![]() On top of this, the industry is facing challenges from EV adoption in the near future. The oil retail market in Thailand is highly competitive with limited growth and offers only a low margin (though it is less volatile than the margin for refining). “However, the step-up in earnings could prove to be only a one-off for SPRC. Note that our model assumes a market GRM of US$6.9 per barrel for 2024.” Wattana Punyawattanakul, an analyst at TISCO Securities said. We estimate a full-year 7% uplift to 2024 earnings, based on the 3-year average (2019-2021) pro-forma earnings of the investing assets. “The acquisition will give SPRC an immediate earnings boost once the transactions have been completed. Other analysts said gains by SPRC could be a one-off deal despite the deal giving SPRC a boost in earnings. The global oil retail P/E and EBITDA average are at 16.5x and 10.4x respectively. He said the acquisition should be earnings accretive. Komsun said that for 2021, the oil retail entity made an estimated net profit after tax of 762 million Baht, translating into a P/E ratio of 5.2x and EV/EBITDA of 2.8x (or a P/E of 7.3x and EV/EBITDA of 3.9x if Thappline’s investment is included) for the deal. “This deal also broadens its opportunity to enter the fuel business in Indochina, which if successful will allow it to expand its Thai refinery capacity.” local market),” Komsun Suksumrun, an analyst at Phatra Securities said. Having an oil retail marketing operation (which is less volatile than the oil refining business) should lower earnings volatility and business risk (as it will have total control over how to optimize its refined product distribution (exports vs. “We view this forward integration in a positive light. The transaction needs shareholder approval and is expected to be completed in Q1 of 2023 or early Q2 of 2023 after which the new business will be consolidated into SPRC’s book. The financing will come from cash flow from operation and debt. The investments into Caltex gas stations, Thappline and the new company will cost 5.56 billion Baht, the company said. The major shareholder of the oil pipeline transportation company is still PTT Oil and Retail Business Plc (OR) which holds 40%. SPRC also informed the SET that they will buy 9.91% of Thai Petroleum Pipeline (Thappline)’s shares from CAPHL and spend 1 billion Baht on a new company that will operate Star Holdings (SHC)’s petroleum business. Caltex generates very little non-oil business. PTT Oil and Retail Business Plc (OR)’s 385,754). Its market share fell from 6.7% in 2010 to 4.2% in 2021 and its throughput/station is low at 210,061 liters/month (vs. Discover the top Caltex Petrol Stations near you. ![]() SPRC informed the Stock Exchange of Thailand (SET) that they are buying 100% of Chevron Lubricants (Thailand)’s shares from Chevron Asia Pacific Holdings Limited (CAPHL), CT Nominee Holdings (I) LLC (CTN1) and CT Nominee Holdings (II) LLC (CTN2).Ĭhevron Lubricants (Thailand) owned 427 Caltex gas stations (70% in Bangkok Metropolitan Region), including 403 stations within the retailer-owned/retailer-operated (RoRo) scheme and 24 stations within the retailer-operated (CoRo) scheme. Some analysts say the investment would help the company’s bottom line in the long term and some disagreed. There’s a drive-in fully automated car wash available at Balclutha Caltex which can wash, wax and dry your vehicle.Star Petroleum Refining Plc (SPRC), one of the listed refineries, announced that it was looking to invest 5.56 billion Baht (US$155.8 million) to buy Caltex gas stations in Thailand and 9.91% of Thappline’s shares. We regularly come out with something a little different for you to try and have vegetarian, gluten-free and dessert pie options. We’ve got true kiwi classics like beef, mince and cheese, bacon and egg and sausage rolls. Jesters Pies are made from 100% ultra-thin puff pastry and freshly cooked for you in our unique jaffle irons. We’re well known for our chicken and chips and delicious Jesters Pies. Stop in for LPG gas bottle refills, coal and kindling, bagged ice and classic kiwi ice creams. We’ve got your essentials like milk, toilet paper and chocolate. We’ve got pastries, sandwiches, cold drinks, cakes, sweet treats and chips. Relax in our café or grab some breakfast and a coffee or a tasty lunch. You can use your phone to purchase fuel via the Caltex App at Balclutha Caltex Service Station. We offer a full forecourt service to all our customers and have unleaded, premium and diesel fuel at the pump. Your local Balclutha Caltex Service Station is open seven days a week, 365 days a year.
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