Tipco Asphalt Public Company Limited, or TASCO, holds about 1,520,000 barrels of crude oil from Venezuela after importing a second cargo of roughly 900,000 barrels in August 2026. The crude was procured through lot-by-lot contracts via intermediaries, with no long-term agreement with the Venezuelan authorities, and is sufficient to cover demand through about the first quarter of 2027. The resumption of Venezuelan crude imports has helped TASCO raise its asphalt yield from the crude by about 10-15% compared with crude from other sources. Management is maintaining its revenue target for the second half of 2026 at about 2.5 billion baht, up 88% from the first half and up 117% from the same period a year earlier. Kasikorn Securities has maintained its 2026 net profit forecast at 1.619 billion baht, up 48.72% year on year, and 1.841 billion baht in 2027, with a buy rating and a target price of 18.50 baht. Yuanta Securities (Thailand) has maintained its 2026 profit forecast at 1.563 billion baht, up 57.3% year on year, and 1.935 billion baht in 2027, up 23.8% year on year, with a fair value of 19.40 baht, and expects a 2026 dividend of 1 baht per share, representing a dividend yield of 5.9%.
Tipco Asphalt Public Company LimitedHolding 1.52M barrels of Venezuelan crude and resuming imports raised asphalt yield 10-15% versus other crude sources, improving feedstock supply.
