TOP (Trading) 3Q26 Profit Grows QoQ, but 4Q26 Weak as War Story Fades

Under our revised estimates, the 2027 fair value is THB 64 per share. For the short term, we recommend a "Trading" strategy, riding the cyclical fund flows into the energy and petrochemical sectors, as there are no strong positive catalysts to drive a sustained rally. With the war premium fading, the industry will revert to actual supply and demand fundamentals, which are closely tied to GDP growth.

12.11.2026

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