Tisco Securities maintains a buy recommendation on SPRC with a target price of 12.50 baht and expects SPRC to pay total dividends of 1.15 baht per share in 2026, representing a dividend yield as high as 10.1%. Management reiterated a strong commitment to consistent dividend payments, with a minimum annual base dividend of 0.50 baht per share, already announced for the first half and expected to be sustainable throughout the refining cycle until the next major turnaround around 2030. For 2027, dividends are expected at 0.69 baht per share, a yield of 6.1%, and for 2028 at 0.83 baht per share, or 7.2%. The company guided third-quarter 2026 market GRM at about 15 US dollars per barrel, down from 23.7 US dollars per barrel in the second quarter of 2026, while lower operating expenses and depreciation should support second-half 2026 earnings. DD&A is expected to fall to about 15 million US dollars per quarter from 27 million US dollars in the second quarter of 2026, and the utilisation rate is expected at about 85 to 90% as long as export restrictions remain.
Star Petroleum Refining Co LtdBroker maintains buy with target price and expects high dividend yield, highlighting strong dividend commitment and earnings outlook.
