On Friday, the share prices of Star Petroleum Refining Public Company Limited (SET: SPRC) peaked at THB 10.90, a THB 1.05 or 10.66% increase.
Meanwhile, the share prices of Thai Oil Public Company Limited (SET: TOP) peaked at THB 65, a THB 1 or 1.56% increase.
The share prices of IRPC Public Company Limited (SET: IRPC) peaked at THB 2.34, a THB 0.08 or 3.54% increase.
The share prices of Bangchak Corporation Public Company Limited (SET: BCP) peaked at THB 46, a THB 1 or 2.22% increase.
The share prices of PTT Global Chemical Public Company Limited (SET: PTTGC) peaked at THB 41.25, a THB 0.75 or 1.85% increase.
Krungsri Securities (KSS) forecasts that SPRC will report a net profit of approximately THB 6,402 million for the second quarter of 2026, reverting from a net loss of THB 812 million in the same period last year, despite a 13% decline quarter-on-quarter.
Excluding special items—a foreign exchange gain of THB 66 million and an after-tax oil inventory loss of about THB 370 million—SPRC’s normal operating profit is expected at THB 6,707 million, marking a surge of 3,386% year-on-year and 314% quarter-on-quarter.
This robust performance surpassed earlier forecasts, attributed to lower-than-expected crude premiums and persistently tight global oil supply, particularly disruptions in the Middle East and uncertainty around the Strait of Hormuz. These factors drove petroleum product spreads up by 152 – 342% YoY and 71-200% QoQ.
SPRC’s gross refining margin (GRM) rose to $20.7 per barrel, up 302% YoY and 61% from the previous quarter, offsetting higher crude premiums and the government’s diesel pricing requests. The company’s inventory losses were limited by low-cost stocks held after a major maintenance shutdown.
Looking ahead, SPRC’s normal profit is expected to remain high in the second half of 2026, driven by continued supply tightness and global restocking demand. KSS has revised its 2026 profit forecast up 303% to THB 14,873 million, and 2027’s by 104% to THB 10,413 million, supported by stronger product spreads. The brokerage maintains a “Buy” call, raising the 2026 target price to THB 11.50, and sees an attractive dividend yield around 15%.
Meanwhile, Land and Houses Securities (LHS) projects TOP will post a 2Q26 net profit of THB 7.7 billion, down 60% QoQ but up 19% YoY. The quarterly drop is mainly due to oil inventory losses, contrasting gains in the prior quarter, while the annual rise aligns with higher refining margins. Excluding special items, TOP’s normal operating profit could reach THB 1.6 billion, up 79% QoQ and 479% YoY, led by strengthening refining margins (market GRM at $21.2 per barrel).
Strong product spreads and contributions from aromatics, LAB feedstock, lube base oil businesses, and affiliates support TOP’s performance, with market GRM projected at $23.9 per barrel. For 1H26, TOP’s net profit is estimated at THB 2.72 billion and normal profit at THB 2.47 billion, close to full-year expectations. 3Q26 margins are expected to remain robust, although government-mandated diesel price cuts may pressure earnings.
LHS continues to rate TOP a “Speculative Buy” with a target price of THB 66 per share, expecting high dividends while foreign investor interest remains strong.
