PTT Oil and Retail Business Public Company Limited (SET: OR) is planning to spin off a few of its subsidiaries into the Thai stock market, including the popular Thai organic Farm-to-Table café ‘OHKAJHU’, as the company sees positive momentum to its businesses in the second half of this year.
OR, a subsidiary of Thai big oil PTT, acquired about 20-25% of Pluk Phak Praw Rak Mae Company Limited in 2021, which distributes organic vegetables and operates one of the most popular restaurants ‘OHKAJHU’. The company said that it plans a listing of OHKAJHU soon and will follow with several other entities depending on their growth and conditions.
As Thai tourism has opened for business again after the pandemic recovery and with the increased both revenue and profit, OR project a positive outlook moving forward, especially on the Mobility business (Oil sales and EV charging station) that accounts to 90% of its revenue. Meanwhile, the Lifestyle business, which includes the non-oil operation such as Café Amazon and retail stores, is expected to continue growing as well.
With the expansion of 2,570 PTT station, 588 EV station and 4,371 coffee shop with almost 200 million cup sales or 7% in 2Q2023, OR is planning for more M&A with wide range of any business that might have a good synergy and can be put close-by station such as Health & Beauty, Tourism & Accommodation, which would be included in the Lifestyle category.
In addition, OR has launched xplORe App to provide service accommodation to its customers, including point collection and bonus or discounts every time they spend at the station. The app links to customers’ existing Blue Card/CONNECT e- wallet as well.
