Refinery stocks BCP and TOP surge on news of US plan to ban diesel exports for 90 days

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Summary · why it matters

Thai refinery stocks rose and led the market, with TOP up 2.82% to 73.00 baht and BCP up 2.76% to 55.75 baht, after Politico reported, citing five sources, that the administration of President Donald Trump is preparing a plan to ban diesel exports for 90 days to lower domestic energy prices, a move that is affecting Republicans ahead of the midterm elections on November 3. Maybank Securities (Thailand) said the measure is likely to keep the global diesel spread tight, and noted that Bangchak Corporation, or BCP, returned -1% week-on-week compared with the refinery group's gain of 5-17% week-on-week, while its valuation is attractive, with a 2026 price-to-earnings ratio of just 2.8 times, the lowest in the refinery group, and gave it a strategic target price of 65.00 baht.

Impact on assets 3

Energy Transition & Power Demand▲ · 2 stocks
Bangchak Corporation Public Company Limited
BCP
▲ PositiveRegulationrelevance

US plan to ban diesel exports for 90 days would tighten global diesel spreads, benefiting BCP as a Thai refiner; article also notes its attractive valuation.

Thai Oil Public Company Limited
TOP
▲ PositiveRegulationrelevance

Thai Oil led the refinery group's surge as the US diesel export ban plan is expected to keep global diesel spreads tight, lifting refinery margins.

Financials▲ · 1 stocks
Maybank Securities (Thailand) PCL
MST
± MixedCapitalrelevance

Maybank Securities (Thailand) is only cited as the analyst issuing the view and target price on BCP, not as a subject of the news.

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