UOB Kay Hian raises Thai Oil target to THB 100: Thai Oil stock faces November results

Published on 10/25/2026 at 02:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Maybank sees THB 13.7 billion core profit in the third quarter. Thai Oil stock was THB 69.75 on October 22, 2026 on SET versus THB 68.50.

Refining outlook and reporting dates

UOB Kay Hian lifted its Thai Oil target to THB 100.00 on October 21, 2026.
Thai Oil reported THB 134.97 billion in second-quarter revenue and THB 8.28 billion in net income.
Thai Oil stock was last at THB 69.75 on October 22, 2026, versus THB 68.50 previously.

Thai Oil, TH0796010013, Illustration mit AI erstellt.

UOB Kay Hian raised its target for Thai Oil (ISIN TH0796010013) from THB 88.00 to THB 100.00 on October 21, 2026, according to UOB Kay Hian. The call puts refining margins and the third-quarter earnings date at the center of the Thai Oil stock story.

Three events reset the picture

On March 31, 2026, Thai Oil reported THB 122.46 billion in first-quarter revenue and THB 19.48 billion in net income, according to Thai Oil. On June 30, 2026, second-quarter revenue reached THB 134.97 billion, while net income was THB 8.28 billion. On October 21, 2026, UOB Kay Hian said third-quarter net profit should increase year over year and quarter over quarter, while keeping its target at THB 100.00.

What does the target imply?

The target change is tied to an improving refining outlook, but the earnings path remains sensitive to margins. Kaohoon International reported on October 21, 2026, that Maybank Securities expected third-quarter core profit of THB 13.7 billion and net profit of THB 15.2 billion. Maybank also estimated a gross refining margin of USD 19.90 per barrel, up fivefold year over year but down 6.00 percent quarter over quarter. Higher freight and insurance expenses were identified as a pressure point.

Reporting dates set the next test

Maybank's report said Thai Oil was scheduled to announce third-quarter results on November 12, 2026, while Simply Wall St listed November 16, 2026, as the company's announced reporting date. The differing dates make the next results release the key near-term calendar item.

Thai Oil stock stays below its yearly high

Thai Oil's SET listing was last at THB 69.75 on October 22, 2026 at 4:35 a.m. CEST, versus a previous SET close of THB 68.50. The same market snapshot showed a 52-week range of THB 33.00 to THB 79.00 and a market capitalization of THB 155.8 billion. The next report will show whether stronger refining conditions can offset the sequential pressure described by Maybank.

The further course of trading is shown by the continuously updated real-time quote of Thai Oil stock.