Thai Oil Public Company Limited, or TOP, reported second-quarter 2026 net profit of 8.3 billion baht, down 58% from the previous quarter but up 28% from a year earlier, and 11-17% above Yuanta Securities and Bloomberg Consensus estimates, driven by a refining margin of 21.2 US dollars per barrel versus the 20.5 US dollars per barrel expected. Normalised profit was 17.6 billion baht, up 78% from the previous quarter and 641% from a year earlier. Special items included hedging losses of 1.4 billion baht, FX losses of 690 million baht, a CFP asset impairment of 1 billion baht, and pre-tax inventory losses including NRV of 7.6 billion baht. Yuanta Securities maintained a Trading recommendation and a fair value of 70 baht, forecasting 2026 net profit of 31 billion baht and an interim dividend for the first half of 1.90 baht per share, implying a yield of 2.9%.
Thai Oil Public Company LimitedQ2 profit beat expectations and broker maintained 70 baht target with positive outlook.
