On Monday at 11:19 AM (Bangkok time), the share price of Tipco Asphalt Public Company Limited (SET: TASCO) surged 8.57% or THB 1.20 to THB 15.20, with a trading value of THB 535.42 million.
Yuanta Securities (Thailand) has noted the potential for TASCO, which was previously a key customer of Venezuela’s state-owned oil company PDVSA, to resume crude oil imports following a period of U.S. sanctions implemented in 2019. Currently, Venezuela has resumed oil exports, averaging 1 to 1.2 million barrels per day, and some refineries in South Korea have begun testing Venezuelan crude quality.
Yuanta assesses a strong likelihood for TASCO to resume crude oil imports from Venezuela, after a hiatus of approximately six to seven years. The resumption of Venezuelan crude imports would support improvements in TASCO’s gross profit margin due to better production yields and lower costs, as Venezuelan crude delivers an asphalt yield of approximately 70%, compared to only around 50% from other sources.
Should these imports resume, which is projected to occur as early as late 4Q26 or in 2027, the brokerage expects it will significantly boost TASCO’s profit growth going forward.
Yuanta forecasts TASCO’s profit for 2026 at THB 1,563 million, representing a year-on-year increase of 57.3%, and has set a target price at THB 17.40 per share. However, there is a possibility of further upward revision, with a new potential target price in the range of THB 19-20 per share.
