ASL Securities wrote in its research after the analyst meeting with PTG Energy Public Company Limited (SET: PTG), expecting the recovery trend to continue in the fourth quarter. This is after the company released its consolidated financial statement on Tuesday with net profit surged by 261% to THB 70.19 million in 3Q, thanks to a spike in oil revenue.
ASL Securities noted that PTG’s management forecasted that oil sales in all sectors and demand for oil for the rest of the year are still going strong. The company then decided to increase the oil sales expansion goal to 10-15%, which is a noticeable upgrade from the previous 8-12% goal from the beginning of the year. The company expected to have 2,251 gas stations before the end of the year. PTG had 2,214 gas stations at the end of 3Q in September 2024.
The company also has plans to expand the Non-Oil branch and touchpoints further, with the company goal in 2024 to grow other Non-Oil businesses to 961 touchpoints, 329 touchpoints increase. The majority of the expansion would come from repair and maintenance service station Autobacs, charging station Elex by EGAT PT, and convenience store Max Mart.
According to Bloomberg consensus, 2024 net profit is expected to come in at THB 1.19 billion, or 26.60% increase compared to the same period last year with a consensus target price of THB 10.46.
Additionally, PTG has announced a dividend pay of THB 0.10 per share, or a dividend yield of 1.1%, the company will put an XD mark on November 26, 2024.
