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...
184 Views
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...
186 Views
Thai Oil - Weak GRM and Core Profit in 1Q25E; Downward Revision to 2025-27E Earnings
We expect 1Q25E core profit (excluding stock gains) to decline YoY and QoQ, mainly due to a correction in the gross refining margin (GRM).
330 Views
THAI OIL Plc. - Clarification on the Arbitration Process Related to the Clean Fuel Project
The dispute concerns TOP’s enforcement of a guarantee against UJV in the amount of USD358mn on January 24, 2025, which the claimants argue was...
438 Views
Thai Oil - Upbeat 4Q24 Earnings Due to Hedging Gain; Risks Regarding CFP Remain
4Q24 NP exceeded our expectation by 15%, while 2024 NP was a bit higher (4%) than our estimate. The year 2024 performance declined YoY, consistent...
174 Views