Stocks in Focus on March 19, 2024: TOP and RBF

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on March 19, 2024.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Thai Oil Public Company Limited (SET: TOP) with a target price at ฿62.00/share.

MST stated that the stock prices are supported by three factors;

1) The refining margin in 1Q24 is at a high level, and we believe there is still an opportunity for further increase. This is supported by increased supply tension resulting from Ukraine’s attack on Russian oil refineries.

2) The direction of crude oil prices is believed to remain highly stable due to increased demand and supply from OPEC+, which has extended the production reduction period to 2Q24.

3) Aromatics spreads, particularly Asian PX and BZ Spread, show signs of recovery. This recovery is supported by China entering the maintenance period and restocking.

MST stated that these three positive factors are expected to support 1Q24 operating results, and the stock price continues to rise despite currently trading at a PBV as low as 0.75x.


KGI Securities (KGI) has given an “Outperform” rating on R&B Food Supply Public Company Limited (SET: RBF) with a target price at ฿14.50/share.

RBF’s analyst meeting yesterday had a positive tone, as the company continues to have a promising outlook. The company’s strategy to focus more on retail customers, new product launches and a potential new export market could offer big upside to its earnings. GPM is also expected to improve backed by price adjustments, supply chain improvements and lower raw material prices. We maintain our optimistic net profit forecast of Bt907mn (+40% YoY) in 2024.