Business description: Thai Oil

Thai Oil Public Company Limited is a Thailand-based company. The Company is engaged in integrated operations in oil refining and petrochemicals. Its segments include Oil refinery, Lube base oil refinery, Aromatics and LAB, Power generation, Solvent, Ethanol, Olefins, and Others. It produces a diverse range of products, including refined fuels, petrochemicals, and base lubricating oils. It produces Euro V standard gasoline which involves changes to oil product specifications, including a reduction in sulfur content from 50 parts per million (ppm) to a maximum of 10 ppm. It also produces diesel according to Euro 5 standards, which helps reduce emissions of sulfur oxides (SOx), carbon monoxide (CO), nitrogen oxides (NOx), and black smoke into the atmosphere. It manufactures hydrocarbon compounds containing at least six carbon atoms in their molecules, characterized by an aromatic ring structure including benzene, toluene, paraxylene, and mixed xylenes.

Number of employees: 1,201

Sales by Activity: Thai Oil

Fiscal Period: December 2021 (THB) 2022 (THB) 2023 (THB) 2024 (THB) 2025 (THB)

Oil Refinery

358B 569B 502B 498B 414B

Lube Base Oil Refinery

23.83B 27.77B 25.32B 25.74B 22.05B

Solvent

13.31B 22.59B 19.38B 19.72B 16.19B

Ethanol

1.59B 1.8B 1.88B 1.68B 1.05B

Aromatics and Lab

60.55B 88.94B 78.97B 80.53B 58.76B

Olefins

- 2M 5M 4M 4M

Power Generation

7.57B 11.72B 12.79B 11.82B 10.97B

Others

6.33B 6.65B 7.07B 7.35B 7.56B

Elimination

-126B -199B -178B -178B -135B

Marine Transportation Services - Discontinued Operations

210M - - - -

Geographical breakdown of sales: Thai Oil

Fiscal Period: December 2021 (THB) 2022 (THB) 2023 (THB) 2024 (THB) 2025 (THB)

Thailand

284B 480B 429B 437B 359B

Other Countries

61.84B 46.85B 36.76B 25.54B 32.67B

Indonesia

- 2.74B 3.43B 4.07B 3.85B

Executive Committee: Thai Oil

Manager TitleAgeSince
Chief Executive Officer 55 01/02/2026
Compliance Officer 46 01/01/2024
Chief Tech/Sci/R&D Officer - -
Chief Tech/Sci/R&D Officer - -
Corporate Officer/Principal - -

Composition of the Board of Directors: Thai Oil

Director TitleAgeSince
Director/Board Member 48 -
Director/Board Member 63 -
Director/Board Member - 08/04/2026
Chairman - 11/04/2024
Director/Board Member - 01/06/2024
Director/Board Member - -
Director/Board Member - -
Director/Board Member 62 01/12/2025
Director/Board Member - 01/12/2025
Director/Board Member 55 01/02/2026

Shareholders: Thai Oil

NameStocks%Valuation
48 %
1,072,320,738 48 % 2 125 M ฿
MFC Asset Management Public Co., Ltd. (Investment Management)
3.043 %
67,974,163 3.043 % 135 M ฿
Social Security Office of Thailand
1.857 %
41,475,473 1.857 % 82 M ฿
SCB Asset Management Co., Ltd.
0.803 %
17,937,282 0.803 % 36 M ฿
Kasikorn Asset Management Co., Ltd.
0.7617 %
17,015,143 0.7617 % 34 M ฿
NameStocks%Valuation
Goldman Sachs Asset Management International
0.3722 %
8,314,400 0.3722 % 17 M ฿
Syzygy Asset Management LLC
0.2332 %
5,210,000 0.2332 % 11 M ฿
Jackson National Asset Management LLC
0.2119 %
4,734,600 0.2119 % 10 M ฿
AllianceBernstein Hong Kong Ltd.
0.1426 %
3,185,000 0.1426 % 7 M ฿
AllianceBernstein (Singapore) Ltd.
0.0914 %
2,041,100 0.0914 % 4 M ฿
NameStocks%Valuation
Russell Investments Ltd.
0.0204 %
454,616 0.0204 % 901 035 ฿
State Street Global Advisors Ltd.
0.007969 %
178,022 0.007969 % 352 834 ฿
Voya Investments LLC
0.001643 %
36,700 0.001643 % 72 738 ฿
State Street Global Advisors Ltd. (Canada)
0.000618 %
13,800 0.000618 % 27 351 ฿
Edouard 7 Gestion Privée SAS
0 %
3 0 % 6 ฿

Holdings: Thai Oil

NameStocks%Valuation
12,976,731,76015% 1 260 M $
281,972,93710% 391 M $
485,143,00012.39% 8 M $

Company details: Thai Oil

Thai Oil Public Co. Ltd.

555/1 Energy Complex Building A

10900, Bangkok

+66 2 797 2999

http://www.thaioilgroup.com
address Thai Oil(TOP)

Group companies: Thai Oil

NameCategory and Sector
Finance/Rental/Leasing

Other Oil & Gas Refining and Marketing

Change 5-day change 1-year change 3-year change Capi.($)
-3.33%-6.45%+81.25%+35.94% 4.46B
+1.17%+2.21%+58.24%+71.91% 740B
-3.19%-3.66%-21.97%+2.22% 170B
+1.10%-5.81%+129.32%+200.13% 122B
+1.18%+2.33%+42.18%+16.85% 126B
+0.29%-11.05%+129.41%+212.69% 112B
+1.95%-5.62%+104.82%+143.47% 107B
-0.87%+2.35%+7.92%+10.27% 94.11B
+1.43%-2.12%+96.42%+141.85% 89.1B
+1.12%-3.92%+43.62%+129.11% 62.33B
Average +0.22%-3.39%+67.12%+96.44% 162.73B
Weighted average by Cap. +0.77%-1.46%+60.57%+86.71%
Trader
Investor
Global
Quality
ESG MSCI
BBB
MarketScreener Ratings - Thai Oil
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
65.25THB
Average target price
74.88THB
Spread / Average Target
+14.75%

Quarterly revenue - Rate of surprise

Rate of surprise - Net sales - Quarterly - Thai Oil