PTT Oil and Retail Business Public Company Limited (SET: OR) foresees a positive outlook for its performance in 2024 and long-term growth.
During an analyst meeting, OR unveils its business outlook, including Mobility (oil), Lifestyle (non-oil), and Global business in 2Q24 and FY2024, expecting to continuously grow.
The company is expected to benefit from the rising demand and an expansion of its businesses, not only in Thailand but also in Cambodia, Laos, and the Philippines.
In 2024, OR aims to expand 100 of PTT Station and 300 Cafe’ Amazon branches.
As for Lifestyle (non-oil) business, the company plans to develop a comprehensive business model for Cafe’ Amazon, beginning from upstream (expansion of coffee bean procurement), midstream (coffee roaster, instant beverage mixer, bakery factory, coffee cup factory), and downstream (branch expansion and product category diversification), which will improve profitability.
Meanwhile, OR will reveal details for the Health and Wellness segment in 2Q24-3Q24.
The company’s financials are in a strong position, with positive net cash-to-equity status and THB 43 billion of cash flow at the end of the first quarter, which opens up the ability for OR to invest as planned.
Bualuang Securities expected OR to benefit from its growth in 2024 and maintained a ‘BUY’ recommendation with a target price of THB 22 per share.
