TOP Surges 4.49% Against XD, Refining Margins Support, ADNOC Deal in Sight

M&A · PartnershipAnalyst
โดย thunhoon.com·TH·Read original
Summary · why it matters

Thai Oil (TOP) rose 4.49% to 69.75 baht, despite trading ex-dividend (XD) at 1.40 baht per share. News emerged that Abu Dhabi National Oil Company (ADNOC) is in talks with PTT, though not yet official. If a partnership materializes, TOP would likely benefit the most within the group, as its clean energy project CFP, slated for commercial production in 2027, requires substantial heavy crude oil, and ADNOC could support crude supply. The process might involve TOP issuing new shares to the new partner, with PTT unlikely to sell its existing stake. Meanwhile, refining margins in the second half are expected to improve seasonally, and geopolitical situations support crude prices and inventory gains, positively impacting Q3 2026 earnings. Brokers continue to rate TOP as a top pick in the sector, with a target price of 74 baht.

Impact on stocks 2

Energy Transition & Power Demand▲ · 2 stocks
Thai Oil Public Company Limited
TOP
▲ PositiveSupplyCapitalrelevance

TOP would benefit most from an ADNOC partnership, which could support heavy crude supply for its CFP clean energy project.

PTT Public Company Limited
PTT
± MixedSupplyrelevance

ADNOC is in talks with PTT; PTT unlikely to sell its stake, but no confirmed deal or direct impact stated.

Off-coverage companies 1

Abu Dhabi National Oil Company (ADNOC)Private± Mixed
Supplyrelevance

ADNOC is in talks with PTT, potentially supplying heavy crude, but the deal is not yet official.

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