Kasikorn Securities raised its target price for TASCO to 18.50 baht from 14.20 baht, while maintaining a buy rating, after the company regained access to Venezuelan crude oil. The broker expects this to support higher refinery utilization and sales volumes, although the benefit is likely to be smaller than before sanctions were imposed. Kasikorn Securities lifted its 2027 and 2028 profit forecasts by 27 percent on higher sales volumes, but kept its 2026 estimate unchanged because the benefit is unlikely to be significant this year. Third-quarter 2026 profit is expected to ease from the peak seen in the first half of 2026, as asphalt spreads remain above normal levels but are narrowing. TASCO offers a dividend yield of 6.3 percent, and further upside could come from favorable terms for Venezuelan crude procurement, which would support a re-rating toward the ten-year average price-to-book ratio of 2.2 times.
Tipco Asphalt Public Company LimitedBroker raises target price and maintains buy rating on regained access to Venezuelan crude, boosting profit forecasts.
