บทวิเคราะห์ (Research)

Key messages We reiterate a rating of Outperform on OR with a 1H26F target price of Bt17.00, based on PE 15.0x. We believe the share price will be supported by an anticipated gradual recovery in diesel marketing margin, following the turnaround of the Oil Fuel Fund’s oil segment from deficit to surplus since May 18. We particularly expect support in 4Q25F, when the fund’s balance could exceed Bt30bn, prompting the Ministry of Energy to ease its strict control over diesel marketing margin.