Star Petroleum Refining Co Ltd (SPRC) Fair Value & Analysis
Energy · TH · Market cap 34.9B THB
Strengths
Risks
Fair value as of: Aug 22, 2026
From 24 valuation models · updated today
Share price +31.3% over the past month.
A solid business, but screening 36% overvalued on our models.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (10.37 THB). The favourable scenario is already priced in.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range 4.10 THB – 13.00 THB · fair‑value band 6.22 THB – 10.37 THB · the 13.00 THB price screens above the 8.30 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.
Analysis
Star Petroleum Refining Co Ltd (SPRC) currently trades at 13.00 THB, while our model-based Fair Value estimate is 8.30 THB, implying the stock looks roughly 36.2% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Star Petroleum Refining Co Ltd generated revenue of 230B THB at a net margin of 4.0%. Revenue declined 19.1% year over year. It earns a return on equity of 21.4%. Net debt stands at 6.6B THB. Fundamentals as of Aug 22, 2026
Our scenario range runs from 6.22 THB (bear case) to 10.37 THB (bull case); at 13.00 THB, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 217% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -56% fair-value upside, at -36%, SPRC screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: DCF Models (11.26 THB) versus Earnings-Based (2.92 THB). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 89
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Star Petroleum Refining Public Company Limited engages in refinery and petroleum product distribution in Thailand and internationally. It offers petroleum products, including liquefied petroleum gas, gasoline, jet fuel, diesel, fuel oil, asphalt, and other products.
Full company description
Star Petroleum Refining Public Company Limited engages in refinery and petroleum product distribution in Thailand and internationally. It offers petroleum products, including liquefied petroleum gas, gasoline, jet fuel, diesel, fuel oil, asphalt, and other products. The company also distributes various fuels, including premium and regular diesel, gasohol, unleaded gasoline, commercial and industrial fuels, and aviation fuel under the Caltex brand name. In addition, it operates a truck loading terminal to facilitate the distribution of petroleum products; engages in the operation of fuel service station networks; and provides property management services. The company serves commercial, industrial, automobile, and marine sectors. It exports its products to Laos, Cambodia, and Myanmar. The company was formerly known as Star Petroleum Refining Company Limited and changed its name to Star Petroleum Refining Public Company Limited in January 2012. Star Petroleum Refining Public Company Limited was founded in 1992 and is based in Mueang Rayong, Thailand. The company operates as a subsidiary of Chevron South Asia Holdings Pte Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Star Petroleum Refining Co Ltd reported revenue of 241B THB in FY2025 versus 170B THB in FY2021, a compound +9.1%/yr. Reported net income was 2.6B THB in FY2025, compounding −14.2%/yr from FY2021.
of which total revenue +4.8 pp · buybacks/dilution −0.3 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
SPRC screens 36% overvalued. Compare with Reliance Industries Limited →
Peer Group
Oil & Gas Refining & Marketing · 116 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Reliance Industries Limited RELIANCE | ₹1,329 | ₹751.26 | -43% |
| Valero Energy Corporation VLO | $330.21 | $127.32 | -61% |
| Marathon Petroleum Corporation MPC | $348.25 | $133.18 | -62% |
| Phillips 66 PSX | $225.58 | $99.41 | -56% |
| Neste Oyj NESTE | €29.61 | €3.83 | -87% |
| Formosa Petrochemical Corporation 6505 | 75.80 TWD | 15.32 TWD | -80% |
| Bharat Petroleum Corporation BPCL | ₹310.30 | ₹846.81 | +173% |
| SK Innovation Co 096770 | 122,400 KRW | 53,541 KRW | -56% |
| S-Oil Corporation 010950 | 140,900 KRW | 19,441 KRW | -86% |
| HD Hyundai Co 267250 | 234,500 KRW | 286,077 KRW | +22% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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