PTG reported second-quarter 2026 net profit of 74 million baht, down 76.3% from a year earlier and 22% below analyst estimates, due to tax expenses of 66 million baht, or an effective tax rate of 40.4%. Total revenue came in at 61 billion baht, up 8.9% from the previous quarter and 9.5% from a year earlier, helped by high global oil prices and the government's removal of the cap on pump prices, the main factor supporting the recovery in marketing margin, which reached 1.83 baht per liter, up 41% from the previous quarter. As a result, gross profit margin stood at 7.4%, flat from 7.5% in the first quarter of 2026 and below 7.7% in the second quarter of 2025. SG&A as a proportion of sales was 7%, down from 7.7% in the previous quarter, reflecting efficient cost control, particularly through adjustments to its marketing plan. For the outlook in the second half of 2026, analysts expect net profit to expand both half-on-half and year-on-year. In the third quarter of 2026, sales may slow seasonally, but growth should be strong in the fourth quarter of 2026, the high season for travel that boosts traffic at gas stations, along with a roughly 10-15% increase in marketing margin compared with the first half. Analysts also view the management's second-half plans positively, following a cut in capital expenditure to 3,000-4,000 million baht from 3,500-4,000 million baht, particularly for the Punthai Coffee business, which was reduced to 800-1,000 million baht from 1,000-1,500 million baht, as the company wants to slow the expansion of PTG-owned branches while continuing to expand through franchising, which helps reduce costs for hiring and training new employees. SG&A as a proportion of sales is expected to fall to 7.0% from 7.3% in the first half. Analysts maintain a Buy rating with a 2027 target price of 8.70 baht, based on a P/BV of 1.22 times, close to the three-year average of 1.69 times minus one standard deviation. The current P/BV of 1.39 is at an attractive level. Analysts see PTG as having room to recover over the remainder of the year, supported by marketing margin returning to normal in line with market mechanisms, flexibility in its business plans to cope with current conditions, and business restructuring to reduce the impact of global oil price volatility. On the technical side, the short term has seen a test and a hold of the uptrend line without creating a new low below 8.05-8.00, with the trend still swinging upward. Intraday resistance is a double top at 8.50-8.60; a break above and hold with increased trading volume would be a buy signal for a continuation of the V-shaped pattern, with major resistance at the previous high of 9.00. For investment recommendations, investors holding the stock should hold or add to positions, with a chance to test resistance at 8.50-8.60 and 9.00. Investors without the stock should buy short term, focusing on holding support at 8.05-8.00, which should not be breached.
PTG Energy PCL2Q/26 net profit of 74 million baht missed estimates by 22% and fell 76.3% year-on-year on a 40.4% effective tax rate.
Punthai Coffee capex was cut to 800-1,000 million baht as PTG slows company-owned branch expansion in favor of franchising.
