Morgan Stanley significantly raised price targets on six Thai energy and refining stocks, with SPRC surging nearly 53%, PTTGC up 37%, and TOP gaining 24%. The upgrades reflect a positive outlook on the global refining cycle's "Golden Age"—Morgan Stanley expects global oil demand to outpace new refining capacity through 2571, sustaining elevated refining margins. SPRC achieved $23.7/barrel refining margins in Q2/2569 and benefits from strong diesel/gasoline demand. This is material for Thai energy SMEs and investors tracking downstream petrochemicals exposure.