travel season, which historically drives up demand for fuel products.
Expansion efforts, especially with Café Amazon and the company’s convenience store chains, remain critical to OR’s revenue growth. Continued network growth in these segments is seen as essential in supporting the company’s earnings potential. InnovestX has placed a short-term target price of THB 14.20 on the stock, reflecting their positive view on both the oil and non-oil business divisions’ expansion.
Meanwhile, KGI Securities has taken an even more upbeat stance, recommending a “Buy” on OR and setting a target price of THB 17. Analysts at KGI highlight signs of a fresh recovery, with support pegged at THB 13.60 and initial resistance in the THB 14.20–14.50 range; should the stock break through this level, the next resistance point is forecast around THB 15. KGI also suggests a trailing stop at THB 13 to manage downside risk.
KGI notes that fuel marketing margins have rebounded sharply from their lows in the second quarter of 2025, helped by stable, low global crude prices and eased government pressure on diesel retail pricing. This is due in part to a healthier state petroleum fund and continued soft oil prices, which have favorably impacted OR’s retail fuel profit. Additionally, government tourism stimulus initiatives expected toward year-end should provide a further boost to fuel volumes.
On valuation, both brokerages note that OR’s forward P/E ratio, at 13.1 times, sits near the -2 standard deviation mark, indicating potential value for investors seeking exposure to the sector.
