Shares of Thai Oil Public Company Limited, or TOP, rose 2.64% to 77.75 baht at 14:43 on October 7, 2026, on trading value of 1.50825 billion baht, after Krungsri Securities Public Company Limited said TOP still has positive factors from tightness in the oil products market. Protracted tensions in the Middle East are keeping product price spreads at high levels and are likely to support TOP's earnings more than the market previously expected. Krungsri Securities therefore raised its profit forecasts for TOP for 2026-2028 by about 15-36%, while maintaining its buy recommendation and its 2027 target price of 83 baht per share. It selected TOP as its Top Pick in the refinery group, seeing earnings in the post-war period of 2027-2028 potentially improving by about 47-88% from the pre-conflict base. Meanwhile, the Clean Fuel Project, or CFP, remains on track, with full commercial operation, or Full COD, expected in the third quarter of 2028, which will increase crude oil processing capacity and lift margins over the long term. There is also potential for further upside from disputes related to the CFP project if the company receives compensation in the future.
Thai Oil Public Company LimitedKrungsri raised TOP's 2026-2028 profit forecasts 15-36% and reiterated a buy with an 83 baht target, naming it Top Pick in the refinery group.
Bank of Ayudhya PCL