Several leading securities firms issued positive notes on Star Petroleum Refining Public Company Limited, or SPRC, after its second quarter 2026 results came in strong, with net profit of 6.9 billion baht, up year on year and 9% above market expectations. Brokers such as Krungsri Securities recommend Buy with a target price of 13.50 baht, while Tisco Securities and KGI Securities set target prices of 12.50 baht, citing continued strength in refining margins. They expect third quarter 2026 margins at around 15 US dollars per barrel, supported by tight supply and a clear dividend policy. The company announced an interim dividend for the first half of 2026 of 0.50 baht per share, representing a dividend yield of 4.4%, with full-year 2026 dividend yield forecast as high as 10.1% to 12.1%. However, a negative factor is that third quarter 2026 profit may decline quarter on quarter because refining margins are normalizing from the high base of 23.7 US dollars per barrel in the second quarter of 2026, as supply begins to increase after the war situation eases. Higher freight costs and crude oil premiums, as well as regulatory risk that caps capacity utilization at 85% to 90%, also pose challenges.
Star Petroleum Refining Co LtdQ2 2026 profit beat expectations and brokers issued positive notes with Buy ratings and higher target prices.
