PTG Energy PCL

GULF is preparing to offer four tranches of bonds and digital bonds with tenors of 4-10 years. The corporate and bond ratings are AA- with a Stable outlook from Tris Rating, reflecting the strength of its energy and infrastructure businesses. The subscription is expected to open this October through eight leading financial institutions and the Paotang application. Meanwhile, PTG received the Outstanding Ethics Award from the Thai Chamber of Commerce for the 24th time in 2026, and DEMCO reported a net profit of 30.2 million baht in the first six months, an increase of 519.4%, with a backlog of 2,699 million baht and a target net profit of 200 million baht by 2028 from the JUMP+ project.

ASL Securities maintains a buy recommendation on PTG with a 2027 target price of 8.70 baht, expecting second-half 2026 net profit to grow from the first half and from the same period last year. Although second-quarter 2026 net profit was 74 million baht, down 76.3% year-on-year and 22% below estimates, tax expenses were as high as 66 million baht, representing an effective tax rate of 40.4%. Total revenue was 61 billion baht, up 8.9% quarter-on-quarter and 9.5% year-on-year, as oil marketing margin recovered to 1.83 baht per liter, up 41% from the previous quarter. The research team expects second-half oil marketing margin to rise 10-15% from the first half, and the selling and administrative expense-to-sales ratio to decline to 7% from 7.3% in the first half, after management lowered the capital expenditure framework to 3-4 billion baht from 3.5-4 billion baht and shifted focus to expanding Punthai Coffee branches through the franchise system.

PTG swung to a net profit attributable to owners of the parent of 74 million baht in the second quarter of 2026, from a net loss of 205 million baht in the previous quarter, helped by improved gross profit per litre in its oil business and 61.5% year-on-year revenue growth at its Punthai Coffee business. The company maintained its target for non-oil businesses to contribute 40 to 45 percent of gross profit. Meanwhile, SUPER signed an agreement for long-term credit support with the Bank for Investment and Development of Vietnam worth about 1.065 billion baht to support the first phase of the Soc Trang wind farm project with installed capacity of 30 megawatts. SUSCO received an outstanding standard toilet award from the Bangkok Metropolitan Administration for 2026.

Maxbit Digital Asset Company Limited announced that PTG Energy Public Company Limited, a leading Thai business group, has joined as an investment partner from the early stage to strengthen risk management, internal controls, and good corporate governance. Mr. Pokkhet Ratchakitprakan, Chief Executive Officer of Maxbit, said that having PTG as a co-investor reflects the company's business potential and marks an important step in laying the foundation for a digital asset ecosystem connected to everyday business and services. Maxbit operates under the supervision of the Securities and Exchange Commission and has received ISO/IEC 27001 and ISO/IEC 27701 certification, along with risk management systems, internal controls, and segregation of duties to ensure appropriate checks and balances in its operations.

PTG announced that second-quarter results for 2026 marked the bottom, with oil sales volume and marketing margin expected to return to normal in the second half of 2026. Chief Executive Officer Pitak Ratchakitprakarn said the company is maintaining its full-year marketing margin target at 1.70 to 1.80 baht per liter, but has lowered its full-year oil sales volume target to a range of minus 5 percent to zero percent, after the first half fell 5.2 percent. The non-oil business is expected to grow 20 to 30 percent, while EBITDA is projected to rise 0 to 5 percent from a year earlier. The company has cut this year's capital expenditure budget to 3 to 4 billion baht from the previous 3.5 to 4.5 billion baht, and expects to begin reaping benefits from new investments in the second half, such as a 4.9-megawatt waste-to-energy power plant that began commercial operations in late May 2026. Globlex Securities estimates 2026 net profit at 1.273 billion baht, up 24.7 percent from a year earlier, and recommends a buy rating with a target price of 9.80 baht.

PTG expects oil sales volumes in the second half of the year to return to normal, after first-half volumes fell 5.2% due to concerns about oil shortages earlier in the year. The company expects marketing margins to return to 1.70 to 1.80 baht per litre, and EBITDA to grow 0 to 5% from the previous year. The company aims to expand its service stations to 2,309 branches and Punthai coffee shops to 2,751 branches by the end of this year, while cutting this year's investment budget to 3 to 4 billion baht from the previous 3.5 to 4.5 billion baht.

Asia Plus Securities noted that PTG reported second-quarter 2026 results, swinging back to a net profit of 73.9 million baht from a net loss of 205.4 million baht in the first quarter of 2026, but below the research team's forecast, mainly due to higher-than-expected SG&A expenses and tax payments. Normalised profit stood at 73.9 million baht, supported by the oil business, where gross profit rose 16.0% from the previous quarter to 2.6 billion baht, as average gross profit per litre increased to 1.83 baht from 1.29 baht, even though total sales volume fell 17.9% to 1.4 billion litres. Meanwhile, the non-oil business saw gross profit decline 1.4% to 2.0 billion baht, and its gross profit margin fell to 42.8% from 46.9%. The research team maintained its 2026 normalised profit estimate at 404.6 million baht, down 60.5% from the previous year, and expects profit to have passed its low point for the year in the first quarter, with a gradual recovery in the second half. The end-2027 fair value is 9.6 baht per share.

PTG Energy reported first-half 2026 results with revenue from sales and services of 118.696 billion baht, up 4.2% from the same period last year. Non-oil business revenue was 13.34 billion baht, up 21.7%, and gross profit was 3.974 billion baht, up 39.5%, led by Punthai Coffee, whose revenue grew 61.5% to 3.518 billion baht after adding 825 branches to reach 2,467 branches, or more than two branches per day. Oil business revenue was 105.356 billion baht, up 2.3%, even as total oil sales volume fell 5.2% to 3.192 billion litres, with a retail oil market share of 20.0%. For the second quarter of 2026, the company swung to a net profit attributable to owners of the parent of 74 million baht from a net loss of 205 million baht in the previous quarter. Chief Executive Officer Pitak Ratchakitprakarn said the company will press ahead with its Powering Thai Lives strategy under the One PTG concept in the second half to connect businesses and customer bases across its ecosystem, targeting a non-oil gross profit share of 40 to 45 percent and raising the year-end 2026 Punthai Coffee branch target to 2,751 branches. For the LPG business, the company expects 836 distribution points by year-end, and the waste-to-energy plant of Palang Pattana 5 Company Limited will recognise full-quarter revenue from the third quarter of 2026 onward.

ASL recommends buying PTG shares, setting a 2027F target price of 8.70 baht based on a PBV of 1.22 times, which is close to the three-year historical average of 1.69 times minus one standard deviation. The view is that PTG has passed its trough for the year and is beginning to show signs of recovery. The 2026F net profit estimate has been revised down by 44 percent to 534 million baht, a contraction of 47.7 percent year-on-year, reflecting losses in the first quarter of 2026 and a gradual recovery in net profit that will become pronounced in the fourth quarter of 2026F, which is the high season. The second quarter 2026F net profit is forecast at 95 million baht, down 69.5 percent year-on-year but returning to profitability from the previous quarter, as the marketing margin recovers after the government lifted the retail fuel price cap, supporting a gross margin of 9 percent, up from 7.7 percent in the second quarter of 2025 and 7.5 percent in the first quarter of 2026. Total revenue is expected at 5.4 billion baht, down 3.9 percent quarter-on-quarter and 3.3 percent year-on-year, with oil business sales volumes declining due to high oil prices dampening demand and the low season, while the non-oil business helps limit the contraction. SG&A to sales rose to 8.65 percent from 6.9 percent in the second quarter of 2025 and 7.7 percent in the previous quarter, due to higher transport costs and the expansion of Punthai Coffee branches. For the full year 2026F, total revenue is forecast at 230 billion baht, up 3.9 percent year-on-year, with the oil business increasing in line with higher global oil prices and the non-oil business, especially Punthai Coffee, seeing higher sales from branch expansion. Gross margin is expected at 8.9 percent, up from 7.8 percent in 2025, supported by the non-oil business where gross margin rises to 33.1 percent from 27.4 percent in 2025, due to business restructuring to reduce reliance on the oil business. However, SG&A to sales reaches 8.4 percent, up from 7 percent in 2025, because of the increase in branch numbers and sales support budgets. The dividend yield for 2026F is expected at 2.5 percent. On the technical front, during the day the price tested the support at the previous candle's low and saw buying pressure that closed the candle with a positive signal. The trend has a chance to reverse upward, with support at 7.25 to 7.20 baht and resistance at the 13-day SMA of 7.50 baht. If it breaks through and holds firmly with increasing trading volume, it will be a buy signal, with the next major resistance at the previous double top of 7.90 baht. For those holding the stock, the recommendation is to hold or buy more, with a chance to test resistances at 7.50, 7.90, and 8.45 baht. For those without the stock, a short-term buy is recommended, focusing on holding support at 7.25 and 7.05 baht, which should not be breached.

Major Cineplex Group has joined forces with Max Solution Service, a subsidiary of PTG Group, to add a payment channel for movie tickets through Max Me Wallet on the Max Me app, E-Ticket kiosks, and the Major App, with instant Max Point accumulation. For every 100 baht spent, Max Card members who sign up from 1 November 2025 onwards will immediately receive 10 Max Card points. Max Card Plus, Max Card Plus EV members with an annual fee of 599 baht, and Max Card Premier members with a free annual fee also enjoy additional benefits: a combo set of 64-ounce popcorn and 32-ounce drink for 99 baht, down from the regular 310 baht, limited to 100,000 privileges from 4 August 2026 to 31 October 2026, and a 100-baht movie ticket discount by redeeming 450 points for one seat priced at 120 baht or above, limited to 16,500 privileges from 4 August 2026 to 31 December 2026.

Brokers assess that PTG Energy has passed the trough of its earnings, expecting a second-quarter 2026 net profit of about 109 million baht, swinging from a loss of 205 million baht in the first quarter. Although still down year-on-year, oil sales volumes have started recovering since May, while oil marketing margins remain robust above 1.80 baht per litre. The non-oil business continues to stand out, especially Punthai coffee, which has expanded to 2,468 branches, driving non-oil gross profit growth of around 30 percent from a year earlier. Trinity Securities upgraded its recommendation to buy with a target price of 8.60 baht, while Krungsri Securities maintains a buy rating with a target price of 9.50 baht, viewing long-term fundamentals as still strong.

Kasikorn Securities has maintained a hold rating on PTG with an unchanged target price of 7.70 baht, expecting second-quarter 2026 profit to swing back to positive from a loss of 207 million baht in the first quarter. This is despite a decline compared to the same period last year, as oil sales volumes weakened by 15 percent year-on-year and 18 percent quarter-on-quarter to 1.44 billion litres. The research team expects retail oil marketing margins to increase to 1.76 baht per litre, up 6.1 percent year-on-year and 36.1 percent quarter-on-quarter, following an easing of government intervention. Meanwhile, gross profit from non-oil businesses is expected to rise 30 percent year-on-year, driven by the expansion of Punthai Coffee branches and fewer discount promotions. However, the selling and administrative expense-to-revenue ratio is expected to increase to 8.3 percent due to the accelerated branch expansion. The research team believes third-quarter 2026 profit will improve both year-on-year and quarter-on-quarter, as oil consumption is expected to shift from the second quarter to the third quarter.

The Ministry of Finance has disclosed progress on the Thailand Individual Savings Account scheme, or TISA, and is preparing to scrap the tax-benefit multiplier so that all citizens receive equal tax deductions. Clearer details and the deduction limit framework are expected in September. The research arm of TTB Wealth Securities views this as positive for the overall stock market, as it will encourage more people to invest in equities, and positive for 14 high-dividend stocks: ADVANC, KTB, KKP, KTC, AMATA, PIN, THANI, SAK, CPN, HMPRO, PTG, SIRI, SPALI, and SAT.

Petroleum Thai Corporation Company Limited, operator of PT petrol stations under PTG Energy Public Company Limited, has partnered with TCP Group, producer of Krating Daeng beverages, to launch the campaign “Fill Up the Tank, Full Speed Energy” from 21 July to 15 September 2026 at PT Station outlets nationwide. PT Max Card and PT Corporate Card members who fill up with fuel worth 1,000 baht will receive one 1.5-litre bottle of PT drinking water. Those who fill up with 2,000 baht will receive one bottle of Krating Daeng Extra ABC and one bottle of PT drinking water. For every subsequent 1,000 baht fuel purchase, members will receive an additional bottle of Krating Daeng Extra ABC. The drinking water is limited to a maximum of one bottle per member per day, and Krating Daeng beverages are limited to a maximum of 10 bottles per member per day. Mr. Pitak Ratchakitprakarn, Chief Executive Officer and President of PTG Energy Public Company Limited, said the campaign reflects a vision that prioritises customer safety. Meanwhile, Mr. Worawut Phongchinaphak, Chief Executive of Sales and Marketing for Thailand at TCP Group, noted that Krating Daeng Extra ABC contains 800 milligrams of taurine along with vitamins A, B12, and C to help boost energy and alertness for drivers.

DPAINT is inviting existing shareholders to subscribe to a rights offering of up to 1.84 billion new ordinary shares, at a ratio of 1 existing share for 8 new shares, with an offer price of 0.20 baht per share. The subscription period runs from 23 July to 14 August 2026. The company plans to use the proceeds to invest in new projects, expand its business base, and create new revenue streams to enhance shareholder returns. Meanwhile, PTG has partnered with TCP to launch a campaign offering free Red Bull drinks to PT Max Card and PT Corporate Card members who refuel at PT Station service stations nationwide, from 21 July to 15 September 2026. SA views the extension of the reduced transfer and mortgage fee to 0.01% until 30 June 2027 as a positive catalyst for the property market in the second half of 2026. The company currently has a sales backlog awaiting transfer worth approximately 1.8 billion baht.