On Tuesday at 11:35 AM (Bangkok time), the share price of PTG Energy Public Company Limited (SET: PTG) expanded by 4.12% or THB 0.35 to THB 8.85, with a trading value of THB 55.57 million.
UOBKayHian Securities (Thailand) (UOBKH) notes that PTG reported a net profit of THB 502 million for the first half of 2025, a decline of 31% compared to the same period last year. This represents 56% of the analyst’s full-year profit estimate of THB 900 million.
Third-quarter performance is expected to soften temporarily due to seasonally lower oil sales. Meanwhile, the analyst anticipates a steady earnings recovery during the second half of the year, driven by the company’s increasingly diversified business structure—particularly the robust growth of its Punthai Coffee brand.
UOBKH has maintained the marketing margin assumptions for 2025-2026 at THB 1.65 per liter and upgraded its recommendation on PTG from ‘Hold’ to ‘Buy’. The target price is raised to THB 11 per share (previously THB 6.70), based on a five-year average price-to-earnings (P/E) ratio of 20 times.
Trinity Securities forecasts PTG’s 2025 net profit to reach THB 1.3 billion, though it notes potential downside risk from higher-than-expected expenses and oil sales volumes that may fall short of targets. However, ongoing growth in Non-Oil businesses, especially planned acceleration in expanding Punthai Coffee outlets, supports a positive outlook.
The analyst has maintained its 2025 target price at THB 11 per share, using an average P/E ratio of 14.5 times, and continues to recommend ‘Speculative Buy.’
Phillip Securities (Thailand) also emphasized PTG’s focus on expanding its Punthai Coffee operations, with a target of reaching 1,947 locations this year. Long-term prospects remain positive, particularly for the Non-Oil segment, and the recent upward revision in growth targets for Punthai Coffee could provide further upside to earnings this year.
While maintaining a ‘Buy’ recommendation for long-term investors, the brokerage firm noted that the current share price has risen and advised that investors could consider accumulating on price weakness, with a target price of THB 10.20 per share.
PTG earlier projected oil sales growth of 1-3% for the year. Meanwhile, the company revised its full-year revenue forecast for Non-Oil businesses (excluding LPG) to 50-60%, up from the previous estimate of 40-50%, after first-half growth reached an impressive 62.6%.
Moreover, PTG also raised its gross profit margin target for Non-Oil operations from 30-35% to 35-40%, with first-half Non-Oil gross profit surging 31.10%, supported by rapid expansion in outlets and effective cost management.
