Krungsri Securities downgraded Tipco Asphalt Public Company Limited, or TASCO, to "Hold" from "Buy" after the share price rose 25% since progress emerged on the resumption of oil purchases from Venezuela, leaving limited upside to its target price of 18.90 baht. Krungsri research maintained its 2026 profit forecast for TASCO at 1.6 billion baht, up 38% from a low base last year, and kept its sales volume assumption for this year at 1.13 million tonnes, roughly unchanged. Third-quarter 2026 results are expected to mark the year's low point, on lower sales volume year-on-year and quarter-on-quarter in both Thailand and overseas as customers slowed after the construction season, with a pickup expected in the fourth quarter of 2026. TASCO said it was able to buy crude oil from Venezuela for a second time, with delivery last August of about 900,000 barrels, larger than the first round of 600,000 barrels. The purchase was again made through an intermediary on a spot contract basis, with each deal negotiated separately. Costs are expected to remain at a profitable level, and the company is still sourcing additional cargoes. TASCO shares closed the morning session at 17.50 baht, up 0.20 baht, or 1.16%, with trading value of 61.16 million baht.
Tipco Asphalt Public Company LimitedKrungsri downgraded TASCO to Hold from Buy after a 25% price rally left limited upside to its 18.90 baht target
Bank of Ayudhya PCL
