บทวิเคราะห์ (Research)

PTG is now entering a new growth phase, propelled by non-oil businesses of LPG, café Punthai which are centered on PTG’s proven success of its MAX card membership that not only financially drives up sales volumes of oil, LPG, coffee, and Autobacs, but also strategically create a highly loyal customer bases that are now the crux of PTG’s growths. In 2023-26E, we project PTG’s net profit growth of 18% CAGR, growing from THB1.0b in 2024E to THB1.5b in 2025E and THB1.8b in 2026E, mostly on non-oil earnings growths. We initiated coverage on PTG with a BUY and a SoTP TP of THB10, applying different 2025E forward P/E of 9x for oil station, 15x for non-oil LPG and beverage, and 5x for biodiesel, to reflect different risk-reward characteristics. We think PTG’s share price is now attractive, trading at prospective 8x 2025E P/E against its more visible and stronger net profit growth outlook from LPG, Punthai, and biodiesel.