บทวิเคราะห์ (Research)

(EN) TOP : Earnings Preview - Recovering profits to cover increased cost from CFP Maintain Neutral rating for TOP with TP25F = 28.0 THB/share. Uncertainties persist regarding the CFP project's construction, while the profit recovery in 2025-26F cannot fully contribute to value creation as it must absorb the incremental costs of the CFP project, which generates no additional value. The core operation's recovery in 4Q24F was not above expectations, showing y-y and q-q improvement due to reduced stock losses, benefiting from OPEC+'s delayed production increase plan, and refining margins recovering to normal levels of 5-6 $/bbl during winter/tourism season.