Company: Petronas Dagangan BerhadBloomberg ticker: PETD MKMarket cap: US$4,933mBackground: Petronas Dagangan Berhad is the petrol retailer and marketing subsidiary arm of Petronas, the national oil and gas conglomerate of Malaysia and one of the biggest energy companies globally. It has the no. 1 market share of the petrol market in Malaysia, where all of its business is focused.World Class Benchmarking of Petronas Dagangan Profitable Growth rank of 2 was same compared to the prior period’s 2nd rankThis is ...

Company: PTT Public Company LimitedBloomberg ticker: PTT TBMarket cap: US$27,142mBackground: PTT Public Company Limited is the biggest Thailand state-owned oil and gas company by revenue, and the biggest company in Thailand. The group’s businesses range from exploration to downstream activities, including petrochemical manufacturing, electricity generation, and petrol retailing. It is the sole owner of local gas pipelines.World Class Benchmarking of PTT Profitable Growth rank of 8 was same compared to the p ...

公司业务与优势 - 公司是美国下游能源领域的关键参与者，业务涵盖炼油和物流，将原油精炼成汽油、柴油和航空燃料等必需品，并管理这些产品的运输和存储[1] - 业务模式多元化，炼油和物流两大板块协同运作，物流板块提供稳定的收费收入，炼油业务确保现金流，这种结构使公司比单一炼油企业更具韧性[3] - 拥有4座地理位置优越的炼油厂，总产能达302,000桶/日，受益于中大陆和墨西哥湾沿岸地区强劲的炼油利润率[4] - 在Permian Basin（美国最大产油区之一）的布局使公司能以更低成本获取原油，降低炼油成本，同时与Delek Logistics Partners的合作保障了原油运输和存储的稳定性[5] - 持续投资炼油设备升级，提升单桶原油产出效率，降低运营成本并提高燃料质量竞争力[6] 行业表现与竞争 - 过去三个月公司股价下跌18.5%，而同期油气行业整体上涨3.9%，同行业公司如TotalEnergies和Equinor分别上涨18.7%和11.7%，表现显著优于该公司[10] - 面临来自大型炼油商的竞争压力，后者具备规模经济优势、更灵活的炼油能力和更雄厚的财务资源，可能挤压市场份额和利润空间[9] 潜在挑战 - 原油供应依赖管道运输和Permian Basin产区，若因全球冲突、天气或机械故障导致中断，可能影响生产并造成财务损失[7] - Permian Basin原油产量若因钻井活动减少、监管限制或油价下跌而放缓，可能削弱公司的低成本原料优势，使其难以与原油来源更多元的大型炼油商竞争[8]