บทวิเคราะห์ (Research)

Since its IPO on 11 Feb-21, OR has seen a steady decline in its share price, largely attributed to valuation de-rating on disappointing EBITDA and EBITDA margins from its non-oil businesses and oil market share loss. In 3Q24, OR recently restructure its non-oil business - listing its first non-oil business “Ohkajhu (OKJ TB)”, divest KOEN, and shut down Texas Chicken – which should boost investors’ confidence piecemeal. We initiated coverage with a BUY and a SoTP TP of THB15.1. We apply different 2025E EV/EBITDA multiples for each business, setting them below peer averages to reflect the differing risk-reward profiles arising from weaker operational performance. We think OR’s current valuations at 1.2x 2025E P/BV, 14x P/E, and 3x EV/EBITDA, are at distressed valuations and expect share price rebound on growths in Café Amazon, M&A, and oil stations.