บทวิเคราะห์ (Research)

PTG : Earnings Result - Expect marketing margin to accelerate recovery in 2H25F View slightly positive on 2Q25 net profit of 312mn (-33% y-y, +64% q-q) recovering q-q outstandingly versus sector, in line with expectations, reflecting good inventory management capability despite oil price volatility resulting in oil marketing margin recovering q-q and successful Pun Thai expansion in both number of branches and sales per branch. We maintain view that oil fund deficit decreasing will result in less government intervention, causing marketing margin to accelerate recovery supporting 2H25F profit recovery h-h. Maintain Buy recommendation at TP25F = 10.5 baht/share, maintain view that Oil business is in recovery phase.