Shares of Thai Oil Public Company Limited, or TOP, rose 2.00 baht, or 2.82%, to 73.00 baht on trading value of 602.25 million baht, supported by progress on its clean energy project, CFP, which as of July 2026 stood at 34.87% after TOP brought in a new project supervisor. The first part of the project, crude distillation unit 4, or CDU4, is expected to begin production in the second quarter of 2027, while the full project is expected to start production in the third quarter of 2028. The CFP project is expected to help cut production costs and add about 2 dollars per barrel to refining margins. Krungsri Securities maintained its buy recommendation on TOP with a 2027 target price of 83.00 baht, assessing that post-war profits could rise by about 47% to 92% from pre-war levels, while the stock trades at a price-to-book ratio of about 0.6 to 0.7 times and offers a dividend yield of more than 3.5% a year. Liberator Securities said TOP can still be traded on refining margin and oil price trends, but expects third-quarter 2026 earnings to decline in line with refining margins and the impact of increased negative inventory valuation adjustments at refineries.
Thai Oil Public Company LimitedCFP clean energy project progress plus Krungsri's buy rating and 83-baht target price support TOP
Bank of Ayudhya PCLLiberator Securities notes TOP can trade on refining margins but expects Q3 2026 earnings to decline
