TASCO expects 2027 profit to grow 23.8% on Venezuelan crude boost, target 19.40 baht

Analyst
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Summary · why it matters

Yuanta Securities estimates that Tipco Asphalt Public Company Limited, or TASCO, has a high chance of resuming crude oil imports from Venezuela, which will lift gross margins and drive normalized profit in 2027 up 23.8% to 1.9 billion baht. This follows PDVSA, Venezuela's state oil company, restarting direct crude sales contracts with former customers. Reports indicate Phillips 66 and Reliance Industries resumed purchases in May 2026, while TASCO and Valero Energy are expected to place orders in the coming months. Venezuelan crude has an asphalt yield as high as about 70%, compared with around 50% from other sources, significantly improving cost and production efficiency. The analyst therefore raised the 2027 normalized profit forecast by 18.9% and set a new target price of 19.40 baht, based on a price-to-earnings ratio of 15.8 times, while maintaining a buy recommendation. A 2026 dividend of 1.00 baht per share is forecast, representing a yield of 6.5%.

Impact on stocks 4

Synthetic Biology (non-pharma)▲ · 2 stocks
Phillips 66
PSX
▲ PositiveSupplyrelevance

Resumed purchases of Venezuelan crude improve feedstock supply.

Materials▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 1

Petroleos de Venezuela, S.A. (PDVSA)Private▲ Positive
Demandrelevance

Restarting direct sales contracts with former customers increases demand for its crude.

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