Thai Oil’s gross refining margin is likely supported by diesel supply tightness in Asia, with Ukrainian drone strikes on Russian refineries causing unplanned outages that tighten supply. CGS International analyst Amornrat Cheevavichawalkul notes the 2Q crude cost will be manageable, underpinned by low‑cost inventory. The brokerage raises 2026‑2028 EPS estimates by 3.9‑15.2% and upgrades the rating to add, setting a target price to 59.50 baht from 51.00 baht; shares are 6.3% higher at 54.50 baht.

Malaysia’s energy sector is expected to remain buoyed by stable oil prices and a stronger focus on energy security, says Kenanga IB analyst Lim Sin Kiat. Brent crude is forecast to average $80 a barrel in 2026 and $74 in 2027 as easing Middle East tensions keep disruptions minimal. Higher investment in upstream projects is expected next year, though earnings may lag. Kenanga maintains an overweight rating, naming Petronas Dagangan as its top pick after fuel‑subsidy reforms ease.

Utilities in Malaysia should benefit from 2H investment in new plants, grid upgrades and gas infrastructure, notes TA Securities analyst Hafriz Hezry. Rising demand, the energy transition and diversification post‑Iran conflict drive spending. Data‑center expansion, potentially funded by Middle East redirect, adds a boost. TA Securities keeps an overweight rating, citing Tenaga Nasional, Samaiden, and Malakoff as leaders.