KGI Securities expects OR profit to recover in Q3, advancing Minor Food partnership

HoonVision·17 Aug 2026·

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Analyst M&A · Partnership Oil, Gas & Consumable Fuels

OR.BK ▲

MINT.BK ▲

Summary · why it matters

KGI Securities (Thailand) expects OR's operating performance to recover quarter on quarter in the third quarter of 2026, because oil marketing margins and oil sales volumes are both expected to increase. Oil marketing margins are expected to rise quarter on quarter because the company's oil business is unlikely to book another large net realisable value inventory loss of 10.6 billion baht as it did in the second quarter of 2026, and oil sales volumes are expected to recover quarter on quarter as domestic fuel consumption returns to normal after falling sharply in April. OR is forming a partnership with Minor Food to transform PTT-branded service stations into food and lifestyle destinations by expanding its food and beverage business. OR will receive the right to open franchise branches of four leading restaurant brands: Dairy Queen, The Pizza Company, The Steak & More, and Chiho Ramen, a new exclusive brand developed jointly by the two companies. The launch is scheduled to begin this year, with total investment expected to be about 400 million baht and a target of 150 outlets by 2030, which will help increase customer traffic and strengthen OR's non-oil business ecosystem. OR has neither confirmed nor denied interest in the KFC business, which has been reported as being up for sale. Management said the company still needs to weigh the pros and cons of buying KFC compared with its current business model, under which about 300 to 400 KFC outlets operate inside PTT-branded service stations and OR earns rental income from them, but the company has not disclosed details about the deal. KGI Securities maintains a hold rating on OR with a first-half 2027 target price of 12.00 baht, based on a price-to-earnings ratio of 14.5 times. Although third-quarter 2026 earnings are expected to improve quarter on quarter, the brokerage remains concerned about the company's operations in Cambodia and its strategic direction following the conflict between Thailand and Cambodia.

PTT Oil and Retail Business Public Company Limited ▲

Minor International Public Company Limited ▲