Shares of Thai Oil, or TOP, rose nearly 3% after Land and Houses Securities raised its 2026 net profit forecast to 28.5 billion baht, representing 95% growth from the previous year, and upgraded its recommendation to speculative buy with a target price of 66 baht. The broker noted that the Singapore benchmark refining margin in the third quarter of 2026 stood at around 20.8 dollars per barrel, close to the previous quarter and significantly higher than 6.8 dollars per barrel in the first quarter, while crude premium costs are trending down rapidly, supporting a continued strong refining margin outlook for the company. In addition, foreign fund flows are supporting the stock, with net buying via NVDR exceeding 3.2 billion baht over the past month, and the foreign ownership ratio rising to 15.2% from 9.1% at the end of last year.
Thai Oil Public Company LimitedBroker raised net profit forecast and target price, citing strong refining margins and crude cost trends.
Land and Houses Public Company Limited