Reported Earnings • May 14
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿8.72 (up from ฿1.57 in 1Q 2025). Revenue: ฿122.5b (up 15% from 1Q 2025). Net income: ฿19.5b (up 456% from 1Q 2025). Profit margin: 16% (up from 3.3% in 1Q 2025). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) exceeded analyst estimates by 55%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • May 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Major Estimate Revision • May 12
Consensus EPS estimates increase by 20%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ฿427.5b to ฿417.6b. EPS estimate rose from ฿6.86 to ฿8.24. Net income forecast to grow 27% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿52.53. Share price fell 6.3% to ฿44.75 over the past week. Major Estimate Revision • Apr 25
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ฿423.6b to ฿430.2b. EPS estimate increased from ฿6.05 to ฿6.86 per share. Net income forecast to grow 5.5% next year vs 19% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿51.73. Share price was steady at ฿45.75 over the past week. New Risk • Mar 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Price Target Changed • Mar 09
Price target increased by 7.5% to ฿50.35 Up from ฿46.82, the current price target is an average from 19 analysts. New target price is 8.3% above last closing price of ฿46.50. Stock is up 88% over the past year. The company is forecast to post earnings per share of ฿5.98 for next year compared to ฿6.53 last year. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿6.53 (up from ฿4.46 in FY 2024). Revenue: ฿330.9b (down 19% from FY 2024). Net income: ฿14.6b (up 46% from FY 2024). Profit margin: 4.4% (up from 2.4% in FY 2024). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annuncio • Feb 13
Thai Oil Public Company Limited Proposes Dividend for the Year 2025, Payable on April 27, 2026 The Board of Thai Oil Public Company Limited has resolved to proposed to the AGM to approve the dividend payment for the year 2025 performance from the Company's operating results from January 1, 2025 to December 31, 2025, at THB 1.80 per share, for 2,233,835,566
shares in total, totaling approximately THB 4,021 million. After deduction of the interim dividend payment for the first 6 months of 2025 performance at THB 0.80 per share, totaling approximately THB 1,787 million paid to the shareholders on September 25, 2025, the Company will pay the remaining dividend for the last 6 months of 2025 at THB 1.00 per share, totaling approximately THB 2,234 million. The dividend will be paid from the unallocated retained earnings as of December 31, 2025, which are subject to Corporate Income Tax at the rate of 20% and 0% in the amount of THB 0.90 and THB 0.10 per share respectively. The Board has resolved to set the Record Date to determine the shareholders who are entitled to attend and vote in the AGM and receive the dividend payment on February 26, 2026, and set the date of dividend payment on April 27, 2026. Major Estimate Revision • Feb 13
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ฿403.5b to ฿414.6b. EPS estimate increased from ฿5.57 to ฿6.27 per share. Net income forecast to shrink 5.9% next year vs 40% growth forecast for Oil and Gas industry in Thailand . Consensus price target up from ฿39.84 to ฿44.66. Share price rose 7.9% to ฿51.50 over the past week. Annuncio • Feb 12
Thai Oil Public Company Limited, Annual General Meeting, Apr 08, 2026 Thai Oil Public Company Limited, Annual General Meeting, Apr 08, 2026, at 15:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿50.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 3.9% over the past three years. Price Target Changed • Feb 09
Price target increased by 9.1% to ฿40.63 Up from ฿37.25, the current price target is an average from 19 analysts. New target price is 16% below last closing price of ฿48.25. Stock is up 100% over the past year. The company is forecast to post earnings per share of ฿6.36 for next year compared to ฿4.46 last year. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks High level of debt (49% net debt to equity). Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Annuncio • Jan 23
Thai Oil Public Company Limited Announces Executive Changes, Effective February 1, 2026 Thai Oil Public Company Limited announced that Mr. Pongpun Amornvivat was appointed as a Director and a Member of the Risk Management Committee, with the effective date of February 1, 2026. Mr. Bandhit Thamprajamchit's term as Director and Member of the Risk Management Committee expired on February 1, 2026. Mr. Bandhit Thamprajamchit resigned from his position due to other business engagements. The date of the board's resolution was January 23, 2026. Price Target Changed • Jan 23
Price target increased by 7.4% to ฿40.00 Up from ฿37.25, the current price target is an average from 19 analysts. New target price is approximately in line with last closing price of ฿42.00. Stock is up 56% over the past year. The company is forecast to post earnings per share of ฿6.39 for next year compared to ฿4.46 last year. Annuncio • Dec 20
TOP Announces Appointment Of Chaweewan Pornpruksanunt As Director And Member Of The Risk Management Committee, Effective January 1, 2026 TOP announced that Ms. Chaweewan Pornpruksanunt has been appointed as Director, effective January 1, 2026. Ms. Chaweewan Pornpruksanunt has also been appointed as Member of the Risk Management Committee, effective January 1, 2026. The date of the board's resolution is December 19, 2025. Annuncio • Nov 28
Thai Oil Public Company Limited Announces Board Committee Appointments Thai Oil Public Company Limited Announced the election of Mrs. Woranuch Phu-im, Independent Director as Member of the Corporate Governance and Sustainability Committee, Effective Date of December 01, 2025. The company announced the election of Mr. Pirun Krimwongrut, Director as Member of the Risk Management Committee, Effective Date of December 01, 2025. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks High level of debt (49% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 08
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ฿0.96 (up from ฿1.89 loss in 3Q 2024). Revenue: ฿80.1b (down 28% from 3Q 2024). Net income: ฿2.15b (up ฿6.36b from 3Q 2024). Profit margin: 2.7% (up from net loss in 3Q 2024). Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annuncio • Oct 17
Thai Oil Public Company Limited Announces Resignation of Piya Raksakul from Directorship, Effective October 15, 2025 Thai Oil Public Company Limited would like to inform that Police Captain Piya Raksakul has resigned from the directorship of the Company effective from October 15, 2025 onwards. Price Target Changed • Oct 06
Price target increased by 7.3% to ฿33.84 Up from ฿31.55, the current price target is an average from 19 analysts. New target price is approximately in line with last closing price of ฿35.00. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿6.30 for next year compared to ฿4.46 last year. Declared Dividend • Aug 30
First half dividend reduced to ฿0.80 Dividend of ฿0.80 is 33% lower than last year. Ex-date: 10th September 2025 Payment date: 25th September 2025 Dividend yield will be 4.7%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 5.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿5.01 to ฿5.68. Revenue forecast steady at ฿408.8b. Net income forecast to grow 53% next year vs 33% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿29.12 to ฿31.18. Share price fell 6.6% to ฿32.00 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿2.90 (up from ฿2.48 in 2Q 2024). Revenue: ฿99.4b (down 20% from 2Q 2024). Net income: ฿6.48b (up 17% from 2Q 2024). Profit margin: 6.5% (up from 4.5% in 2Q 2024). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • Aug 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Buy Or Sell Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock has risen 22% to ฿30.00. The fair value is estimated to be ฿37.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. New Risk • May 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • May 10
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿1.57 (down from ฿2.63 in 1Q 2024). Revenue: ฿106.8b (down 11% from 1Q 2024). Net income: ฿3.50b (down 40% from 1Q 2024). Profit margin: 3.3% (down from 4.9% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿21.50, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Oil and Gas industry in Thailand. Total loss to shareholders of 50% over the past three years. Buy Or Sell Opportunity • Feb 19
Now 21% overvalued Over the last 90 days, the stock has fallen 34% to ฿26.75. The fair value is estimated to be ฿22.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿4.46 (vs ฿8.70 in FY 2023) Full year 2024 results: EPS: ฿4.46 (down from ฿8.70 in FY 2023). Revenue: ฿466.8b (up 8.0% from FY 2023). Net income: ฿9.96b (down 49% from FY 2023). Profit margin: 2.1% (down from 4.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 23% per year. Annuncio • Feb 15
Thai Oil Public Company Limited, Annual General Meeting, Apr 09, 2025 Thai Oil Public Company Limited, Annual General Meeting, Apr 09, 2025, at 14:00 SE Asia Standard Time. Annuncio • Feb 14
Thai Oil Public Company Limited Recommended Interim Dividend for the Six Months from January 1, 2024 to December 31, 2024, Payable on April 28, 2025 Thai Oil Public Company Limited announced at the board meeting to be held on April 9, 2025, recommended to the AGM to be held on 09 April 2025 to approve the interim dividend payment for the year 2024 performance from the Company's operating results from January 1, 2024 to December 31, 2024, at THB 1.90 per share, for 2,233,835,566 shares in total, totaling approximately THB 4,244 million. After deduction of the interim dividend payment for the first 6 months of 2024 performance at THB 1.20 per share, totaling approximately THB 2,681 million paid to the shareholders on September 27, 2024, the Company will pay the remaining dividend for the last 6 months of 2024 at THB 0.70 per share, totaling approximately THB 1,564 million. The dividend will be paid from the unallocated retained earnings as of December 31, 2024, which are subject to Corporate Income Tax at the rate of 20% and 0% in the amount of THB 0.63 per share and 0.07 per share respectively. The Board has resolved to set the Record Date to determine the shareholders who are entitled to attend and vote in the AGM and receive the dividend payment on February 28, 2025, and set the date of dividend payment on April 28, 2025. Ex-dividend date of 27 February 2025. Price Target Changed • Dec 23
Price target decreased by 22% to ฿41.48 Down from ฿53.37, the current price target is an average from 20 analysts. New target price is 63% above last closing price of ฿25.50. Stock is down 53% over the past year. The company is forecast to post earnings per share of ฿5.09 for next year compared to ฿8.70 last year. New Risk • Dec 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ฿27.25, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿22.83 per share. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿5.58 to ฿4.98 per share. Revenue forecast steady at ฿480.4b. Net income forecast to grow 29% next year vs 4.3% growth forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿57.21 to ฿54.87. Share price fell 6.4% to ฿40.00 over the past week. Reported Earnings • Nov 09
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: ฿1.89 loss per share (down from ฿4.85 profit in 3Q 2023). Revenue: ฿111.2b (down 11% from 3Q 2023). Net loss: ฿4.22b (down 139% from profit in 3Q 2023). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 2.5%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 7% per year. Price Target Changed • Nov 02
Price target decreased by 7.3% to ฿57.37 Down from ฿61.87, the current price target is an average from 19 analysts. New target price is 38% above last closing price of ฿41.50. Stock is down 15% over the past year. The company is forecast to post earnings per share of ฿5.58 for next year compared to ฿8.70 last year. Price Target Changed • Oct 30
Price target decreased by 7.2% to ฿57.95 Down from ฿62.45, the current price target is an average from 19 analysts. New target price is 39% above last closing price of ฿41.75. Stock is down 10% over the past year. The company is forecast to post earnings per share of ฿5.75 for next year compared to ฿8.70 last year. Major Estimate Revision • Oct 29
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿475.9b to ฿481.2b. EPS estimate fell from ฿6.41 to ฿5.76 per share. Net income forecast to shrink 44% next year vs 26% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿62.45 to ฿58.42. Share price fell 11% to ฿41.50 over the past week. Buy Or Sell Opportunity • Oct 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿46.50. The fair value is estimated to be ฿59.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to decline by 22% in the next 2 years. New Risk • Oct 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risks High level of debt (72% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annuncio • Sep 30
Thai Oil Public Company Limited Announces Board and Committee Changes Thai Oil Public Company Limited (Company) announced that Ms. Phannalin Mahawongtikul, a Director and Chairman of the Risk Management Committee, has resigned from the directorship of the Company effective from October 1, 2024 onwards. The Board of Director's Meeting held on September 27, 2024 has passed resolutions as follows: approved the appointment of Directors in replacement of resigning Directors as follows: Mr. Goanpot Asvinvichit as an Independent Director in replacement of Mr. Plakorn Wanglee; Ms. Phenrasmi Bhuritdhanalert as an Independent Director in replacement of Mr. Distat Hotrakitya. The appointments shall be effective from October 1, 2024 onwards. Approved the appointment of Board Committee Members as follows; Pol.Lt.Gen. Thiti Sangsawang- Member of the Corporate Governance and Sustainability Committee; Mr. Goanpot Asvinvichit- Member of the Corporate Governance and Sustainability Committee; Ms. Peangpanor Boonklum-Member of the Corporate Governance and Sustainability Committee; Mr. Prasong Intaranongpai- Member of the Risk Management Committee; Ms. Phenrasmi Bhuritdhanalert-Member of the Risk Management Committee. The above appointment of Board Committee Members are effective from October 1, 2024 onwards. The list of the Board of Directors and Board Committee Members of the Company as of October 1, 2024 are as follows: ACM Chanon Mungthanya -Independent Director/Chairman of the Board; Lt.Gen. Apichat Chaiyadar- Independent Director/Chairman of the Audit Committee/Member of the Nomination and Remuneration Committee; Pol.Lt.Gen. Thiti Sangsawang- Independent Director/Chairman of the Nomination and Remuneration Committee/Member of the Corporate Governance and Sustainability Committee; Pol.Capt. Piya Raksakul- Independent Director/Member of the Audit Committee/Member of the Corporate Governance and Sustainability Committee; Mrs. Pantip Sripimol- Independent Director/Member of the Audit Committee; Assoc. Prof. Dr. Sittidaj Pongkijvorasin- Independent Director/Member of the Nomination and Remuneration Committee; Mr. Goanpot Asvinvichit- Independent Director/Member of the Corporate Governance and Sustainability Committee; Mr. Prajuck Boonyoung- Director/Member of the Corporate Governance and Sustainability Committee; Ms. Peangpanor Boonklum- Director/Member of the Corporate Governance and Sustainability Committee; Ms. Phenrasmi Bhuritdhanalert- Independent Director/Member of the Risk Management Committee; Dr. Sompop Pattanariyankool- Director/Member of the Risk Management Committee; Mr. Prasong Intaranongpai- Director/Member of the Risk Management Committee; Mr. Bandhit Thamprajamchit- Director/Member of the Risk Management Committee/Chief Executive Officer and President/Secretary to the Board of Directors. Declared Dividend • Sep 01
First half dividend increased to ฿1.20 Dividend of ฿1.20 is 85% higher than last year. Ex-date: 12th September 2024 Payment date: 27th September 2024 Dividend yield will be 7.5%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Aug 16
Thai Oil Public Company Limited Announces Board and Committee Changes, Effective August 23, 2024 Thai Oil Public Company Limited announced that 3 directors have resigned from the directorship of the company due to their business engagements as follows: Mr. Suchat Ramarch, Director and Member of the Corporate Governance and Sustainability Committee; Mr. Terdkiat Prommool, Director and Member of the Nomination and Remuneration Committee; Dr. Buranin Rattanasombat, Director and Member of the Risk Management Committee. The Resignations will be effective from August 23, 2024 onwards. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ฿2.48 (up from ฿0.50 in 2Q 2023). Revenue: ฿123.5b (up 14% from 2Q 2023). Net income: ฿5.55b (up 397% from 2Q 2023). Profit margin: 4.5% (up from 1.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 4.4%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Annuncio • Jun 01
Thai Oil Public Company Limited Announces Changes Board Committee Member, Effective from June 1, 2024 Thai Oil Public Company Limited, announced that the Board of Director's Meeting No. 5/2024 on May 31, 2024 has passed resolutions as follows:To appoint Pol. Lt. Gen. Thiti Sangsawang as an Independent Director replacing Dr. Nattapon Nattasomboon, the resigning director, effective from June 1, 2024 onwards. To appoint Pol. Lt. Gen. Thiti Sangsawang as a member of the Nomination and Remuneration Committee, effective from June 1, 2024 onwards. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿2.62 (vs ฿2.04 in 1Q 2023) First quarter 2024 results: EPS: ฿2.62 (up from ฿2.04 in 1Q 2023). Revenue: ฿119.5b (up 2.3% from 1Q 2023). Net income: ฿5.86b (up 29% from 1Q 2023). Profit margin: 4.9% (up from 3.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to ฿53.25. The fair value is estimated to be ฿67.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Annuncio • Apr 12
Thai Oil Public Company Limited Approves Board Changes Thai Oil Public Company Limited at its AGM held on April 11, 2024, approved the appointment of ACM Chanon Mungthanya as Independent Director in replacement of Prof. Dr. Supot Teachavorasinskun; Mr. Prajuck Boonyoung as Director in replacement of Assoc. Prof. Dr. Pasu Decharin; and Mrs. Pantip Sripimol as Independent Director in replacement of vacant position due to the resignation of Dr. Veerapat Kiatfuengfoo. Annuncio • Mar 15
Thai Oil Public Company Limited Announces Resignation of Nattapon Nattasomboon from the Directorship Thai Oil Public Company Limited announced that Dr. Nattapon Nattasomboon has resigned from the directorship of the Company effective from March 15, 2024 onwards. Annuncio • Feb 15
Thai Oil Public Company Limited, Annual General Meeting, Apr 11, 2024 Thai Oil Public Company Limited, Annual General Meeting, Apr 11, 2024, at 09:00 SE Asia Standard Time. Agenda: To Acknowledge the Company's 2023 Operating Results and to Approve the Audited Financial Statements for the Year Ended December 31, 2023; to Approve the Dividend Payment for the Company's 2023 Operating Results; to Approve the 2024 Remuneration for the Company's Directors; to Approve the 2024 Annual Appointment of Auditors and Determination of their Remuneration; to Approve the Appointment of New Directors in Replacement of Those Who Complete Their Terms by Rotation in 2024; and to consider Others (if any). Annuncio • Jan 17
Thai Oil Public Company Limited Announces an Unplanned Shutdown of Crude Distillation Unit 3 Thai Oil Public Company Limited informed that the CDU-3 has experienced technical problem and will be undergoing maintenance for approximately 13 days starting from 16 January 2024. The company has developed plans and taken actions to limit supply disruption impacts to customers. The above incident does not impact construction and start-up timeline of the Clean Fuel Project (CFP). Annuncio • Jan 08
Thai Oil Public Company Limited Announces Resignation of Dr. Veerapat Kiatfuengfoo from Directorship Thai Oil Public Company Limited announce the resignation of Dr. Veerapat Kiatfuengfoo as Directorship of the Company effective from January 4, 2024 onwards. Annuncio • Dec 15
Thai Oil Public Company Limited Announces Executive Changes Thai Oil Public Company Limited informed the resolution of Board of Directors meeting No. 12/2023 on December 15, 2023 to appoint Miss Korapat Limpaphayom as the Company Secretary replacing Mr. Viroj Meenaphant effective from January 1, 2024 onwards. Annuncio • Nov 30
Thai Oil Public Company Limited Announces Executive Vice President - Finance and Accounting (CFO) Changes Thai Oil Public Company Limited announced the termination of Mrs. Wanida Boonpiraks as Executive Vice President - Finance and Accounting (CFO). Effective Date of Termination: November 30, 2023. The company announced the appointment of Mrs. Chanamas Sasnanand as Executive Vice President - Finance and Accounting (CFO). Effective Date of Termination: December 1, 2023. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿4.85 (up from ฿0.006 in 3Q 2022). Revenue: ฿124.2b (down 2.9% from 3Q 2022). Net income: ฿10.8b (up ฿10.8b from 3Q 2022). Profit margin: 8.7% (up from 0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 31
Upcoming dividend of ฿0.65 per share at 2.5% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 22 September 2023. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (6.1%). New Risk • Aug 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ฿0.50 (down from ฿12.42 in 2Q 2022). Revenue: ฿108.7b (down 30% from 2Q 2022). Net income: ฿1.12b (down 96% from 2Q 2022). Profit margin: 1.0% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 150%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.6% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annuncio • Jun 20
Thai Oil Public Company Limited Informs That Kukiat Srinaka Has Resigned from the Directorship Thai Oil Public Company Limited informed that Gen. Kukiat Srinaka has resigned from the directorship of the Company effective from June 15, 2023 onwards. Reported Earnings • May 12
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ฿2.04 (down from ฿3.52 in 1Q 2022). Revenue: ฿116.8b (down 3.4% from 1Q 2022). Net income: ฿4.55b (down 37% from 1Q 2022). Profit margin: 3.9% (down from 5.9% in 1Q 2022). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Revenue is expected to fall by 4.0% p.a. on average during the next 3 years compared to a 5.2% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 18
Thai Oil Public Company Limited, Annual General Meeting, Apr 10, 2023 Thai Oil Public Company Limited, Annual General Meeting, Apr 10, 2023. Upcoming Dividend • Feb 16
Upcoming dividend of ฿1.70 per share at 6.5% yield Eligible shareholders must have bought the stock before 23 February 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (5.6%). In line with average of industry peers (6.2%). Annuncio • Jan 28
Thai Oil Public Company Limited Announces Board Changes Thai Oil Public Company Limited informed that the Board of Director's Meeting No. 1/2023 on January 27, 2023 has passed resolution to appoint Dr. Veerapat Kiatfuengfoo as a Director replacing Dr. Prasert Sinsukprasert as proposed by the Nomination and Remuneration Committee, effective from February 1, 2023 onwards. Reported Earnings • Nov 10
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: ฿0.01 (down from ฿1.01 in 3Q 2021). Revenue: ฿127.9b (up 56% from 3Q 2021). Net income: ฿11.7m (down 99% from 3Q 2021). Profit margin: 0% (down from 2.5% in 3Q 2021). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 03
Upcoming dividend of ฿2.00 per share Eligible shareholders must have bought the stock before 10 November 2022. Payment date: 25 November 2022. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 7.2%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (5.3%). Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: ฿12.41 (up from ฿1.06 in 2Q 2021). Revenue: ฿155.4b (up 95% from 2Q 2021). Net income: ฿25.3b (up ฿23.2b from 2Q 2021). Profit margin: 16% (up from 2.7% in 2Q 2021). Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the next year, revenue is forecast to grow 23%, compared to a 6.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 26
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿490.4b to ฿511.0b. EPS estimate increased from ฿9.83 to ฿11.74 per share. Net income forecast to grow 24% next year vs 14% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿64.40. Share price was steady at ฿50.00 over the past week. Major Estimate Revision • May 25
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿466.4b to ฿475.1b. EPS estimate increased from ฿6.36 to ฿7.51 per share. Net income forecast to shrink 11% next year vs 3.6% growth forecast for Oil and Gas industry in Thailand . Consensus price target broadly unchanged at ฿63.56. Share price fell 3.4% to ฿56.75 over the past week. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿3.52 (up from ฿1.67 in 1Q 2021). Revenue: ฿120.9b (up 61% from 1Q 2021). Net income: ฿7.18b (up 111% from 1Q 2021). Profit margin: 5.9% (up from 4.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 30%, compared to a 14% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 27
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿436.7b to ฿449.8b. EPS estimate increased from ฿5.92 to ฿6.62 per share. Net income forecast to grow 11% next year vs 12% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿61.60. Share price was steady at ฿53.50 over the past week. Upcoming Dividend • Feb 24
Upcoming dividend of ฿2.00 per share Eligible shareholders must have bought the stock before 03 March 2022. Payment date: 25 April 2022. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (4.8%). Reported Earnings • Feb 18
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿6.20 (up from ฿1.48 loss in FY 2020). Revenue: ฿345.5b (up 84% from FY 2020). Net income: ฿12.6b (up ฿15.7b from FY 2020). Profit margin: 3.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 21
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿358.4b to ฿365.7b. EPS estimate increased from ฿5.09 to ฿5.61 per share. Net income forecast to shrink 33% next year vs 9.1% growth forecast for Oil and Gas industry in Thailand . Consensus price target broadly unchanged at ฿59.12. Share price was steady at ฿52.50 over the past week. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿1.01 (vs ฿0.38 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿82.1b (up 41% from 3Q 2020). Net income: ฿2.06b (up 165% from 3Q 2020). Profit margin: 2.5% (up from 1.3% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Executive Departure • Oct 12
Non-Executive Director Duangporn Thiengwatanatham has left the company On the 1st of October, Duangporn Thiengwatanatham's tenure as Non-Executive Director ended after 3.0 years in the role. We don't have any record of a personal shareholding under Duangporn's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.50 years. Upcoming Dividend • Sep 02
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 23 September 2021. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (3.1%). Major Estimate Revision • Aug 17
Consensus EPS estimates increase to ฿3.85 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿330.6b to ฿337.7b. EPS estimate increased from ฿3.22 to ฿3.85 per share. Net income forecast to shrink 47% next year vs 7.9% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿54.95 to ฿53.35. Share price rose 2.8% to ฿46.50 over the past week. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿1.03 (vs ฿1.22 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿80.2b (up 59% from 2Q 2020). Net income: ฿2.15b (down 13% from 2Q 2020). Profit margin: 2.7% (down from 4.9% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 02
Price target decreased to ฿55.23 Down from ฿59.61, the current price target is an average from 19 analysts. New target price is 23% above last closing price of ฿44.75. Stock is up 7.8% over the past year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿1.67 (vs ฿6.70 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿75.3b (down 3.2% from 1Q 2020). Net income: ฿3.40b (up ฿17.1b from 1Q 2020). Profit margin: 4.5% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 05
New 90-day high: ฿62.75 The company is up 21% from its price of ฿52.00 on 04 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿55.05 per share. Price Target Changed • Feb 23
Price target raised to ฿59.22 Up from ฿54.26, the current price target is an average from 19 analysts. The new target price is close to the current share price of ฿59.75. As of last close, the stock is up 26% over the past year. 
