According to TISCO Securities, Star Petroleum Refining Public Company Limited (SET: SPRC) recently held an analyst meeting following the disclosure of its 4Q25 earnings, outlining several key updates on operations, expenditure, and market outlook.
SPRC’s management confirmed that its planned refinery shutdown for maintenance, or ‘turnaround,’ is progressing according to schedule. The main CDU is expected to restart operations in February 2026, with the RFCC unit to follow within approximately two weeks.
Additionally, the new SPM offshore oil pipeline project is also on track, set to begin commercial operations in the second quarter of 2026 after the maintenance shutdown concludes. The company is targeting a sustainable utilization rate of 95%—notably higher than its five-year historical average of 88%.
Management reaffirmed its outlook for operational expenditures (OPEX) related to the turnaround, estimating costs at USD 10-15 million, to be recognized in the first quarter of 2026 after maintenance completion. Refining OPEX is expected to decline significantly to USD 1.8-1.9 per barrel post-turnaround, compared to USD 2.5 per barrel in 2025.
While management anticipates that gasoline margins will soften slightly from the elevated levels seen in 4Q25 due to increased global refining capacity, they expect margins to rebound during the forthcoming global refinery maintenance season and the U.S. driving season. Meanwhile, volatility in crude oil premium spreads is set to persist.
Though SPRC has yet to specify a clear dividend payout ratio, the company reiterated its commitment to maintaining a consistent and reliable dividend policy. Improved margins and greater operational stability after the maintenance period are expected to further bolster the dividend-paying potential in the upcoming periods.
Based on these factors, TISCO Securities maintains a ‘Buy’ recommendation for SPRC, with a fair value of THB 7.80 per share.
