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 2026-01-31
Director of Finance/CFO 60 -
Chief Tech/Sci/R&D Officer - -
Compliance Officer 46 2023-12-31
Chief Tech/Sci/R&D Officer - -

Composition of the Board of Directors: Thai Oil

Director TitleAgeSince
Director/Board Member 48 -
Director/Board Member 63 -
Director/Board Member - 2026-04-07
Chairman - 2024-04-10
Director/Board Member - 2024-05-31
Director/Board Member 60 2024-10-31
Director/Board Member - -
Director/Board Member - -
Director/Board Member 59 2025-09-30
Director/Board Member 62 2025-11-30

Shareholders: Thai Oil

NameStocks%Valuation
48 %
1,072,320,738 48 % 1 566 M ฿
MFC Asset Management Public Co., Ltd. (Investment Management)
2.849 %
63,634,491 2.849 % 93 M ฿
Social Security Office of Thailand
1.857 %
41,475,473 1.857 % 61 M ฿
Kasikorn Asset Management Co., Ltd.
1.368 %
30,561,795 1.368 % 45 M ฿
Krungsri Asset Management Co., Ltd.
0.7103 %
15,867,621 0.7103 % 23 M ฿
NameStocks%Valuation
Goldman Sachs Asset Management International
0.2691 %
6,012,300 0.2691 % 8 M ฿
Mackenzie Investments Corp. (United States)
0.1776 %
3,966,400 0.1776 % 6 M ฿
Research Affiliates LLC
0.0877 %
1,958,300 0.0877 % 3 M ฿
Lingohr Asset Management GmbH
0.0121 %
270,000 0.0121 % 377 930 ฿
State Street Global Advisors Ltd.
0.0114 %
255,443 0.0114 % 357 554 ฿
NameStocks%Valuation
JPMorgan Asset Management (Singapore) Ltd.
0.0349 %
778,600 0.0349 % 1 M ฿
State Street Global Advisors Ltd.
0.008018 %
179,108 0.008018 % 261 487 ฿
Voya Investments LLC
0.001643 %
36,700 0.001643 % 53 580 ฿
State Street Global Advisors Ltd. (Canada)
0.000618 %
13,800 0.000618 % 20 147 ฿
Edouard 7 Gestion Privée SAS
0 %
3 0 % 4 ฿

Holdings: Thai Oil

NameStocks%Valuation
12,976,731,76015% 1 201 M $
281,972,93710% 373 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.($)
+2.75%+2.75%+94.07%+27.80% 4.38B
-0.97%-0.96%+41.77%+45.79% 644B
+1.15%+2.33%-6.16%+4.07% 185B
+1.77%+0.75%+38.58%+14.69% 115B
+0.76%+2.34%+91.19%+134.53% 92.39B
+0.77%+3.44%+134.95%+142.99% 90.09B
-0.67%+3.75%+2.31%+1.84% 88.97B
+0.51%+2.37%+76.99%+88.81% 84.87B
+0.65%+1.39%+74.79%+128.50% 79.23B
+0.50%+0.25%+58.18%+155.77% 62.65B
Average +0.72%+1.80%+60.67%+74.48% 144.71B
Weighted average by Cap. +0.01%+0.76%+46.65%+58.75%
Trader
Investor
Global
Quality
ESG MSCI
BBB
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
65.50THB
Average target price
59.45THB
Spread / Average Target
-9.23%

Quarterly revenue - Rate of surprise