บทวิเคราะห์ (Research)

PTG : Growth in Both Oil and Non-oil in 2025F Maintain Buy recommendation for PTG with TP25F = 10.5 baht/share if the risk of oil price control regulations is acceptable. We view the company as attractive, recovering in both the Oil business where marketing margins are likely to face less pressure after lower oil costs and reduced negative oil fund contributions, and the Non-Oil business where Punthai Coffee has successfully expanded its branch network, driving average revenue growth of 28% CAGR during 2025-26F. We expect norm. profit to continue growing strongly at an average of 31% CAGR during the same period. In our view, the slow recovery of marketing margins in 1Q25F does not change the long-term growth trajectory, and there could be additional upside if non-oil expansion exceeds targets.