BCP and TOP Surge Against the Market on News US Weighs 90-Day Diesel Export Ban

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Summary · why it matters

Shares of Bangchak Corporation, or BCP, and Thai Oil, or TOP, rose against the broader market after Maybank Securities (Thailand) said the United States is considering a 90-day ban on diesel exports, which would keep the global diesel spread tight. BCP gained 0.50 baht, or 0.92%, to 54.75 baht, from a high of 56.75 baht, while TOP added 0.25 baht, or 0.35%, to 71.25 baht, from a high of 73.50 baht. Maybank said the administration of President Donald Trump is preparing a plan to ban diesel exports for 90 days to lower domestic energy prices, and the situation is likely to keep the global diesel market tight. For BCP, Maybank sees its valuation as attractive, with a 2026 price-to-earnings ratio of just 2.8 times, the lowest in the refinery group, and gives a strategic target price of 65.00 baht. The US plan is also affecting Republicans ahead of the midterm elections on November 3.

Impact on assets 3

Energy Transition & Power Demand▲ · 2 stocks
Thai Oil Public Company Limited
TOP
▲ PositiveSupplyrelevance

The potential US 90-day diesel export ban would keep the global diesel market tight, supporting TOP as a refiner.

Others▲ · 1 stocks
⛏Heating Oil Futures
HEATOIL
▲ PositiveSupplyrelevance

A US ban on diesel exports would tighten global diesel supply, lifting Heating Oil Futures prices.

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