Shares of Thai Oil Public Company Limited, or TOP, rose 4.49% to 64.00 baht after brokers assessed that second-half refining margins are recovering more strongly than expected. Globlex Securities expects the gross refining margin in the third quarter of 2026 to reach 24.5 dollars per barrel, and 15.3 dollars per barrel in the fourth quarter of 2026, significantly above TOP's own estimates. The broker views product price spreads for diesel, jet fuel, and gasoline as still elevated, while global oil product supply is tight because worldwide refinery runs fell by about 5 million barrels per day in July 2026. Globlex maintains a buy recommendation and a target price of 88 baht, implying upside of about 40.2%, and forecasts 2026 net profit of 28.279 billion baht, up 93.9% from the previous year.
Thai Oil Public Company LimitedBrokers see refining margins recovering strongly due to tight global oil product supply from reduced refinery runs.
