Annonce • Nov 28
Bangchak Corporation Public Company Limited (SET:BCP) completed the acquisition of remaining 18.26% stake in Bangchak Sriracha Public Company Limited (SET:BSRC) from a group of shareholders. Bangchak Corporation Public Company Limited (SET:BCP) made an offer to acquire remaining 18.26% stake in Bangchak Sriracha Public Company Limited (SET:BSRC) from a group of shareholders for THB 3.57 billion on March 12, 2025. Upon completion, Bangchak Corporation Public Company Limited will own 100% stake in Bangchak Sriracha Public Company Limited. The tender offer price is set at a swap ratio of 1 newly issued ordinary share of Bangchak Corporation Public Company Limited per 6.50 ordinary shares of Bangchak Sriracha Public Company Limited. Bangchak Sriracha Public Company Limited shall also be delisted from SET. The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and approval/consents of lenders/creditors. Tender offer will begin on October 24, 2025, and ends on November 27, 2025. As of November 20, 2025, 156,233,830 shares were tendered.
Jay Capital Advisory Limited acted as financial advisor for Bangchak Sriracha Public Company Limited. Krungthai XSpring Securities Co., Ltd. act as financial advisor for Bangchak Sriracha Public Company Limited. Kiatnakin Phatra Securities Public Company Limited acted as a financial advisor to Bangchak Sriracha Public Company Limited while Baker & McKenzie Company Limited acted as a legal advisor.
KPMG Phoomchai Audit Company Limited provided acted as an accountant while Thailand Securities Depository Company Limited acted as a registrar to Bangchak Sriracha Public Company Limited. Kiatnakin Phatra Securities Public Company Limited acted as transfer agent in the deal.
Bangchak Corporation Public Company Limited (SET:BCP) completed the acquisition of remaining 18.26% stake in Bangchak Sriracha Public Company Limited (SET:BSRC) from a group of shareholders on November 27, 2025. In parallel, BSRC is in the process of requesting the SET to delist all of its ordinary shares from being listed securities on the SET. The Company expects that the newly issued ordinary shares of the Company will commence trading on the SET, and all ordinary shares of BSRC will be delisted from being listed securities on the SET, on December 12, 2025. New Risk • Nov 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (90% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). Board Change • Nov 01
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Prachit Hawat is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annonce • Sep 01
Bangchak Sriracha Public Company Limited Announces Chief Accountant Changes Bangchak Sriracha Public Company Limited announced resignation of Miss Jomdhanat Boonnarach as Chief Accounting, Thailand Controller Effective Date of Termination: August 31, 2025. The company announced appointment of
Mr. Apipat Jaruwattanakul as Chief Accountant, General Accounting & Financial Reporting Manager, effective September 01, 2025. Reported Earnings • May 07
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿0.06 (down from ฿0.25 in 1Q 2024). Revenue: ฿55.2b (down 8.3% from 1Q 2024). Net income: ฿203.1m (down 76% from 1Q 2024). Profit margin: 0.4% (down from 1.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) exceeded analyst estimates by 50%. Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Annonce • Apr 09
Bangchak Sriracha Public Company Limited Approves to Omit Dividend Payment for the Year 2024 Ended 31 December 2024 Bangchak Sriracha Public Company Limited at its AGM held on April 9, 2025, approved the omission of dividend payment of the operating results of the year 2024 ended 31 December 2024. Price Target Changed • Mar 12
Price target decreased by 18% to ฿6.34 Down from ฿7.72, the current price target is an average from 5 analysts. New target price is 23% above last closing price of ฿5.15. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿0.90 next year compared to a net loss per share of ฿0.49 last year. New Risk • Feb 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (92% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change). Annonce • Feb 21
Bangchak Sriracha Public Company Limited Omits to Pay Dividend for the Year Ended December 31, 2024 Bangchak Sriracha Public Company Limited at its AGM to be held on April 9, 2025, to approve the omission of dividend payment of the operating results of the year 2024 ended 31 December 2024. Reported Earnings • Feb 20
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: ฿0.49 loss per share (down from ฿0.62 profit in FY 2023). Revenue: ฿245.4b (up 10% from FY 2023). Net loss: ฿1.69b (down 179% from profit in FY 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to decline by 7.2% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Annonce • Feb 19
Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 09, 2025 Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 09, 2025, at 13:30 SE Asia Standard Time. Annonce • Dec 27
Bangchak Sriracha Public Company Limited Announces Director Changes, Effective January 1, 2025 Bangchak Sriracha Public Company Limited at its Board of Directors Meeting held on 26 December 2024, acknowledged the resignation of Mr. Bundit Hansapaiboon from being the Company's Director, due to other commitments, effective from January 1, 2025 onwards. Approved the appointment of Mr. Anuwat Rungruangrattanagul as the Company's Director, in replacement of Mr. Bundit Hansapaiboon, who has resigned, effective from January 1, 2025 onwards. Mr. Anuwat Rungruangrattanagul shall retain his office as only Mr. Bundit Hansapaiboon was entitled to retain the same, as proposed by the Nomination and Remuneration Committee. Major Estimate Revision • Nov 07
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.67 to ฿0.57. Revenue forecast unchanged from ฿239.2b at last update. Net income forecast to shrink 41% next year vs 30% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿9.98 to ฿9.18. Share price fell 4.1% to ฿7.10 over the past week. Price Target Changed • Nov 06
Price target decreased by 8.9% to ฿9.18 Down from ฿10.08, the current price target is an average from 5 analysts. New target price is 29% above last closing price of ฿7.10. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.57 for next year compared to ฿0.62 last year. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿267.0b to ฿263.7b. EPS estimate also fell from ฿0.763 per share to ฿0.67 per share. Net income forecast to shrink 33% next year vs 14% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿9.98. Share price was steady at ฿7.60 over the past week. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿9.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 21% over the past three years. Upcoming Dividend • Aug 27
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.6%). Lower than average of industry peers (5.9%). Annonce • Aug 22
Bangchak Sriracha Public Company Limited Announces Interim Cash Dividend, Payable on September 17, 2024 Bangchak Sriracha Public Company Limited announced interim cash dividend. Cash dividend payment; THB 0.08. Payment date; 17 September 2024. Ex-dividend date; 03-September-2024. Record date for the right to receive dividends; 04-September-2024. Major Estimate Revision • Aug 14
Consensus revenue estimates increase by 15%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿235.4b to ฿271.5b. EPS estimate fell from ฿1.17 to ฿1.05. Net income forecast to shrink 22% next year vs 22% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿10.98 to ฿10.08. Share price was steady at ฿6.90 over the past week. Price Target Changed • Aug 11
Price target decreased by 8.2% to ฿10.08 Down from ฿10.98, the current price target is an average from 5 analysts. New target price is 50% above last closing price of ฿6.70. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.62 last year. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.06 (up from ฿0.37 loss in 2Q 2023). Revenue: ฿66.0b (up 28% from 2Q 2023). Net income: ฿221.3m (up ฿1.52b from 2Q 2023). Profit margin: 0.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿7.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 4.2% over the past three years. Price Target Changed • Jul 25
Price target decreased by 8.3% to ฿10.98 Down from ฿11.98, the current price target is an average from 5 analysts. New target price is 30% above last closing price of ฿8.45. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of ฿1.17 for next year compared to ฿0.62 last year. Major Estimate Revision • Jun 27
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.44 to ฿1.27. Revenue forecast unchanged from ฿222.1b at last update. Net income forecast to grow 34% next year vs 4.6% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.98. Share price was steady at ฿9.30 over the past week. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.25 (vs ฿0.24 in 1Q 2023) First quarter 2024 results: EPS: ฿0.25 (up from ฿0.24 in 1Q 2023). Revenue: ฿63.6b (up 7.2% from 1Q 2023). Net income: ฿855.0m (up 3.7% from 1Q 2023). Profit margin: 1.3% (down from 1.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Apr 10
Bangchak Sriracha Public Company Limited Approves Dividend for the Year 2023, Payable on 9 May 2024 Bangchak Sriracha Public Company Limited at its AGM held on 10 April 2024, approved the allocation of profits for legal reserves and dividend payments of the operating results of the year 2023, at the rate of THB 0.25 per share, with the following votes: The Company determines the shareholders' list entitled to receive the dividend by the Record Date on Tuesday, 12 March 2024. The dividend payment will be made on 9 May 2024. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (6.2%). Major Estimate Revision • Feb 28
Consensus revenue estimates increase by 23% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿230.4b to ฿282.8b. EPS estimate increased from ฿1.21 to ฿1.39 per share. Net income forecast to grow 126% next year vs 9.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.60. Share price rose 2.6% to ฿9.70 over the past week. Reported Earnings • Feb 22
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿0.62 (down from ฿2.75 in FY 2022). Revenue: ฿229.5b (down 6.9% from FY 2022). Net income: ฿2.14b (down 78% from FY 2022). Profit margin: 0.9% (down from 3.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annonce • Dec 28
Bangchak Sriracha Public Company Limited Announces Appointment of Jomdhanat Boonnarach as Thailand Controller Bangchak Sriracha Public Company Limited announced appointment of Miss Jomdhanat Boonnarach as Thailand Controller, Effective December 20, 2023. Annonce • Dec 15
Bangchak Sriracha Public Company Limited Announces Management Changes Bangchak Sriracha Public Company Limited notified the Stock Exchange of Thailand (‘SET’) that the board of directors at the board's meeting No. 16/2023 held on December 15, 2023 passed the following significant resolutions: The appointment of Mr. Somchai Kuvijitsuwan as an independent director to replace Mr. Poomsak Arunyakasemsuk, a resigning director effective December 15, 2023 for the remaining term of Mr. Poomsak Arunyakasemsuk. The increase of the Audit Committee Members from three (3) members to four (4) members and the appointment of Mr. Somchai Kuvijitsuwan as a new Audit Committee Member effective December 15, 2023. Thus, effective December 15, 2023, the Audit Committee shall consist of four (4) members as follows: Mr. Veerasak Kositpaisal, Chairman of the Audit Committee; Ms. Khaisri Utaiwan, Audit Committee Member; Ms. Prachit Hawat, Audit Committee Member; Mr. Somchai Kuvijitsuwan, Audit Committee Member. The appointment of Mr. Aukkanut Chanagool as the Company Secretary to replace Mrs. Angsna Pirentorn who will cease to be the appointed Company Secretary effective January 1, 2024. The updated company's organization effective January 1, 2024. Major Estimate Revision • Dec 02
Consensus EPS estimates increase by 36%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿201.7b to ฿195.3b. EPS estimate rose from ฿0.76 to ฿1.04. Net income forecast to grow 76% next year vs 4.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.75. Share price fell 2.3% to ฿8.55 over the past week. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ฿1.33 (vs ฿0.90 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿1.33 (up from ฿0.90 loss in 3Q 2022). Revenue: ฿58.7b (down 6.9% from 3Q 2022). Net income: ฿4.60b (up ฿7.73b from 3Q 2022). Profit margin: 7.8% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 05
Price target increased by 14% to ฿11.58 Up from ฿10.15, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ฿9.80. The company is forecast to post earnings per share of ฿1.31 for next year compared to ฿2.75 last year. New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 1.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.37 loss per share (vs ฿2.40 profit in 2Q 2022) Second quarter 2023 results: ฿0.37 loss per share (down from ฿2.40 profit in 2Q 2022). Revenue: ฿51.7b (down 24% from 2Q 2022). Net loss: ฿1.29b (down 116% from profit in 2Q 2022). Revenue is expected to fall by 6.5% p.a. on average during the next 3 years compared to a 5.5% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Aug 03
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Poomsak Aranyakasemsuk was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • May 05
Esso (Thailand) Public Company Limited Announces Plant Shutdown for the Scheduled Maintenance and as Part of Preparation for Sriracha Euro 5 Project Esso (Thailand) Public Company Limited announced that its Refinery partially shut down for scheduled maintenance and as part of preparation for Sriracha Euro 5 Project in May 2023 with approximate duration of 1 month. With a well-controlled plan, the Company expects to meet customer requirements during this planned maintenance period. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.30 per share at 7.0% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (6.0%). In line with average of industry peers (6.9%). Major Estimate Revision • Mar 18
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿192.4b to ฿223.7b. EPS estimate increased from ฿1.20 to ฿1.24 per share. Net income forecast to shrink 54% next year vs 18% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿11.63 to ฿10.83. Share price fell 2.8% to ฿8.80 over the past week. Reported Earnings • Feb 25
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ฿2.75 (up from ฿1.28 in FY 2021). Revenue: ฿263.0b (up 57% from FY 2021). Net income: ฿9.51b (up 114% from FY 2021). Profit margin: 3.6% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 60%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is expected to fall by 15% p.a. on average during the next 2 years compared to a 7.0% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Jan 31
Esso (Thailand) Public Company Limited Announces Resignation of Vichan Nikornmalakul as Director Esso (Thailand) Public Company Limited announced that Mr. Vichan Nikornmalakul has resigned from the Director position with effect from January 30, 2023. Major Estimate Revision • Jan 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿3.40 to ฿3.00. Revenue forecast unchanged from ฿164.5b at last update. Net income forecast to shrink 39% next year vs 2.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿12.63 to ฿11.63. Share price fell 17% to ฿9.25 over the past week. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿9.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿16.00 per share. Annonce • Jan 13
Bangchak Corporation Public Company Limited (SET:BCP) entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion. Bangchak Corporation Public Company Limited (SET:BCP) entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion on January 11, 2023. In a related transaction, Bangchak Corporation Public Company Limited (SET:BCP) will launch a tender offer to acquire remaining shares. The transaction is fully funded via a secured bank loan and BCP’s cash on hand. The transaction is subject to legal requirements and, antitrust approvals, Bangchak shareholders approval and regulatory approvals. and is expected to close in the second half of 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Pornchai Thiraveja was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 14
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 06 October 2022. The company last paid an ordinary dividend in November 2011. The average dividend yield among industry peers is 5.2%. Price Target Changed • Jun 16
Price target increased to ฿11.13 Up from ฿9.18, the current price target is an average from 4 analysts. New target price is 5.7% below last closing price of ฿11.80. Stock is up 39% over the past year. The company is forecast to post earnings per share of ฿1.89 for next year compared to ฿1.28 last year. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Oil and Gas industry in Thailand. Total returns to shareholders of 21% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿1.70 (up from ฿0.81 in 1Q 2021). Revenue: ฿57.7b (up 51% from 1Q 2021). Net income: ฿5.90b (up 112% from 1Q 2021). Profit margin: 10% (up from 7.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 4.5%, compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to ฿8.85 Up from ฿7.80, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿8.65. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of ฿1.62 for next year compared to ฿1.28 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Pornchai Thiraveja was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 24
Price target increased to ฿8.80 Up from ฿7.45, the current price target is an average from 4 analysts. New target price is 6.0% above last closing price of ฿8.30. Stock is up 0.6% over the past year. The company is forecast to post earnings per share of ฿1.33 for next year compared to ฿1.28 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.28 (up from ฿2.29 loss in FY 2020). Revenue: ฿167.2b (up 35% from FY 2020). Net income: ฿4.44b (up ฿12.4b from FY 2020). Profit margin: 2.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 5.1%, compared to a 9.1% growth forecast for the oil industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 26
Consensus EPS estimates increase by 30% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿163.0b to ฿175.7b. EPS estimate increased from ฿1.12 to ฿1.46 per share. Net income forecast to grow 18% next year vs 2.2% growth forecast for Oil and Gas industry in Thailand. Consensus price target of ฿7.80 unchanged from last update. Share price was steady at ฿7.55 over the past week. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.13 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿40.2b (up 36% from 3Q 2020). Net income: ฿46.3m (down 90% from 3Q 2020). Profit margin: 0.1% (down from 1.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 04
Price target decreased to ฿7.25 Down from ฿8.10, the current price target is an average from 4 analysts. New target price is 12% below last closing price of ฿8.25. Stock is up 34% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.72 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿41.1b (up 73% from 2Q 2020). Net income: ฿858.1m (up ฿3.36b from 2Q 2020). Profit margin: 2.1% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.81 (vs ฿1.82 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿39.3b (up 1.4% from 1Q 2020). Net income: ฿2.79b (up ฿9.10b from 1Q 2020). Profit margin: 7.1% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Price Target Changed • May 14
Price target decreased to ฿6.70 Down from ฿8.10, the current price target is an average from 2 analysts. New target price is 20% below last closing price of ฿8.35. Stock is up 44% over the past year. Analyst Estimate Surprise Post Earnings • Feb 25
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) exceeded analyst estimates by 449%. Over the next year, revenue is forecast to grow 28%, compared to a 23% growth forecast for the Oil and Gas industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released: ฿2.29 loss per share (vs ฿0.89 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿126.7b (down 25% from FY 2019). Net loss: ฿7.91b (loss widened 158% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 15
New 90-day high: ฿9.25 The company is up 31% from its price of ฿7.05 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿11.69 per share. Price Target Changed • Jan 19
Price target raised to ฿8.10 Up from ฿7.00, the current price target is an average from 4 analysts. The new target price is 10% below the current share price of ฿9.00. As of last close, the stock is up 24% over the past year. Is New 90 Day High Low • Jan 06
New 90-day high: ฿8.55 The company is up 33% from its price of ฿6.45 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿17.37 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ฿7.75 The company is up 22% from its price of ฿6.35 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.05 per share. Is New 90 Day High Low • Nov 18
New 90-day high: ฿7.15 The company is up 8.0% from its price of ฿6.60 on 20 August 2020. The Thai market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿14.07 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.13 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿29.6b (down 25% from 3Q 2019). Net income: ฿466.7m (up ฿1.76b from 3Q 2019). Profit margin: 1.6% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 113% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿5.95 The company is down 26% from its price of ฿8.00 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.52 per share. Is New 90 Day High Low • Sep 25
New 90-day low: ฿6.05 The company is down 13% from its price of ฿6.95 on 26 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Oil and Gas industry, which is also down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.81 per share.