บทวิเคราะห์ (Research)

PTG reported 2Q25 net profit (NP) of THB205m, down from TH312m in 1Q25 but up from THB70m in 3Q24. Key highlights: 1) stronger q-q marketing margin (MM) at THB1.69/litre, up from THB1.66/litre in 2Q25; 2) a 6% q-q decline in oil sales volume to 1,591ml (+1% y-y), pressured by lower retail volume at 1,568ml despite the addition of four new stations; 3) higher gross profit contribution from the non-oil segment at 39% of total gross profit, led by Punthai’s continued expansion; 4) higher SG&A expenses tied to Punthai’s rollout of 243 new branches in 3Q25; and 5) a softer contribution from associates at THB51m (vs THB75m in 2Q25), reflecting weaker biodiesel demand in the palm oil complex and lower freight rates impacting AMA.. We maintain BUY with a SoTP TP of THB9.8. PTG’s share price looks attractive, supported by a clearly visible and stronger net profit growth outlook from PTG’s non-oil business, driven by Punthai Coffee, and biodiesel.