บทวิเคราะห์ (Research)

PTG : Continuing Pun Thai expansion in 2025-28 We view slightly negative in the short term on information from the analyst meeting regarding oil marketing margins recovering slower than expected in Jul 25 (crude oil prices increased late in the month but price adjustments were slow). However, crude oil prices trending downward in 2H25-2026F continue to support smaller negative oil fund balances. We expect marketing margins to remain in recovery mode, while non-oil business shows faster-than-expected expansion with spin-off plans in the next 2-3 years. We expect normalized earnings to continue recovering in the long term. We maintain Buy recommendation on PTG with TP25F = 10.5 baht/share.