Globellex Securities expects PTG's net profit to have passed its lowest point, recovering in Q3/2026 and strengthening in Q4/2026, after oil marketing margins returned to normal at 1.60-1.70 baht per liter and SG&A expenses remained stable. Meanwhile, the non-oil business, especially the Pun Thai coffee shops, continues to benefit from strong gross margins of 54-55% and increased franchise expansion. The 4.9-megawatt waste-to-energy plant, which began commercial operation in May 2026, will recognize full-quarter revenue. Globellex maintains a Buy recommendation with a new target price of 9.70 baht, based on 2027 estimates and increasing the biodiesel business multiple to 12 times.
PTG Energy PCLBrokerage maintains Buy with higher target price on expected profit recovery
