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.
Atlas Energy Public Company LimitedKGI maintains buy rating and expects Q3 profit recovery, though target price cut.
