THAI OIL Plc. (TOP): 3Q25 NP In Line On Stock Gain And One-Time Gain
3Q25 NP was in line, impacted by refinery maintenance and major unit shutdowns (lower utilization rate and market GIM), partly offset by stock...
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THAI OIL Plc. (TOP): 3Q25E NP Boosted By Stock Gains And One-Off Items ...
We expect 3Q25E net profit (NP) to be pressured by refinery maintenance and shutdowns of key units, leading to lower utilization and weaker market...
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THAI OIL Plc. (TOP): Asset Monetization: Deleveraging, Lower Credit Risk, Earnings Hit
TOP will receive Bt18.23bn in cash to reduce debt, which is expected to lower net D/E by 0.15x (to 0.45x) and net debt/EBITDA by 1.83x (to 8.54x).
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Thai Oil - Upbeat 2Q25 Earnings Boosted by One-Off Gains
2Q25 net profit came in above expectations due to higher- than-expected one-off gains (i.e., a gain on bargain purchases and a gain from bond...
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Thai Oil - In-Line 1Q25 NP — Contracting GRM; Stock Gain a Key Cushion
1Q25 core profit (excluding a stock gain) declined YoY and QoQ due to a contraction in the GRM. We maintain our 2025-27E core profit forecasts (2...
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