บทวิเคราะห์ (Research)

TOP : Earnings Result - 4Q24F expected to return to profitability Neutral view on 3Q24 net loss 4,218 THBmn in line with market expectations, drop y-y and q-q due to substantial stock loss combined with economic concerns and Chinese oil export quotas pressuring 3Q24 refining margins. However, oil demand situation improving from winter season and tourism season, along with OPEC+ postponing production increase plans, resulting in reduced stock loss and recovering refining margins, supporting 4Q24F return to profitability y-y q-q. Maintain Buy rating with TP25F = THB 73.5, long-term growth driven by capacity expansion.