THAI OIL Plc. (TOP): 1Q26 Earnings Met Forecast And Marked The Year’s Peak
1Q26 earnings came in strong as expected and should mark the best quarter of the year, supported by a high GRM base, stock gains, and one-off gains.
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Thai Oil Plc. (TOP): 4Q25/2025 Core Profit Beat; Strong GRM, Deleveraging, CFP
4Q25 core/net profit beat estimates by 10%/14% and was the strongest quarter of the year (~63% of full-year earnings), driven by abnormally high...
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THAI OIL Plc. (TOP): Debt Deleveraging Progress; CFP Progress; GRM Outlook
We maintain an Outperform call with a 12M FV of Bt44.75 (from Bt36.75), supported by an attractive current valuation and 26–28E core EPS growth of...
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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...
548 Views