Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

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<p>Initial Coverage</p>
<h2>PTG Energy Plc. (PTG)</h2>
<p>Energy &amp; Utilities</p>
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<h3>Growth story to continue</h3>
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<p>We initiate PTG with a Buy rating based on the growth story of its core oil business, in which it is the second-ranked oil retailer in Thailand, and its non-oil businesses, with the latter’s positive momentum and targeted listings in 2022-24E being the highlights. This should enable the company to mark solid net profit growth at a 15% CAGR in 2020-22E. Meanwhile, its current demanding valuation against…</p>
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Thailand

PTG Energy Public Company Limited consists of eight groups of businesses as follows: 1) Oil (the Company's core and original business) and Retail Business, 2) LPG Business, 3) Renewable Energy and Investment Business, 4) Logistics Business, 5) System and Equipment Management Business , 6) Food and Beverage Business 7) Auto Care and Maintenance Business, and 8) Electronic Money Business (e-Money). In this regard, the Company is determined to operate the business with the aim of satisfying consumers' needs in a comprehensive manner.

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