Phillip Securities (Thailand) wrote that pressures on PTT Oil and Retail Business Public Company Limited (SET: OR) have begun to ease, as Brent crude prices have softened to around $100 per barrel from approximately $105 per barrel last week.
This movement is primarily attributed to reduced concerns in the market regarding the Middle East conflict, following reports suggesting a potential agreement that could allow for the reopening of the Strait of Hormuz for oil transportation in the future.
The brokerage expects that this will help improve marketing margins, which had previously been under pressure due to high oil prices. Although OR’s performance in 2Q26 may be somewhat affected by potential stock losses, this development is anticipated to have a positive impact on the company’s share price in the short term.
Additionally, the Lifestyle business is expected to receive support. Second-quarter performance is likely to benefit from increased oil sales during the Songkran holidays, as well as from the growth of the segment. The government’s ‘Thai Chuay Thai Plus’ policy, which provides a monthly financial stimulus of THB 1,000 from June to September 2026, is also expected to boost consumer purchasing power.
This will likely help increase sales in the company’s food and beverage business, especially Café Amazon. Sales at Café Amazon are expected to continue growing from a record high of 112 million cups in the first quarter of 2026, supported by branch expansion to over 4,787 outlets, up from 4,742 in the fourth quarter of 2025.
Given the potential upside in OR’s share price, Phillip Securities maintains a ‘Buy’ recommendation with a target price of THB 14.50 per share.
