Thai Oil Public Company (TOP) Fair Value & Analysis
Energy · TH · Market cap 101B THB
Fair value as of: Jun 25, 2026
From 24 valuation models · updated 4 days ago
Share price +3.8% over the past month.
Price vs Fair Value (12 months)
12‑month range 23.33 THB – 50.76 THB · fair‑value band 68.55 THB – 114.25 THB · the 44.50 THB price screens below the 91.40 THB fair value. As of Jun 25, 2026.
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Thai Oil Public Company (TOP) currently trades at 44.50 THB, while our model-based Fair Value estimate is 91.40 THB — implying the stock looks roughly 105.4% undervalued today. We read business quality at 88/100 (high quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium) — always confirm before acting.
Over the trailing twelve months, Thai Oil Public Company generated revenue of 347B THB at a net margin of 8.8%. Revenue grew 14.7% year over year. It earns a return on equity of 15.5%. Net debt stands at 71.1B THB. Fundamentals as of Jun 25, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jun 25, 2026. TTM = trailing twelve months.
About the company
Thai Oil Public Company Limited, together with its subsidiaries, engages in the oil refining and distributions, petrochemicals, lube base oil, and other businesses in Thailand, Indonesia, and internationally. It operates through Oil Refinery, Lube Base Oil Refinery, Aromatics and LAB, Power Generation, Solvent, Ethanol, Olefins, and Others segments. The company offers refined fuels, including gasoline, diesel/gas oil, jet fuel, kerosene, fuel oil, and liquefied petroleum gas; and lube base oil, bitumen/asphalt, by-products, and special products, such as treated distillate aromatics extract and slack wax. It also provides petrochemicals comprising paraxylene, benzene, toluene, and mixed xylenes; linear alkyl benzene, heavy alkyl benzene, and molex raffinates; and polyethylene and polypropylene resins, styrene monomer, butadiene, and olefins. In addition, the company operates natural gas-fired co-generation power plants that generate and distribute electricity, steam, industrial water…
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Thai Oil Public Company reported revenue of 394B THB in FY2025 versus 336B THB in FY2021, a compound +4.1%/yr. Reported net income was 14.6B THB in FY2025, compounding +3.8%/yr from FY2021.
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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.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.