Star Petroleum Refining PCL

Star Petroleum Refining maintains a conservative capital structure with a debt-to-equity ratio of 0.15, indicating low leverage relative to equity. The current ratio stands at 1.85, suggesting adequate short-term liquidity to cover immediate obligations. However, the risk assessment flags medium liquidity risk and notes that net cash is negative after subtracting total debt, implying reliance on operating cash flows for debt servicing. The company generated operating cash flow of 8.34 billion THB, which significantly exceeds its free cash flow of 2.38 billion THB due to capital expenditures of 2.34 billion THB.

Profitability metrics demonstrate strong returns, with a return on equity (ROE) of 24.32% and a return on assets (ROA) of 15.05%. These figures suggest efficient utilization of both shareholder equity and total assets. The company reported a net income of 2.57 billion THB on revenues of 241.88 billion THB, resulting in a net margin of approximately 1.06%. While the absolute margin is thin, typical for integrated refining, the high asset turnover drives the robust ROA.

Revenue concentration is not explicitly detailed in segment or geographic breakdowns within the available data. The company operates as an integrated entity, implying exposure to both upstream and downstream activities, though specific segment contributions are not provided. The lack of segment data limits the ability to assess diversification benefits or specific regional exposures.

Growth trajectory analysis is constrained by the absence of historical period data in the input. Without multi-year revenue or net income trends, it is not possible to evaluate the company's growth momentum or cyclicality. The current financial snapshot reflects a single normalized period, preventing year-over-year or quarter-over-quarter comparisons.

Risk factors include medium liquidity risk and low dilution risk. The key flag regarding negative net cash highlights potential vulnerability to interest rate fluctuations or credit tightening. The low dilution risk suggests that the share count of 4.34 billion shares is stable, with no immediate threats from equity issuance. The absence of significant long-term debt relative to equity further mitigates solvency concerns.

Recent events are reflected in analyst estimates, with a mean price target of 8.70 THB and a median target of 8.50 THB. The mean recommendation of 1.70 indicates a bullish sentiment among analysts, with four strong-buy and five buy ratings. The high price target of 10.30 THB suggests upside potential, while the low target of 7.60 THB provides a downside cushion. Competitor context lists Chevron, Shell, and BP, but no specific comparative metrics are provided.

Analysts project 20% upside to a mean price target of 8.7 THB, reflecting a consensus buy recommendation from ten analysts.

The company maintains a conservative debt-to-equity ratio of 0.15, well below the cohort median of 0.49, indicating low leverage risk.

Net income recovered to 2.2 billion THB in FY2025, reversing the 937 million THB loss recorded in the prior fiscal year.

Revenue demonstrated an 8.8% CAGR over the four-year period ending FY2026, indicating long-term top-line growth momentum.

The company faces a medium liquidity risk flag, suggesting potential challenges in meeting short-term financial obligations.

Revenue THB 51.99B, −19,1% YoY; Operating income +850,4% YoY.

• ▍Revenue THB 51.99B, −19,1% YoY
• ▍Operating income +850,4% YoY
• ▍Net income +932,5% YoY
• ▍Free cash flow +433,0% YoY
• ▍Net margin 14.2%

Revenue THB 57.48B, −10,2% YoY; Operating income +285,7% YoY.

• ▍Revenue THB 57.48B, −10,2% YoY
• ▍Operating income +285,7% YoY
• ▍Net income +572,1% YoY
• ▍Free cash flow +21,5% YoY
• ▍Net margin 1.9%

Revenue THB 61.60B, −4,9% YoY; Operating income +174,7% YoY.

• ▍Revenue THB 61.60B, −4,9% YoY
• ▍Operating income +174,7% YoY
• ▍Net income +171,2% YoY
• ▍Free cash flow +168,5% YoY
• ▍Net margin 2.6%

Revenue THB 58.51B, −17,8% YoY; Operating income −279,3% YoY.

• ▍Revenue THB 58.51B, −17,8% YoY
• ▍Operating income −279,3% YoY
• ▍Net income −334,9% YoY
• ▍Free cash flow −106,0% YoY
• ▍Net margin -1.4%

Revenue THB 64.30B; Operating income THB 972.2M.

• ▍Revenue THB 64.30B
• ▍Operating income THB 972.2M
• ▍Net margin 1.1%

Revenue THB 64.04B; Operating income THB 352.5M.

• ▍Revenue THB 64.04B
• ▍Operating income THB 352.5M
• ▍Net margin 0.3%

Revenue THB 64.75B; Operating income -THB 2.68B.

• ▍Revenue THB 64.75B
• ▍Operating income -THB 2.68B
• ▍Net margin -3.4%

Revenue THB 71.19B; Operating income THB 535.4M.

• ▍Revenue THB 71.19B
• ▍Operating income THB 535.4M
• ▍Net margin 0.5%

Revenue THB 241.88B, −10,6% YoY; Operating income +3,8% YoY.

• ▍Revenue THB 241.88B, −10,6% YoY
• ▍Operating income +3,8% YoY
• ▍Net income +15,0% YoY
• ▍Free cash flow −34,8% YoY
• ▍Net margin 1.1%

Revenue THB 270.61B, +1,9% YoY; Operating income +681,2% YoY.

• ▍Revenue THB 270.61B, +1,9% YoY
• ▍Operating income +681,2% YoY
• ▍Net income +338,6% YoY
• ▍Free cash flow +439,4% YoY
• ▍Net margin 0.8%

Revenue THB 265.50B, −6,9% YoY; Operating income −105,6% YoY.

• ▍Revenue THB 265.50B, −6,9% YoY
• ▍Operating income −105,6% YoY
• ▍Net income −112,2% YoY
• ▍Free cash flow −86,7% YoY
• ▍Net margin -0.4%

Revenue THB 285.26B, +65,4% YoY; Operating income +61,8% YoY.

• ▍Revenue THB 285.26B, +65,4% YoY
• ▍Operating income +61,8% YoY
• ▍Net income +61,7% YoY
• ▍Free cash flow −30,5% YoY
• ▍Net margin 2.7%