Thai Oil changes its board: Krungsri sets THB 83 target for Thai Oil stock

Thai Oil announced two board departures effective October 1, 2026, while Krungsri Securities set a THB 83.00 target for the stock in a September 21, 2026 note. The leadership change and the latest earnings figures give investors two separate markers for assessing the refinery operator.

Two board seats changed

According to Marketscreener on September 22, 2026, Pattaralada Sa-ngasang left the board and the risk management committee chair role, while Chadil Chavanalikikorn left the board and the nomination and compensation committee. Both departures took effect on October 1, 2026.

The timing matters because the company is pursuing a large refinery modernization program while refining margins remain central to earnings. Thai Oil's integrated operations include refining, petrochemicals, lube base oil and power generation, giving the group several earnings channels but also exposing results to oil prices and product spreads.

Earnings show a sharp quarter shift

Thai Oil reported second-quarter 2026 revenue of THB 134.97 billion and net income of THB 8.28 billion, according to Investing.com. The comparison with first-quarter 2026 is material: revenue increased from THB 122.46 billion, but net income fell from THB 19.48 billion.

The same second-quarter report put earnings per share at THB 3.71, versus THB 8.72 in the first quarter. Operating cash flow was negative THB 19.81 billion in the second quarter, compared with positive THB 8.81 billion in the first quarter, highlighting a weaker cash conversion profile despite positive net income.

Target sits above the SET quote

Krungsri Securities' THB 83.00 target is 9.56 percent above the SET price of THB 75.75 on October 7, 2026, calculated in the same currency. The SET session showed a high of THB 76.25, a low of THB 72.50 and volume of 31,804,679 shares.

Thai Oil's 52-week range was THB 33.00 to THB 76.25 as of October 6, 2026, while market capitalization stood at THB 169.2 billion. The target therefore sits above the latest quote but below the reported 52-week high, leaving the refinery margin outlook and execution of the company's investment program as the key valuation variables.

Thai Oil stock at a valuation crossroad

Thai Oil's second-quarter figures show why the board change is only one part of the investment case. Revenue expanded from the prior quarter, yet net income and operating cash flow weakened, so the next earnings update will be judged on margin recovery and cash generation rather than sales alone.