PSP rides record profits, AI-driven demand, and new brake-fluid venture
Record Q2 profit surge on oil prices and Middle East conflict Higher oil prices and Middle East conflict lifted margins and demand for transformer oil and recycled chemicals, with Q2 profit expected up 95% to a record 516 million baht. Analyst raised target to 9.70 baht, citing customer switching from Middle Eastern producers.
This is the core earnings driver that directly boosts PSP's profit and stock price.
AI infrastructure boom to lift transformer oil and cooling liquids demand Kiatnakin Phatra says AI investment is entering a new cycle, expanding into power delivery and cooling systems. PSP is named as a beneficiary from demand for transformer oil and liquids used in liquid cooling systems, opening a new growth avenue.
This points to a new, large demand source that could drive future revenue and justify higher valuation.
Profit target above 1 billion baht after record first half PSP announced a 2026 net profit target above 1 billion baht after H1 profit exceeded 800 million baht, extending record highs. The JUMP+ Plan aims for 1 billion baht by 2028, with exports to 30% of revenue and strategic investments.
This confirms strong earnings momentum and sets a clear growth roadmap that supports the stock.
Partnership with Orthene to produce brake fluid for ASEAN PSP became Orthene's exclusive ASEAN manufacturing hub for brake fluid, gaining technology and formulas to produce in Thailand for 10 ASEAN countries. This expands into a new specialty product line and raises manufacturing capabilities.
This is a new business line that diversifies revenue and could drive future growth.