Atlas Energy Public Company Limited

Atlas Energy Public Company Limited, or ATLAS, expects its operating results in the third quarter of 2026 to improve, driven by growing LPG consumption across all segments, namely households, industry, and vehicles, while it begins recognising revenue from three additional LPG filling plants. Suwatchai Phithakwongsaporn, Chief Executive Officer and Managing Director, said the company aims to increase its share of the household LPG market from 4.8% as of the second quarter of 2026, alongside a plan to expand its Gas Shop network by another 130 to 150 branches within 2026, after adding 72 branches in the first half of this year, bringing the total to 525 branches at present. The household LPG market has a size of more than 2 million tonnes per year, and in 2026 the company is confident that sales will grow at a double-digit rate and that gas sales volume will exceed 450,000 tonnes, in line with its target.

KGI Securities (Thailand) expects ATLAS's operating results to recover quarter on quarter in the third quarter of 2026, as the gross margin of the oil service business returns to normal and turns positive from minus 6.6 percent in the second quarter of 2026, because diesel consumption in Thailand has recovered after falling sharply in April. At the same time, LPG sales volume is expected to continue rising both year on year and quarter on quarter, driven by the expansion of LPG service stations to 248 stations and the household LPG shop network to 525 shops at the end of the second quarter of 2026. The broker has cut its 2026 profit forecast by 15 percent to 319 million baht and its 2027 forecast by 7 percent to 415 million baht, due to higher selling, general and administrative expenses and a lower gross margin in the oil service business. However, it has slightly raised its LPG gross margin assumption to 15.3 percent in 2026 and 15.1 percent in 2027, while lowering its target price to 3.20 baht from 3.70 baht, based on a price-to-earnings ratio of 12.5 times. It still maintains a buy recommendation because it expects profit to recover both year on year and quarter on quarter in the third quarter of 2026, and to grow strongly by 30 percent year on year to 415 million baht in 2027.