TOP: Capital Increase Within 2022
The BOD approved TOP’s recapitalization plan which includes 1) disposal of GPSC stake (by 2Q22) and 2) capital increase (within 2022). The proceeds...
332 Views
TOP: Solid Refinery Margin to Drive 4Q21 Performance
We expect TOP to post a solid 4Q21 net profit of Bt5.1bn (-30% YoY, +146% QoQ). •The growth will be supported by solid spike in GRM. which should...
363 Views
TOP: Recovering Refinery Margin to Drive 3Q21 Earnings
We expect TOP to post a solid 3Q21 net profit of Bt3.2bn (+353% YoY, +53% QoQ). We revise up the target price by 30% to Bt67.0 and upgrade the...
302 Views
TOP: Neutral Refinery and Weak Aromatics Outlook for 2H21
Yesterday analyst meeting came out with a neutral outlook for 2H21 refinery business. The GIM should remain stable in 3Q-4Q21 and improve 1H22...
224 Views
Earnings Review: Thai Oil Plc.
TOP’s refinery remains the challenge to its earnings given the slow recovery of the refinery market amid concern over the spread of the Delta variant.
183 Views