Liberator Securities (LIB) expected PTG Energy Public Company Limited (SET: PTG) to outperform other service stations in 2025 with higher sales and improvement in the non-oil segment.
In the first quarter of 2025, LIB anticipated a quarter-on-quarter (q-q) decline in operations, primarily due to a decrease in oil sales volume following the holiday season in the fourth quarter. Additionally, increased competition for market share among service stations from competitors may lead to a contraction in profit margins.
However, the outlook for the entire year 2025 is optimistic with expectations for year-on-year (y-y) improvement. This growth is projected due to increased oil sales volume linked to the rising number of Max Card users, which will positively impact the sales volume for both oil and non-oil segments. The non-oil segment, in particular, is expected to see double-digit y-y growth, driven by the opening of new branches.
LIB forecast a net profit of 1,144 million baht, reflecting a 12% y-y growth. This is based on assumptions of a 6% y-y increase in sales volume to 7,159 million liters, a marketing margin of 1.66 baht per liter, and an expansion of 503 new branches under the Pun Thai brand.
