First Read: PTT Oil and Retail Business "Q226 preview: Turning loss-making..."

Research evidence excerpt

First Read: PTT Oil and Retail Business "Q226 preview: Turning loss-making..."

Global Research

24 July 2026ab

First Read

EquitiesPTT Oil and Retail Business

Q226 preview: Turning loss-making amid Thailand

inventory and soft demand Oil Companies, Secondary

12-month rating Sell

12m price target Bt10.00

Q226E preview - turning to a loss

PTTOR is scheduled to report its Q226 results on 6 August. We expect PTTOR to come in

with a headline and core loss of Bt800-900mn, representing a sharp deterioration from Price (23 Jul 2026) Bt12.70

profits in Q126 and Q225. We believe results are likely to fall short of market RIC: OR.BK BBG: OR TB

expectations due to substantial stock and net realisable value (NRV) losses, potentially

Trading data and key metrics

amounting to Bt8.9bn and Bt2.4bn, respectively, as well as weak oil sales volumes.

52-wk range Bt15.60-11.10

Mobility should see sharp GP per litre decline on stock and NRV items Market cap. Bt152b/US$4.51b

The sharp QoQ decline would likely be driven by weaker Mobility earnings and, to a Shares o/s 12,000m (ORD)

lesser extent, softer performance from the Global segment. In Mobility, we estimate oil Free float 24%

sales volume could fall 15-16% QoQ across both retail and commercial channels, Avg. daily volume ('000) 18,815

reflecting a normalization following precautionary fuel hoarding in March as well as Avg. daily value (m) Bt235

softer jet fuel demand due to weaker airline traffic. Gross profit (GP) per litre would likely Common s/h equity (12/25E) Bt114b

see a sharp drop to Bt0.3/litre, largely due to a Bt8.9bn stock loss and a Bt2.4bn net P/BV (12/25E) 1.3x

realisable value (NRV) write-down resulting from lower oil prices. Excluding both, GP per Net debt to EBITDA (12/25E) NM

litre could reach Bt1.8-1.9/litre.