Brokers Recommend Holding BCP-SPRC-TOP as Refining Margins Stay High

Share2Trade·9 Sep 2026·

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2▲4 ▼0Impact / 5

Analyst M&A · Partnership Oil, Gas & Consumable Fuels

Summary · why it matters

Brokers continue to advise investors to hold shares of refinery group BCP, SPRC, and TOP, as refining margins remain at high levels. They expect third-quarter earnings to be better than the second quarter, given that current crude oil prices are significantly higher than the average closing price in the second quarter. Meanwhile, geopolitical factors remain uncertain, making this group suitable for hedging investment portfolios. Additionally, there is positive news from Bloomberg reporting that ADNOC is in talks to acquire a stake in the refinery business under the PTT group.

Bangchak Corporation Public Company Limited ▲

Star Petroleum Refining Co Ltd ▲

Thai Oil Public Company Limited ▲

PTT Public Company Limited ▲

Impact on assets 4

Energy Transition & Power Demand▲ · 3 stocks

Bangchak Corporation Public Company Limited

▲ PositiveDemandrelevance

High refining margins and expected better Q3 earnings due to higher crude prices benefit BCP.

Thai Oil Public Company Limited

▲ PositiveDemandrelevance

High refining margins and expected better Q3 earnings due to higher crude prices benefit TOP.

PTT Public Company Limited

▲ PositiveCapitalrelevance

ADNOC in talks to acquire stake in PTT's refinery business is positive for PTT.

Energy▲ · 1 stocks

Star Petroleum Refining Co Ltd

▲ PositiveDemandrelevance

High refining margins and expected better Q3 earnings due to higher crude prices benefit SPRC.