On Tuesday at 10:32 AM (Bangkok time), the share price of Tipco Asphalt Public Company Limited (SET: TASCO) rose by 1.68% or THB 0.30 to THB 18.20, with a trading value of THB 5.96 million.
Maybank Securities (Thailand) noted that it expected a continuation of a positive profit outlook for TASCO, accompanied by the anticipation of an appealing dividend yield.
The analyst predicts that the company’s base profit in 4Q24 and 1H25 is set to continue its recovery trend, reaching around THB 800 million per quarter, signaling an annual growth over at least the next three quarters. This anticipated growth is attributed to an 8.5% increase in budget disbursement for 2025, contrasted with delays and incomplete disbursement in 2024.
Furthermore, TASCO is projected to import additional feedstock (equivalent to 5 cargo loads) to bolster sales efforts in 4Q24 and through 2025, a notable increase compared to the single cargo load in 9M24.
Maybank Securities (Thailand) foresees the company achieving a 4-year high sales, reaching 1.19 million tons, while also predicting that asphalt prices will maintain their elevated levels until at least the first half of 2025.
The analyst anticipates a remarkable 312% year-on-year surge in the company’s 2H25 earnings, with an estimated profit growth of 17% year-on-year in 2025. Additionally, the dividend payout for the periods 2024 and 2025 is projected to stand at 6.1% and 7.1%, respectively.
