Due to the ongoing conflict between the United States and Iran, the market remains concerned about a tight energy supply, which has acted as a positive sentiment for global crude oil prices. Consequently, Brent crude oil prices have risen significantly to approximately $95.78 per barrel.
Recently, Morgan Stanley raised the target prices of six energy stocks, reflecting a positive outlook on the companies’ operating performance trends:
- Thai Oil Public Company Limited (SET: TOP): Target price increased to THB 87 from THB 70.
- PTT Oil and Retail Business Public Company Limited (SET: OR): Target price increased to THB 14.60 from THB 14.30.
- Bangchak Corporation Public Company Limited (SET: BCP): Target price increased to THB 65.70 from THB 51.
- PTT Global Chemical Public Company Limited (SET: PTTGC): Target price increased to THB 59 from THB 43.
- PTT Public Company Limited (SET: PTT): Target price increased to THB 44.90 from THB 39.40.
- Star Petroleum Refining Public Company Limited (SET: SPRC): Target price increased to THB 19.70 from THB 12.90.
Meanwhile, Krungsri Securities assessed that the conflict between the U.S. and Iran is positive for stocks in the energy security group. These include: PTT, PTTEP, TOP, SPRC, BCP, PTTGC, The Siam Cement Public Company Limited (SET: SCC) and Indorama Ventures Public Company Limited (SET: IVL).
For PTT, the securities firm gave a “Buy” recommendation with 2027 target price at THB 44.50, expecting the tight energy supply to support margins across several business segments, including natural gas, exploration and production (E&P), refining, and petrochemicals. This factor is projected to support continuous year-on-year earnings growth momentum through the second half of 2026.
Furthermore, core profit is expected to grow at a compound annual growth rate of 18% per year during 2026 – 2028. The current stock price trades at a price-to-book value (P/BV) ratio for 2026 of less than 1x, while the annual dividend yield was offered at a rate exceeding 5.5%.
For PTTEP, the brokerage gave a “Buy” rating with 2027 target price at THB 175 , anticipating the prolonged and tight energy supply situation to create upside potential for the company’s earnings estimates in the second half of 2026, countering previous expectations of a profit decline compared to the first half.
The analyst estimated that PTTEP’s net profit range for 2026 – 2028 may potentially be as high as approximately THB 65 – 70 billion. Currently, the company trades at a P/BV level of around 1x (close to its long-term average) while oil prices tend to trade at a premium. The broker also added the company offered a dividend yield of more than 6% per year.
For TOP, Krungsri gave a “Trading” recommendation with 2027 target price of THB 70, expecting the company to benefit exceptionally from a tight refinery supply cycle, as new refining capacity entering the market remains highly limited.
The analyst house estimated that TOP’s 2026 earnings may potentially grow by as much as 159%. Meanwhile, the company is projected to sustain earnings above normal levels as the refining industry enters an upcycle. The stock currently trades at a 2026 P/BV of approximately 0.66x, while medium-term dividend yield is anticipated to surpass 3.5% per annum.
