Stock guru from KGI Securities (Thailand) recommends “buy” shares of PTG Energy Public Company Limited (PTG), assessing the trend of net profit in 2023 reaching 994 million baht, an increase of 6% from the same period of year ago As for 4Q23 net profit, it is expected to be over 500 million baht, supported by increased oil sales volume and non-oil business, while 2024 profit is estimated at 1.3 billion baht, an increase of 34%, with a new target price. at 11.50 baht from 10.40 baht
KGI Securities (Thailand) Company Limited publishes analysis It estimates the net profit trend in 2023 of PTG Energy Public Company Limited (PTG) shares at 994 million baht, an increase of 6% compared to the same period last year. Because the net profit for the 4th quarter of 2023 is expected to be higher than 500 million baht (from a net loss of 4 million baht in the 4th quarter of 2022 and a net profit of 19 million baht in the 3rd quarter of 2023, which the increased profit is expected to come from sales volume. Oil increased to 1,550 million liters, an increase of 10% compared to the same period last year. and the past quarter Including the oil marketing fee which increased to 1.90 baht/liter, an increase of 20% from the same period last year and 14% compared to the previous quarter.
The research team also expects non-oil business profits to increase compared to the previous quarter. Because sales of Max Mart and Panthai coffee shops increased as the number of cars coming to use PTG brand gas stations in the 4th quarter of 2023 increased.
The research department maintains its 2024 profit forecast at 1.3 billion baht, an increase of 34% compared to the same period last year. This is mainly due to the increase in oil sales volume. Using the assumption that the volume of oil sales will increase 6% compared to the same period last year to 6,300 million liters next year. from the recovery of Thai tourism After KGI’s tourism group analysts estimate that the number of foreign tourists in 2024 will increase 16% compared to the same period last year to 32 million from 27.5 million in 2023.
It is also expected that next year’s oil marketing margin will be at 1.70 baht/liter, which is the lower bound of the normal level (1.70-1.80 baht/liter) because crude oil prices are likely to decrease next year and face less pressure from Tightly control gasoline marketing costs in Thailand Although the Energy Minister is rushing to study and amend related laws. To control the marketing cost of all types of oil not to exceed 2.00 baht/liter, however, the research team believes that the price of Dubai crude oil that has decreased from US$93/bbl in September to US$75/bbl at present will help reduce the pressure. from strict control of gasoline marketing costs of gas station operators in Thailand Because the retail price of gasoline dropped a lot after the price of crude oil dropped. Moreover, the process of studying and amending related laws takes a long time.
Therefore, the research department has adjusted the target price for 2024 to 11.50 baht from the original 10.40 baht to reflect the estimated profit growth rate for 2024 at 34% compared to the same period last year. and increased the recommendation to Buy from Hold as profits are expected to increase in the 4th quarter of 2023 and face less pressure from tighter controls on gasoline marketing rates in Thailand. After the price of Dubai crude oil decreased in this quarter.
2023-12-19 11:33:51
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