CS Upgrades Thai Refining Stocks to Outperform, Signaling Beneficial Stocks from IMO2020

Credit Suisse has upgraded its view on oil refining stocks in Thailand, recommending three stocks to be benefited from IMO 2020.

IRPC – Upgraded to Outperform with a target price of ฿4.30/share, having a 21.4% upside from the last closing price at ฿3.54/share.

TOP – Upgraded to Outperform with a target price of ฿72.0/share, having a 15.6% upside from the last closing price at ฿62.25/share.

SPRC – Upgraded to Outperform with a target price of ฿11.0/share, having a 40.1% upside from the last closing price at ฿7.85/share.

Currently, the Singapore refining margin is $5/bbl, increasing from the level of $3-4/bbl in the past few months.