CGS International Securities Thailand maintains a buy recommendation on Thai Oil Public Company Limited, raising its target price to 70 baht from 59.50 baht, after lifting its 2026 earnings per share forecast by 31.4 percent. It assesses that strong market refining margins will offset higher crude oil costs. The new target price still offers 8.9 percent upside from the current price. Supporting factors include Asia crack spreads staying elevated, as more Russian refineries halt operations and China's refined oil product exports remain low, tightening supply. CGSI has raised its market refining margin assumption to 13.4 US dollars per barrel in 2026, and expects TOP to post revenue of 487.94 billion baht, EBITDA of 50.12 billion baht, and net profit of 30.63 billion baht in 2026.
Thai Oil Public Company LimitedCGSI raises target price and 2026 EPS forecast by 31.4%, maintaining buy recommendation.