Global financial services firm Morgan Stanley has issued a bullish signal for the Thai stock market, executing a major upward revision to the target prices of six leading Thai energy, petrochemical, and refinery equities.
While raising price targets across the board, the investment bank maintained its existing investment ratings for all six companies, reflecting strong confidence in their underlying business fundamentals and long-term growth prospects.
The major target price revisions apply to the following securities:
- PTT Public Company Limited (PTT): Target price raised to THB 44.90 (up from THB 39.40).
- Thai Oil Public Company Limited (TOP): Target price raised to THB 87.00 (up from THB 70.00).
- PTT Global Chemical Public Company Limited (PTTGC): Target price raised to THB 59.00 (up from THB 43.00).
- PTT Oil and Retail Business Public Company Limited (OR): Target price raised to THB 14.60 (up from THB 14.30).
- Bangchak Corporation Public Company Limited (BCP): Target price raised to THB 65.70 (up from THB 51.00).
- Star Petroleum Refining Public Company Limited (SPRC): Target price raised to THB 19.70 (up from THB 12.90).
This extensive re-rating signals a strongly positive outlook on Thailand’s broader energy and refinery sector. The sharpest increases were given to SPRC, PTTGC, TOP, and BCP, highlighting their enhanced appeal and upside potential in the eyes of international institutional investors.
In related stock selections for short-term tactical plays, Morgan Stanley also highlighted TOP, along with Bangkok Bank (BBL) and Airports of Thailand (AOT), while closing its recommendation on Kasikornbank (KBANK) after its share price reached the previous target level.
