Krungsri Securities expects OR to report a net loss of around 1.62 billion baht in the second quarter of 2026, swinging from a profit of 2.232 billion baht in the second quarter of 2025 and 2.415 billion baht in the first quarter of 2026. Excluding extraordinary items, the normalized loss would be around 1.57 billion baht, worse than previously estimated due to larger-than-expected oil stock losses. The Mobility business posted sales volume of 5.569 billion liters, down 13 percent from a year earlier and 16 percent from the previous quarter. Gross profit per liter fell to just 0.27 baht, down 68 percent year-on-year and 75 percent quarter-on-quarter, driven by falling oil prices that caused stock losses of over 11 billion baht, along with a non-cash inventory valuation loss of another 2.4 billion baht. However, the Lifestyle business continued to grow, with coffee sales volume rising 9 percent from a year earlier and 4 percent from the previous quarter. The research team expects a return to profit in the third quarter of 2026, with Mobility gross profit per liter recovering to 1.1 to 1.2 baht after the reversal of inventory valuation losses and a recovery in sales volume as competition eases. The recommendation remains buy with a target price of 14.5 baht per share, viewing the second quarter of 2026 as the low point of the year.
PTT Oil and Retail Business Public Company LimitedExpected net loss of 1.62 billion baht in Q2 2026, swinging from profit, due to larger oil stock losses and lower sales volume.