View ValuationBangchak Corporation 将来の成長Future 基準チェック /16Bangchak利益と収益がそれぞれ年間7.2%と0.8%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に11.5% 6.5%なると予測されています。主要情報7.2%収益成長率6.47%EPS成長率Oil and Gas 収益成長4.2%収益成長率0.8%将来の株主資本利益率11.47%アナリストカバレッジGood最終更新日18 May 2026今後の成長に関する最新情報Major Estimate Revision • Feb 14Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿5.47 to ฿4.80 per share. Revenue forecast steady at ฿515.2b. Net income forecast to grow 924% next year vs 40% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿39.93 to ฿41.07. Share price rose 11% to ฿36.00 over the past week.Major Estimate Revision • Feb 08Consensus EPS estimates fall by 19%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿533.7b to ฿564.8b. EPS estimate fell from ฿3.66 to ฿2.96 per share. Net income forecast to grow 729% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿42.04. Share price rose 3.6% to ฿35.75 over the past week.Major Estimate Revision • Nov 14Consensus EPS estimates fall by 37%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿531.4b to ฿542.6b. EPS estimate fell from ฿6.28 to ฿3.98 per share. Net income forecast to grow 1,006% next year vs 9.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿46.50 to ฿44.73. Share price fell 7.6% to ฿30.50 over the past week.Major Estimate Revision • Jul 25Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿7.69 to ฿6.90 per share. Revenue forecast steady at ฿513.6b. Net income forecast to shrink 23% next year vs 3.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿50.64 to ฿49.59. Share price fell 5.6% to ฿34.00 over the past week.お知らせ • Apr 05Bangchak Corporation Public Company Limited Notifies to Shutdown from May 7, 2024 to June 2, 2024 for Maintenance of Bangchak RefineryBangchak Corporation Public Company Limited has planned to the turnaround Maintenance of Bangchak Refinery. This Maintenance is a normal plan.The Company would like to notify the scheduled 27 day-period shutdown from May 7, 2024 to June 2, 2024. The Company has planned to cope with this shutdown by taking various measures and arrangements to support the business operations, preparing inventories with crude and oil products, as well as securing purchases of additional supplies to ensure sufficient reserves to serve customer demands and legal compliance. Please be informed according.Major Estimate Revision • Feb 07Consensus EPS estimates increase by 22%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿340.7b to ฿346.3b. EPS estimate increased from ฿8.95 to ฿10.94 per share. Net income forecast to shrink 21% next year vs 1.9% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿48.19 unchanged from last update. Share price was steady at ฿42.75 over the past week.すべての更新を表示Recent updatesReported Earnings • May 16First quarter 2026 earnings released: EPS: ฿4.17 (vs ฿1.54 in 1Q 2025)First quarter 2026 results: EPS: ฿4.17 (up from ฿1.54 in 1Q 2025). Revenue: ฿142.5b (up 5.9% from 1Q 2025). Net income: ฿6.14b (up 190% from 1Q 2025). Profit margin: 4.3% (up from 1.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.お知らせ • Apr 13+ 1 more updateBangchak Corporation Public Company Limited Approves Final Dividend for 2025, Payable on April 24, 2026Bangchak Corporation Public Company Limited held its 2026 Annual General Meeting of Shareholders on April 10, 2026 resolved to approve the allocation of profit on retained earnings for a final dividend payment of 2025 performance, at the rate of THB 1.05 per share, totalling approximately THB 1,546 million, with no interim dividend paid for the first-half-year operations of the year, by the majority vote of shareholders attending the meeting and casting their votes. The Record Date for determining shareholders entitled to receive the dividend was be March 4, 2026, and the dividend payment date shall be April 24, 2026.Declared Dividend • Feb 20Dividend of ฿1.05 announcedShareholders will receive a dividend of ฿1.05. Ex-date: 2nd March 2026 Payment date: 24th April 2026 Dividend yield will be 2.9%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 5.2% to bring the payout ratio under control. EPS is expected to grow by 123% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.お知らせ • Feb 19Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 10, 2026Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 10, 2026, at 13:30 SE Asia Standard Time.Reported Earnings • Feb 16Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: EPS: ฿2.08 (up from ฿1.30 in FY 2024). Revenue: ฿507.6b (down 14% from FY 2024). Net income: ฿2.88b (up 61% from FY 2024). Profit margin: 0.6% (up from 0.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance.Major Estimate Revision • Feb 14Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿5.47 to ฿4.80 per share. Revenue forecast steady at ฿515.2b. Net income forecast to grow 924% next year vs 40% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿39.93 to ฿41.07. Share price rose 11% to ฿36.00 over the past week.お知らせ • Feb 14Bangchak Corporation Public Company Limited (SET:BCP) agreed to acquire Chevron Hong Kong Limited from Chevron Corporation (NYSE:CVX) for $270 million.Bangchak Corporation Public Company Limited (SET:BCP) agreed to acquire Chevron Hong Kong Limited from Chevron Corporation (NYSE:CVX) for $270 million on February 12, 2026. Bangchak Corporation Public Company Limited signed a share purchase agreement to acquire Chevron Hong Kong Limited from Chevron Corporation on February 13, 2026. A cash consideration of $270 million will be paid by Bangchak Corporation Public Company Limited. The final purchase price will be subject to conditions and terms of price adjustments as specified under the share purchase agreement. Bangchak will pay the purchase price in cash. Bangchak plans to use credit facilities from financial institutions, which are sufficient to support the transaction. Following the transaction Bangchak will proceed with the change of the name of Chevron Hong Kong Limited (CHK) to Bangchak Hong Kong Limited. The deal has been approved by Bangchak Corporation Public Company Limited board. The closing of the transaction will take place around middle of 2026.New Risk • Jan 06New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.9% 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: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by earnings (95% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results.お知らせ • Dec 31Bangchak Corporation Public Company Limited(SET:BCP) dropped from SET 50 IndexBangchak Corporation Public Company Limited has been dropped from the SET 50 Indexお知らせ • Nov 28Bangchak 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.お知らせ • Nov 27Bangchak Corporation Public Company Limited (SET:BCP) announces an Equity Buyback for 29,500,000 shares, representing 2.14% for THB 1,100 million.Bangchak Corporation Public Company Limited (SET:BCP) announces a share repurchase program. Under the program, the company will repurchase up to 2,95,00,000 shares for THB 1,100 million. The share repurchase price will not exceed 115 percent of the average share closing price for 5 working days prior to the share repurchase date. The purpose of the program is to to strengthen investor confidence in the Company’s financial position, business fundamentals, and future profitability, to improve returns to shareholders through an increased return on equity (ROE) and earnings per share (EPS), to benefit to shareholders and reflect the Company’s prudent financial management, ensuring that excess liquidity is deployed effectively for the benefit of the Company. The repurchase program will expire on June 15, 2026.Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: ฿0.80 (vs ฿1.61 loss in 3Q 2024)Third quarter 2025 results: EPS: ฿0.80 (up from ฿1.61 loss in 3Q 2024). Revenue: ฿123.3b (down 20% from 3Q 2024). Net income: ฿1.11b (up ฿3.33b from 3Q 2024). Profit margin: 0.9% (up from net loss in 3Q 2024). Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to grow by 1.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.New Risk • Aug 08New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 08Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: ฿1.86 loss per share (down from ฿1.23 profit in 2Q 2024). Revenue: ฿125.8b (down 20% from 2Q 2024). Net loss: ฿2.56b (down 251% from profit in 2Q 2024). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 68%. Revenue is forecast to decline by 3.0% 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 52% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.New Risk • Jul 07New minor risk - Dividend sustainabilityThe dividend is not well covered by earnings. Payout ratio: 91% Dividend yield: 3.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (112% net debt to equity). Dividend is not well covered by earnings (91% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin).Valuation Update With 7 Day Price Move • Jun 20Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿30.75, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Oil and Gas industry in Thailand. Total returns to shareholders of 14% over the past three years.Reported Earnings • May 14First quarter 2025 earnings released: EPS: ฿1.54 (vs ฿1.68 in 1Q 2024)First quarter 2025 results: EPS: ฿1.54 (down from ฿1.68 in 1Q 2024). Revenue: ฿134.6b (flat on 1Q 2024). Net income: ฿2.12b (down 8.5% from 1Q 2024). Profit margin: 1.6% (down from 1.7% in 1Q 2024). Revenue is forecast to decline by 4.0% 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 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.お知らせ • Apr 13+ 1 more updateBangchak Corporation Public Company Limited Approves Final Dividend for the Second-Half-Year Operations of 2024, Payable on April 24, 2025Bangchak Corporation Public Company Limited at its AGM held on April 11, 2025, resolved final dividend payment for the second-half-year operations of 2024 at the rate of THB 0.45 per share be approved. When combining the final dividend with the interim dividend payment at the rate of THB 0.60 per share, the total 2024 dividend is THB 1.05 per share, totaling approximately THB 1,444 million. The Record Date for an ascertaining entitlement to a proposed dividend was March 14, 2025 and the dividend payment date is April 24, 2025.お知らせ • Mar 01Bangchak Corporation Public Company Limited Announces Restirement of Sukrit Surabotsopon as DirectorBangchak Corporation Public Company Limited announced that Mr. Sukrit Surabotsopon retiring as director.Declared Dividend • Feb 24Final dividend reduced to ฿0.45Dividend of ฿0.45 is 70% lower than last year. Ex-date: 13th March 2025 Payment date: 24th April 2025 Dividend yield will be 2.8%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 178% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 21Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: EPS: ฿1.30 (down from ฿9.27 in FY 2023). Revenue: ฿589.9b (up 53% from FY 2023). Net income: ฿2.18b (down 83% from FY 2023). Profit margin: 0.4% (down from 3.3% in FY 2023). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 55%. Revenue is forecast to decline by 2.6% 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 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings.お知らせ • Feb 21Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2025Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2025, at 13:30 SE Asia Standard Time.お知らせ • Feb 20Bangchak Corporation Public Company Limited Proposes Final Dividend Payment for the Second-Half-Year Operations of 2024, Payable on April 24, 2025Bangchak Corporation Public Company Limited proposed the allocation of profit from unappropriated retained earnings for a final dividend payment for the second-half-year operations of 2024 at the rate of THB 0.45 per share be proposed to the shareholders for their approval at the 2025 Annual General Meeting of Shareholders. When combining the proposed final dividend with the interim dividend payment at the rate of THB 0.60 per share, the total 2024 dividend will be THB 1.05 per share, totaling approximately THB 1,444 million. The Record Date for an ascertaining entitlement to a proposed dividend is March 14, 2025. The dividend payment date is April 24, 2025. However, the entitlement to receive the dividends is uncertain because it has yet to be approved by the shareholders.お知らせ • Feb 14Bangchak Corporation Public Company Limited Announces the Appointment of Pol. Gen. Suwat Jangyodsuk as Chairman of the Board of DirectorsBangchak Corporation Public Company Limited announced the appointment of Pol. Gen. Suwat Jangyodsuk as Chairman of the Board of Directors, effective Feb. 17, 2025.Major Estimate Revision • Feb 08Consensus EPS estimates fall by 19%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿533.7b to ฿564.8b. EPS estimate fell from ฿3.66 to ฿2.96 per share. Net income forecast to grow 729% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿42.04. Share price rose 3.6% to ฿35.75 over the past week.お知らせ • Jan 27Bangchak Corporation Public Company Limited Announces Appointment of Pol. Gen. Suwat Jangyodsuk as an Independent DirectorBangchak Corporation Public Company Limited announced that the Board of Directors' Meeting No. 1/2025 held on January 27, 2025 resolved the appointment of Pol. Gen. Suwat Jangyodsuk as an independent director to replace Mr. Narin Kalayanamit, the resigning director, with effect from January 27, 2025 onward, as proposed by the Nomination and Remuneration Committee.お知らせ • Jan 14Bangchak Corporation Public Company Limited Announces Resignation of Narin Kalayanamit as Director and Chairman of the Sustainability and Corporate Governance CommitteeBangchak Corporation Public Company Limited notified the Stock Exchange of Thailand that Mr. Narin Kalayanamit has resigned from his director position and Chairman of the Sustainability and Corporate Governance Committee due to his important matters with effective January 13, 2025. The Company is currently in the process of selection and nomination of replacement director and will promptly notify the SET of the result thereof.お知らせ • Dec 31Bangchak Corporation Public Company Limited(SET:BCP) dropped from SET 50 IndexBangchak Corporation Public Company Limited dropped from the SET 50 Index.Valuation Update With 7 Day Price Move • Dec 25Investor sentiment improves as stock rises 28%After last week's 28% share price gain to ฿34.50, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Thailand. Total returns to shareholders of 61% over the past three years.New Risk • Dec 19New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% 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 (118% net debt to equity). Dividend is not well covered by earnings (419% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin).Major Estimate Revision • Nov 14Consensus EPS estimates fall by 37%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿531.4b to ฿542.6b. EPS estimate fell from ฿6.28 to ฿3.98 per share. Net income forecast to grow 1,006% next year vs 9.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿46.50 to ฿44.73. Share price fell 7.6% to ฿30.50 over the past week.Reported Earnings • Nov 09Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2024 results: ฿1.61 loss per share (down from ฿7.91 profit in 3Q 2023). Revenue: ฿154.2b (up 63% from 3Q 2023). Net loss: ฿2.09b (down 119% from profit in 3Q 2023). Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to decline by 4.4% 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 2% per year whereas the company’s share price has increased by 7% per year.お知らせ • Oct 10Bangchak Corporation Public Company Limited Announces Resignation of Phairoj Chotikasatien as Director and Member of Sustainability and Corporate Governance CommitteeBangchak Corporation Public Company Limited announced that Mr. Phairoj Chotikasatien has resigned from his director position and member of Sustainability and Corporate Governance Committee due to his retirement from the government official with effective October 10, 2024.お知らせ • Oct 02Bangchak Corporation Public Company Limited Announces Board ResignationsBangchak Corporation Public Company Limited announced the resignation of Mrs. Woranuch Phu-im has resigned from her director position and member of Sustainability and Corporate Governance Committee due to her retirement from the government official with effective October 1, 2024. Mr. Chanvit Nakburee has resigned from his director position and member of Nomination and Remuneration Committee due to his retirement from the government official with effective October 1, 2024.Declared Dividend • Aug 24First half dividend increased to ฿0.60Dividend of ฿0.60 is 20% higher than last year. Ex-date: 4th September 2024 Payment date: 17th September 2024 Dividend yield will be 5.9%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range.お知らせ • Aug 22Bangchak Corporation Public Company Limited Announces Interim Cash Dividend, Payable on September 17, 2024Bangchak Corporation Public Company Limited announced interim cash dividend of THB 0.60 per share. Record date for the right to receive dividends: September 5, 2024. Ex-dividend date: September 4, 2024. Payment date: September 17, 2024. Date of Board resolution: August 22, 2024.New Risk • Aug 13New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Minor Risks High level of debt (84% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.Reported Earnings • Aug 09Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2024 results: EPS: ฿1.23 (up from ฿0.24 in 2Q 2023). Revenue: ฿158.1b (up 132% from 2Q 2023). Net income: ฿1.82b (up 448% from 2Q 2023). Profit margin: 1.2% (up from 0.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to decline by 1.2% 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 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Jul 25Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿7.69 to ฿6.90 per share. Revenue forecast steady at ฿513.6b. Net income forecast to shrink 23% next year vs 3.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿50.64 to ฿49.59. Share price fell 5.6% to ฿34.00 over the past week.お知らせ • Apr 27Bangchak Corporation Public Company Limited Announces Appointment of Director and Acting Chairman of the Board of DirectorsBangchak Corporation Public Company Limited at its board meeting approved the appointment of Mr. Paroche Hutacharoen as an independent director to replace Mr. Pichai Chunhavajira, the resigning director, as proposed by the Nomination and Remuneration Committee; and the appointment of Mr. Prasong Poontaneat, the Vice Chairman, as an Acting Chairman of the Board of Directors, effective on April 26, 2024 onward.お知らせ • Apr 26Bangchak Corporation Public Company Limited Announces Resignation of Pichai Chunhavajira as Director and Chairperson of the BoardBangchak Corporation Public Company Limited announced that Mr. Pichai Chunhavajira, the director and the chairperson of the board of directors resigned from the position of director and chairperson of the board of directors due to his numerous responsibilities with effective April 25, 2024.お知らせ • Apr 18Bangchak Corporation Public Company Limited Announces Board and Committee ChangesBangchak Corporation Public Company Limited announced that at its board meeting held on April 17, 2024, resolved the significant resolutions as follows: the appointment of Mr. Patiparn Sukorndhaman as an independent director to replace Mrs. Vilai Chattanrassamee, the resigning independent director as proposed by the Nomination and Remuneration Committee with effective April 17, 2024; and the appointment of Mr. Surin Chiravisit as member of the sustainability and corporate governance committee and cessation of audit committee member with effective April 17, 2024. However, no new Audit Committee member has been appointed to replace Mrs. Vilai Chattanrassamee and Mr. Surin Chiravisit as the remaining number of the Audit Committee members is in compliance with the requirement of the Capital Market Supervisory Board. Mrs. Vilai Chattanrassamee resigned from her independent director position and member of Audit Committee due to her other personal matters with effective April 16, 2024.お知らせ • Apr 11Bangchak Corporation Public Company Limited Approves Final Dividend for the Second Half Year 2023, Payable on April 24, 2024Bangchak Corporation Public Company Limited announced that at its AGM held on April 11, 2024, shareholders approved the final dividend payment for the second-half-year operations of 2023 at the rate of THB 1.50 per share. When combining the final dividend with the interim dividend payment at the rate of THB 0.50 per share, the total 2023 dividend shall be THB 2.00 per share, totaling approximately THB 2,754 million. The Record Date for an ascertaining entitlement to a proposed dividend was March 7, 2024, and the dividend payment date is April 24, 2024.お知らせ • Apr 05Bangchak Corporation Public Company Limited Notifies to Shutdown from May 7, 2024 to June 2, 2024 for Maintenance of Bangchak RefineryBangchak Corporation Public Company Limited has planned to the turnaround Maintenance of Bangchak Refinery. This Maintenance is a normal plan.The Company would like to notify the scheduled 27 day-period shutdown from May 7, 2024 to June 2, 2024. The Company has planned to cope with this shutdown by taking various measures and arrangements to support the business operations, preparing inventories with crude and oil products, as well as securing purchases of additional supplies to ensure sufficient reserves to serve customer demands and legal compliance. Please be informed according.Upcoming Dividend • Feb 28Upcoming dividend of ฿1.50 per shareEligible shareholders must have bought the stock before 06 March 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (6.0%).お知らせ • Feb 23+ 1 more updateBangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2024Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2024, at 13:30 SE Asia Standard Time. Location: Bai Mai 1-4, 2098 M Tower Building Floor 8, Sukhumvit Rd, Phra Khanong Tai Phra Khanong Thailand Agenda: To acknowledge the Board of Directors report on 2023 performance statement; To consider and approve audited financial statements for the year ended December 31, 2023; to consider and approve the allocation of profit for dividend payments for 2023 performance; to consider and approve the election of directors in place of those retiring by rotation; to consider and determine the directors' remuneration; to consider and approve the appointment of the Company's auditors and their remuneration; and to consider other business (if any).Reported Earnings • Feb 23Full year 2023 earnings released: EPS: ฿9.27 (vs ฿8.89 in FY 2022)Full year 2023 results: EPS: ฿9.27 (up from ฿8.89 in FY 2022). Revenue: ฿385.9b (up 24% from FY 2022). Net income: ฿13.2b (up 9.6% from FY 2022). Profit margin: 3.4% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% 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 58% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Feb 07Consensus EPS estimates increase by 22%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿340.7b to ฿346.3b. EPS estimate increased from ฿8.95 to ฿10.94 per share. Net income forecast to shrink 21% next year vs 1.9% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿48.19 unchanged from last update. Share price was steady at ฿42.75 over the past week.お知らせ • Nov 17Ratrimani Pasiphol to Assume the Position of Chief Transformation & Synergy Realization Officer of Bangchak Corporation Public Company Limited, effective November 16, 2023Bangchak Sriracha Public Company Limited notified the Stock Exchange of Thailand of the change to the Company Organization Chart and the Company's executives as follows: Effective November 16, 2023, Mrs. Ratrimani Pasiphol shall assume the position of Chief Transformation & Synergy Realization Officer of Bangchak Corporation Public Company Limited and shall cease to be the Managing Director and Chief Finance Officer of the Company. Mrs. Ratrimani Pasiphol, however, shall continue to serve as director if the Company.New Risk • Nov 09New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 22% 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 Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks High level of debt (79% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.Reported Earnings • Nov 09Third quarter 2023 earnings released: EPS: ฿7.91 (vs ฿1.73 in 3Q 2022)Third quarter 2023 results: EPS: ฿7.91 (up from ฿1.73 in 3Q 2022). Revenue: ฿94.3b (up 26% from 3Q 2022). Net income: ฿11.0b (up 370% from 3Q 2022). Profit margin: 12% (up from 3.1% in 3Q 2022). Revenue is forecast to grow 15% p.a. on average 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 75% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth.お知らせ • Nov 01Bangchak Corporation Public Company Limited Announces Executive ChangesBangchak Corporation Public Company Limited announced that the Company's Board of Directors Meeting No. 13/2023 held on Tuesday, 31 October 2023, resolved to approve the appointment of Mr. Pairoj Chotikasatien as the Company's director, with effect from 31 October 2023 onwards, in replacement of Mr. Boonchob Suthamanuswong, the resigned director, as proposed by the Nomination and Remuneration Committee.Major Estimate Revision • Oct 26Consensus EPS estimates increase by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿301.1b to ฿314.3b. EPS estimate increased from ฿5.19 to ฿6.10 per share. Net income forecast to grow 64% next year vs 2.3% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿44.86. Share price was steady at ฿40.00 over the past week.お知らせ • Oct 25Bangchak Corporation Public Company Limited Announces Mr. Boonchob Suthamanuswong Resigns as Director, and Member of the Sustainability and Corporate Governance CommitteeBangchak Corporation Public Company Limited informed that Mr. Boonchob Suthamanuswong has resigned as the Company's Director, and Member of the Sustainability and Corporate Governance Committee, due to the retirement from the government official, with effect from 1 October 2023 onwards. In this regard, the Company is currently in the nomination process for the appointment of the new director in replacement of the resigned director and shall inform respectively.Major Estimate Revision • Sep 14Consensus EPS estimates increase by 15%The consensus outlook for fiscal year 2023 has been updated. 2023 consensus EPS increased from ฿4.69 to ฿5.39. Revenues were reaffirmed at ฿301.1b. Net income forecast to grow 32% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿42.97 to ฿43.86. Share price rose 4.6% to ฿39.75 over the past week.お知らせ • Sep 01Bangchak Corporation Public Company Limited (SET:BCP) completed the acquisition of 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited.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 THB 22.6 billion on January 11, 2023. In a related transaction, Bangchak Corporation Public Company Limited (SET:BCP) will launch a tender offer to acquire the remaining shares. As part of transaction, 2,283,750,000 shares will be acquired for THB 9.8986 per share. 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 shareholder's approval, and regulatory approvals. As of January 11, 2023, the transaction has been approved by the board of Bangchak Corporation Public Company Limited. As of April 11, 2023, the transaction has been approved by the shareholders of Bangchak Corporation Public Company Limited. The transaction is expected to close in the second half of 2023. As of March 16, 2023. TOTAL VALUE OF 65.99% SHARES IN ESSO (THAILAND) CALCULATED IN ACCORDANCE WITH PURCHASE PRICE ADJUSTMENT MECHANISM WILL BE AT THB 20,956 Million. As of July 18, 2023, the transaction is approved by Trade Competition Commission Thailand. J.P. Morgan Securities LLC acted as financial advisor to Bangchak Corporation. Min-tze Lean and Pornpinant Asawawattanaporn of Wong & Leow LLC acted as a legal advisor to ExxonMobil Asia Holding Private Limited. Samata Masagee of DLA Piper Venture Pipeline acted as a financial advisor to Bangchak Corporation Public Company Limited (SET:BCP). DLA Piper (Thailand) Company acted as legal advisor to Bangchak Corporation Public Company Limited. Bangchak Corporation Public Company Limited (SET:BCP) completed the acquisition of 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited on August 31, 2023. On completion, BCP acquired 2,283.750 million ordinary share of ESSO.Upcoming Dividend • Aug 30Upcoming dividend of ฿0.50 per share at 3.8% yieldEligible shareholders must have bought the stock before 06 September 2023. Payment date: 19 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (6.2%).お知らせ • Aug 25Bangchak Corporation Public Company Limited Announces Interim Cash Dividend, Payable on 19 September 2023Bangchak Corporation Public Company Limited announced interim cash dividend of THB 0.50 per share. Record date for the right to receive dividends is 7 September 2023. Ex-dividend date is 6 September 2023. Payment date is 19 September 2023.New Risk • Aug 10New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.9% net profit margin).Reported Earnings • Aug 10Second quarter 2023 earnings: EPS and revenues miss analyst expectationsSecond quarter 2023 results: EPS: ฿0.36 (down from ฿3.79 in 2Q 2022). Revenue: ฿68.0b (down 19% from 2Q 2022). Net income: ฿581.1m (down 89% from 2Q 2022). Profit margin: 0.9% (down from 6.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 5.6% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 23Bangchak Corporation Public Company Limited Announces Directorate ChangesAt its meeting No. 9/2023 held on July 20, 2023, the Board of Directors of Bangchak Corporation Public Company Limited resolved to appoint Maj. Gen. Yuttasak Raksereepitak as a director on July 20, 2023, replacing Gen. Songwit Noonpackdee who had resigned, as proposed by the Nomination and Remuneration Committee.お知らせ • Jun 23Bangchak Corporation Public Company Limited Announces Resignation of Songwit Noonpackdee as Director, Effective from June 23, 2023Bangchak Corporation Public Company Limited announced that Gen. Songwit Noonpackdee as the Director has resigned from the Company' s Director, which is effective from June 23, 2023. Consequently, the Company will then proceed with the appointment of the new director and will inform later.Reported Earnings • May 13First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2023 results: EPS: ฿1.91 (down from ฿3.12 in 1Q 2022). Revenue: ฿80.4b (up 16% from 1Q 2022). Net income: ฿2.74b (down 35% from 1Q 2022). Profit margin: 3.4% (down from 6.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Feb 24Upcoming dividend of ฿1.00 per share at 6.7% yieldEligible shareholders must have bought the stock before 03 March 2023. Payment date: 24 April 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of Thai dividend payers (5.5%). In line with average of industry peers (6.3%).Reported Earnings • Feb 22Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: ฿8.89 (up from ฿5.25 in FY 2021). Revenue: ฿312.2b (up 57% from FY 2021). Net income: ฿12.6b (up 77% from FY 2021). Profit margin: 4.0% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is expected to fall by 9.7% p.a. on average during the next 2 years compared to a 6.9% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.お知らせ • Jan 28Bangchak Corporation Public Company Limited Appoints Chanvit Nakburee as a DirectorBangchak Corporation Public Company Limited announced that at its meeting No. 2/2023 held on January 27, 2023, the Board of Directors of Bangchak Corporation Public Company Limited resolved to appoint Mr. Chanvit Nakburee as a director on January 27, 2023, replacing Dr. Kulaya Tantitemit who had resigned, as proposed by the Nomination and Remuneration Committee.Valuation Update With 7 Day Price Move • Jan 16Investor sentiment improved over the past weekAfter last week's 21% share price gain to ฿37.75, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 58% over the past three years.お知らせ • Jan 13+ 1 more updateBangchak Corporation Public Company Limited (SET:BCP) made an offer to acquire 34.01% stake in Esso (Thailand) Public Company Limited (SET:ESSO).Bangchak Corporation Public Company Limited (SET:BCP) made an offer to acquire 34.01% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from South East Asia UK (Type C) Nominees Limited, Vayupak Fund1, managed by MFC Asset Management Public Company Limited (SET:MFC) and Krung Thai Asset Management Public Co. Ltd. and others on January 11, 2023. In related transaction, Bangchak Corporation Public Company Limited entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion on January 11, 2023. As per the transaction Bangchak Corporation Public Company Limited will acquire 1.2 billion shares of in Esso (Thailand) Public Company Limited. The transaction is approved by board of directors of Bangchak Corporation Public Company Limited and is subject to shareholder's approval.お知らせ • Jan 03Bangchak Corporation Public Company Limited Announces Resignation of Kulaya Tantitemit as DirectorBangchak Corporation Public Company Limited announced that Dr. Kulaya Tantitemit as the Director has resigned from the Company' s Director, which is effective from January 1, 2023.Major Estimate Revision • Nov 16Consensus revenue estimates increase by 12%The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿286.3b to ฿320.3b. EPS estimate increased from ฿10.09 to ฿11.49 per share. Net income forecast to shrink 43% next year vs 2.5% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿38.05 unchanged from last update. Share price fell 3.0% to ฿32.00 over the past week.Reported Earnings • Nov 10Third quarter 2022 earnings released: EPS: ฿1.73 (vs ฿1.25 in 3Q 2021)Third quarter 2022 results: EPS: ฿1.73 (up from ฿1.25 in 3Q 2021). Revenue: ฿74.8b (up 57% from 3Q 2021). Net income: ฿2.47b (up 46% from 3Q 2021). Profit margin: 3.3% (down from 3.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Aug 24Upcoming dividend of ฿1.25 per shareEligible shareholders must have bought the stock before 31 August 2022. Payment date: 13 September 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (5.0%).Major Estimate Revision • Aug 18Consensus revenue estimates increase by 24%The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿250.3b to ฿310.0b. EPS estimate increased from ฿6.75 to ฿9.23 per share. Net income forecast to shrink 30% next year vs 5.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿38.05. Share price rose 9.2% to ฿32.75 over the past week.Reported Earnings • Aug 17Second quarter 2022 earnings released: EPS: ฿3.79 (vs ฿1.21 in 2Q 2021)Second quarter 2022 results: EPS: ฿3.79 (up from ฿1.21 in 2Q 2021). Revenue: ฿83.8b (up 91% from 2Q 2021). Net income: ฿5.15b (up 214% from 2Q 2021). Profit margin: 6.1% (up from 3.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.8% compared to a 1.4% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Aug 03Consensus EPS estimates increase by 17%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿238.1b to ฿242.4b. EPS estimate increased from ฿5.21 to ฿6.09 per share. Net income forecast to shrink 20% next year vs 15% growth forecast for Oil and Gas industry in Thailand . Consensus price target broadly unchanged at ฿37.60. Share price rose 2.5% to ฿30.25 over the past week.Major Estimate Revision • Jun 16Consensus EPS estimates increase by 13%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿241.6b to ฿245.9b. EPS estimate increased from ฿4.02 to ฿4.55 per share. Net income forecast to shrink 41% next year vs 2.1% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿35.45. Share price fell 6.4% to ฿32.75 over the past week.Reported Earnings • May 15First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿3.12 (up from ฿1.59 in 1Q 2021). Revenue: ฿69.1b (up 68% from 1Q 2021). Net income: ฿4.23b (up 96% from 1Q 2021). Profit margin: 6.1% (up from 5.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 5.4%, compared to a 13% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • May 12Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿222.8b to ฿251.7b. EPS estimate unchanged from ฿4.13 at last update. Oil and Gas industry in Thailand expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at ฿34.95. Share price fell 2.9% to ฿33.75 over the past week.Major Estimate Revision • Mar 30Consensus EPS estimates increase by 12%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿207.7b to ฿210.7b. EPS estimate increased from ฿3.12 to ฿3.50 per share. Net income forecast to shrink 33% next year vs 5.3% growth forecast for Oil and Gas industry in Thailand . Consensus price target broadly unchanged at ฿33.65. Share price fell 2.5% to ฿29.50 over the past week.Upcoming Dividend • Feb 23Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 02 March 2022. Payment date: 22 April 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (4.8%).Reported Earnings • Feb 18Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿5.25 (up from ฿5.50 loss in FY 2020). Revenue: ฿199.4b (up 46% from FY 2020). Net income: ฿7.62b (up ฿15.1b from FY 2020). Profit margin: 3.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 13Third quarter 2021 earnings released: EPS ฿1.25 (vs ฿0.57 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿47.6b (up 42% from 3Q 2020). Net income: ฿1.82b (up ฿2.59b from 3Q 2020). Profit margin: 3.8% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Upcoming Dividend • Sep 01Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 08 September 2021. Payment date: 21 September 2021. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.0%).Reported Earnings • May 13First quarter 2021 earnings released: EPS ฿1.68 (vs ฿3.49 loss in 1Q 2020)The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿41.4b (down 3.9% from 1Q 2020). Net income: ฿2.28b (up ฿7.07b from 1Q 2020). Profit margin: 5.5% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance.Price Target Changed • Feb 22Price target raised to ฿28.36Up from ฿26.14, the current price target is an average from 10 analysts. The new target price is close to the current share price of ฿27.50. As of last close, the stock is up 10.0% over the past year.Reported Earnings • Feb 20Full year 2020 earnings released: ฿5.50 loss per share (vs ฿1.18 profit in FY 2019)The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿136.5b (down 28% from FY 2019). Net loss: ฿6.97b (down ฿8.60b from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance.Analyst Estimate Surprise Post Earnings • Feb 20Earnings beat expectations, revenue disappointsRevenue missed analyst estimates by 9.4%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 23%, compared to a 18% growth forecast for the Oil and Gas industry in Thailand.Is New 90 Day High Low • Feb 15New 90-day high: ฿27.75The company is up 57% from its price of ฿17.70 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 ฿25.68 per share.Price Target Changed • Jan 19Price target raised to ฿25.61Up from ฿22.86, the current price target is an average from 8 analysts. The new target price is close to the current share price of ฿26.50. As of last close, the stock is down 1.9% over the past year.Price Target Changed • Jan 14Price target raised to ฿23.84Up from ฿22.15, the current price target is an average from 8 analysts. The new target price is 9.2% below the current share price of ฿26.25. As of last close, the stock is down 3.7% over the past year.Is New 90 Day High Low • Jan 04New 90-day high: ฿22.20The company is up 44% from its price of ฿15.40 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿82.08 per share.Is New 90 Day High Low • Nov 19New 90-day high: ฿18.30The company is up 6.0% from its price of ฿17.20 on 21 August 2020. The Thai market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. Its price trend is also similar to the Oil and Gas industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿64.82 per share.Analyst Estimate Surprise Post Earnings • Nov 11Revenue and earnings miss expectationsRevenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 9.4% compared to a 2.2% decline forecast for the Oil and Gas industry in Thailand.Reported Earnings • Nov 11Third quarter 2020 earnings released: ฿0.57 loss per shareThe company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿33.7b (down 28% from 3Q 2019). Net loss: ฿647.0m (down 275% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 108% 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 20New 90-day low: ฿14.40The company is down 28% from its price of ฿20.00 on 22 July 2020. The Thai market is down 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿51.32 per share.業績と収益の成長予測SET:BCP - アナリストの将来予測と過去の財務データ ( )THB Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/2028533,4299,45223,00729,578512/31/2027541,2848,52816,89426,7371112/31/2026572,09110,15923,49825,877103/31/2026515,4506,90821,71742,025N/A12/31/2025507,5702,88012,52331,512N/A9/30/2025526,02665520,45540,987N/A6/30/2025556,913-2,67214,49833,256N/A3/31/2025589,1431,5888,99130,394N/A12/31/2024589,8771,78410,31532,116N/A9/30/2024590,5536908,52128,949N/A6/30/2024530,70613,79415,84135,924N/A3/31/2024440,69712,42723,74838,461N/A12/31/2023385,85312,73333,29045,504N/A9/30/2023328,83214,18336,55547,792N/A6/30/2023311,4375,64222,54932,445N/A3/31/2023339,50010,46020,75329,602N/A12/31/2022328,01712,07510,53819,443N/A9/30/2022308,87813,3589,41717,548N/A6/30/2022279,57712,70811,59721,145N/A3/31/2022227,2429,1978,43117,876N/A12/31/2021199,4177,1248,29116,980N/A9/30/2021165,7895,620-1,5305,130N/A6/30/2021151,7913,1522,4797,107N/A3/31/2021134,610-5226,79212,065N/A12/31/2020136,450-7,4685436,340N/A9/30/2020153,463-7,077-2,2426,334N/A6/30/2020166,292-5,934-8518,153N/A3/31/2020188,024-3,371-6,8171,195N/A12/31/2019190,4891,629N/A6,749N/A9/30/2019189,123-435N/A10,475N/A6/30/2019196,1041,052N/A9,373N/A3/31/2019193,3351,509N/A8,992N/A12/31/2018192,0252,463N/A5,950N/A9/30/2018189,5505,481N/A6,921N/A6/30/2018175,0984,685N/A8,653N/A3/31/2018172,3694,692N/A11,445N/A12/31/2017172,1385,608N/A13,851N/A9/30/2017166,3135,055N/A11,906N/A6/30/2017163,9905,168N/A7,263N/A3/31/2017158,4246,588N/A8,533N/A12/31/2016144,7054,773N/A13,288N/A9/30/2016139,3603,743N/A9,356N/A6/30/2016137,8773,001N/A12,171N/A3/31/2016141,9723,382N/A11,492N/A12/31/2015151,1404,151N/A12,033N/A9/30/2015161,7531,761N/A15,188N/A6/30/2015173,3851,707N/A15,300N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: BCPの予測収益成長率 (年間7.2% ) は 貯蓄率 ( 2.2% ) を上回っています。収益対市場: BCPの収益 ( 7.2% ) TH市場 ( 10.3% ) よりも低い成長が予測されています。高成長収益: BCPの収益は増加すると予測されていますが、大幅には増加しません。収益対市場: BCPの収益 ( 0.8% ) TH市場 ( 9.6% ) よりも低い成長が予測されています。高い収益成長: BCPの収益 ( 0.8% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: BCPの 自己資本利益率 は、3年後には低くなると予測されています ( 11.5 %)。成長企業の発掘7D1Y7D1Y7D1YEnergy 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/20 07:37終値2026/05/20 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Bangchak Corporation Public Company Limited 13 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。26 アナリスト機関Nalinrat KittikumpolratAsia Plus Securities Company LimitedKomsun SuksumrunBofA Global ResearchSuppata SrisukBualuang Securities PCL23 その他のアナリストを表示
Major Estimate Revision • Feb 14Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿5.47 to ฿4.80 per share. Revenue forecast steady at ฿515.2b. Net income forecast to grow 924% next year vs 40% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿39.93 to ฿41.07. Share price rose 11% to ฿36.00 over the past week.
Major Estimate Revision • Feb 08Consensus EPS estimates fall by 19%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿533.7b to ฿564.8b. EPS estimate fell from ฿3.66 to ฿2.96 per share. Net income forecast to grow 729% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿42.04. Share price rose 3.6% to ฿35.75 over the past week.
Major Estimate Revision • Nov 14Consensus EPS estimates fall by 37%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿531.4b to ฿542.6b. EPS estimate fell from ฿6.28 to ฿3.98 per share. Net income forecast to grow 1,006% next year vs 9.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿46.50 to ฿44.73. Share price fell 7.6% to ฿30.50 over the past week.
Major Estimate Revision • Jul 25Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿7.69 to ฿6.90 per share. Revenue forecast steady at ฿513.6b. Net income forecast to shrink 23% next year vs 3.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿50.64 to ฿49.59. Share price fell 5.6% to ฿34.00 over the past week.
お知らせ • Apr 05Bangchak Corporation Public Company Limited Notifies to Shutdown from May 7, 2024 to June 2, 2024 for Maintenance of Bangchak RefineryBangchak Corporation Public Company Limited has planned to the turnaround Maintenance of Bangchak Refinery. This Maintenance is a normal plan.The Company would like to notify the scheduled 27 day-period shutdown from May 7, 2024 to June 2, 2024. The Company has planned to cope with this shutdown by taking various measures and arrangements to support the business operations, preparing inventories with crude and oil products, as well as securing purchases of additional supplies to ensure sufficient reserves to serve customer demands and legal compliance. Please be informed according.
Major Estimate Revision • Feb 07Consensus EPS estimates increase by 22%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿340.7b to ฿346.3b. EPS estimate increased from ฿8.95 to ฿10.94 per share. Net income forecast to shrink 21% next year vs 1.9% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿48.19 unchanged from last update. Share price was steady at ฿42.75 over the past week.
Reported Earnings • May 16First quarter 2026 earnings released: EPS: ฿4.17 (vs ฿1.54 in 1Q 2025)First quarter 2026 results: EPS: ฿4.17 (up from ฿1.54 in 1Q 2025). Revenue: ฿142.5b (up 5.9% from 1Q 2025). Net income: ฿6.14b (up 190% from 1Q 2025). Profit margin: 4.3% (up from 1.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
お知らせ • Apr 13+ 1 more updateBangchak Corporation Public Company Limited Approves Final Dividend for 2025, Payable on April 24, 2026Bangchak Corporation Public Company Limited held its 2026 Annual General Meeting of Shareholders on April 10, 2026 resolved to approve the allocation of profit on retained earnings for a final dividend payment of 2025 performance, at the rate of THB 1.05 per share, totalling approximately THB 1,546 million, with no interim dividend paid for the first-half-year operations of the year, by the majority vote of shareholders attending the meeting and casting their votes. The Record Date for determining shareholders entitled to receive the dividend was be March 4, 2026, and the dividend payment date shall be April 24, 2026.
Declared Dividend • Feb 20Dividend of ฿1.05 announcedShareholders will receive a dividend of ฿1.05. Ex-date: 2nd March 2026 Payment date: 24th April 2026 Dividend yield will be 2.9%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 5.2% to bring the payout ratio under control. EPS is expected to grow by 123% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.
お知らせ • Feb 19Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 10, 2026Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 10, 2026, at 13:30 SE Asia Standard Time.
Reported Earnings • Feb 16Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: EPS: ฿2.08 (up from ฿1.30 in FY 2024). Revenue: ฿507.6b (down 14% from FY 2024). Net income: ฿2.88b (up 61% from FY 2024). Profit margin: 0.6% (up from 0.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance.
Major Estimate Revision • Feb 14Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿5.47 to ฿4.80 per share. Revenue forecast steady at ฿515.2b. Net income forecast to grow 924% next year vs 40% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿39.93 to ฿41.07. Share price rose 11% to ฿36.00 over the past week.
お知らせ • Feb 14Bangchak Corporation Public Company Limited (SET:BCP) agreed to acquire Chevron Hong Kong Limited from Chevron Corporation (NYSE:CVX) for $270 million.Bangchak Corporation Public Company Limited (SET:BCP) agreed to acquire Chevron Hong Kong Limited from Chevron Corporation (NYSE:CVX) for $270 million on February 12, 2026. Bangchak Corporation Public Company Limited signed a share purchase agreement to acquire Chevron Hong Kong Limited from Chevron Corporation on February 13, 2026. A cash consideration of $270 million will be paid by Bangchak Corporation Public Company Limited. The final purchase price will be subject to conditions and terms of price adjustments as specified under the share purchase agreement. Bangchak will pay the purchase price in cash. Bangchak plans to use credit facilities from financial institutions, which are sufficient to support the transaction. Following the transaction Bangchak will proceed with the change of the name of Chevron Hong Kong Limited (CHK) to Bangchak Hong Kong Limited. The deal has been approved by Bangchak Corporation Public Company Limited board. The closing of the transaction will take place around middle of 2026.
New Risk • Jan 06New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.9% 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: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by earnings (95% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results.
お知らせ • Dec 31Bangchak Corporation Public Company Limited(SET:BCP) dropped from SET 50 IndexBangchak Corporation Public Company Limited has been dropped from the SET 50 Index
お知らせ • Nov 28Bangchak 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.
お知らせ • Nov 27Bangchak Corporation Public Company Limited (SET:BCP) announces an Equity Buyback for 29,500,000 shares, representing 2.14% for THB 1,100 million.Bangchak Corporation Public Company Limited (SET:BCP) announces a share repurchase program. Under the program, the company will repurchase up to 2,95,00,000 shares for THB 1,100 million. The share repurchase price will not exceed 115 percent of the average share closing price for 5 working days prior to the share repurchase date. The purpose of the program is to to strengthen investor confidence in the Company’s financial position, business fundamentals, and future profitability, to improve returns to shareholders through an increased return on equity (ROE) and earnings per share (EPS), to benefit to shareholders and reflect the Company’s prudent financial management, ensuring that excess liquidity is deployed effectively for the benefit of the Company. The repurchase program will expire on June 15, 2026.
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: ฿0.80 (vs ฿1.61 loss in 3Q 2024)Third quarter 2025 results: EPS: ฿0.80 (up from ฿1.61 loss in 3Q 2024). Revenue: ฿123.3b (down 20% from 3Q 2024). Net income: ฿1.11b (up ฿3.33b from 3Q 2024). Profit margin: 0.9% (up from net loss in 3Q 2024). Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to grow by 1.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
New Risk • Aug 08New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 08Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: ฿1.86 loss per share (down from ฿1.23 profit in 2Q 2024). Revenue: ฿125.8b (down 20% from 2Q 2024). Net loss: ฿2.56b (down 251% from profit in 2Q 2024). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 68%. Revenue is forecast to decline by 3.0% 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 52% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
New Risk • Jul 07New minor risk - Dividend sustainabilityThe dividend is not well covered by earnings. Payout ratio: 91% Dividend yield: 3.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (112% net debt to equity). Dividend is not well covered by earnings (91% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin).
Valuation Update With 7 Day Price Move • Jun 20Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿30.75, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Oil and Gas industry in Thailand. Total returns to shareholders of 14% over the past three years.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: ฿1.54 (vs ฿1.68 in 1Q 2024)First quarter 2025 results: EPS: ฿1.54 (down from ฿1.68 in 1Q 2024). Revenue: ฿134.6b (flat on 1Q 2024). Net income: ฿2.12b (down 8.5% from 1Q 2024). Profit margin: 1.6% (down from 1.7% in 1Q 2024). Revenue is forecast to decline by 4.0% 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 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
お知らせ • Apr 13+ 1 more updateBangchak Corporation Public Company Limited Approves Final Dividend for the Second-Half-Year Operations of 2024, Payable on April 24, 2025Bangchak Corporation Public Company Limited at its AGM held on April 11, 2025, resolved final dividend payment for the second-half-year operations of 2024 at the rate of THB 0.45 per share be approved. When combining the final dividend with the interim dividend payment at the rate of THB 0.60 per share, the total 2024 dividend is THB 1.05 per share, totaling approximately THB 1,444 million. The Record Date for an ascertaining entitlement to a proposed dividend was March 14, 2025 and the dividend payment date is April 24, 2025.
お知らせ • Mar 01Bangchak Corporation Public Company Limited Announces Restirement of Sukrit Surabotsopon as DirectorBangchak Corporation Public Company Limited announced that Mr. Sukrit Surabotsopon retiring as director.
Declared Dividend • Feb 24Final dividend reduced to ฿0.45Dividend of ฿0.45 is 70% lower than last year. Ex-date: 13th March 2025 Payment date: 24th April 2025 Dividend yield will be 2.8%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 178% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 21Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: EPS: ฿1.30 (down from ฿9.27 in FY 2023). Revenue: ฿589.9b (up 53% from FY 2023). Net income: ฿2.18b (down 83% from FY 2023). Profit margin: 0.4% (down from 3.3% in FY 2023). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 55%. Revenue is forecast to decline by 2.6% 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 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings.
お知らせ • Feb 21Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2025Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2025, at 13:30 SE Asia Standard Time.
お知らせ • Feb 20Bangchak Corporation Public Company Limited Proposes Final Dividend Payment for the Second-Half-Year Operations of 2024, Payable on April 24, 2025Bangchak Corporation Public Company Limited proposed the allocation of profit from unappropriated retained earnings for a final dividend payment for the second-half-year operations of 2024 at the rate of THB 0.45 per share be proposed to the shareholders for their approval at the 2025 Annual General Meeting of Shareholders. When combining the proposed final dividend with the interim dividend payment at the rate of THB 0.60 per share, the total 2024 dividend will be THB 1.05 per share, totaling approximately THB 1,444 million. The Record Date for an ascertaining entitlement to a proposed dividend is March 14, 2025. The dividend payment date is April 24, 2025. However, the entitlement to receive the dividends is uncertain because it has yet to be approved by the shareholders.
お知らせ • Feb 14Bangchak Corporation Public Company Limited Announces the Appointment of Pol. Gen. Suwat Jangyodsuk as Chairman of the Board of DirectorsBangchak Corporation Public Company Limited announced the appointment of Pol. Gen. Suwat Jangyodsuk as Chairman of the Board of Directors, effective Feb. 17, 2025.
Major Estimate Revision • Feb 08Consensus EPS estimates fall by 19%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿533.7b to ฿564.8b. EPS estimate fell from ฿3.66 to ฿2.96 per share. Net income forecast to grow 729% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿42.04. Share price rose 3.6% to ฿35.75 over the past week.
お知らせ • Jan 27Bangchak Corporation Public Company Limited Announces Appointment of Pol. Gen. Suwat Jangyodsuk as an Independent DirectorBangchak Corporation Public Company Limited announced that the Board of Directors' Meeting No. 1/2025 held on January 27, 2025 resolved the appointment of Pol. Gen. Suwat Jangyodsuk as an independent director to replace Mr. Narin Kalayanamit, the resigning director, with effect from January 27, 2025 onward, as proposed by the Nomination and Remuneration Committee.
お知らせ • Jan 14Bangchak Corporation Public Company Limited Announces Resignation of Narin Kalayanamit as Director and Chairman of the Sustainability and Corporate Governance CommitteeBangchak Corporation Public Company Limited notified the Stock Exchange of Thailand that Mr. Narin Kalayanamit has resigned from his director position and Chairman of the Sustainability and Corporate Governance Committee due to his important matters with effective January 13, 2025. The Company is currently in the process of selection and nomination of replacement director and will promptly notify the SET of the result thereof.
お知らせ • Dec 31Bangchak Corporation Public Company Limited(SET:BCP) dropped from SET 50 IndexBangchak Corporation Public Company Limited dropped from the SET 50 Index.
Valuation Update With 7 Day Price Move • Dec 25Investor sentiment improves as stock rises 28%After last week's 28% share price gain to ฿34.50, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Thailand. Total returns to shareholders of 61% over the past three years.
New Risk • Dec 19New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% 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 (118% net debt to equity). Dividend is not well covered by earnings (419% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin).
Major Estimate Revision • Nov 14Consensus EPS estimates fall by 37%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿531.4b to ฿542.6b. EPS estimate fell from ฿6.28 to ฿3.98 per share. Net income forecast to grow 1,006% next year vs 9.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿46.50 to ฿44.73. Share price fell 7.6% to ฿30.50 over the past week.
Reported Earnings • Nov 09Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2024 results: ฿1.61 loss per share (down from ฿7.91 profit in 3Q 2023). Revenue: ฿154.2b (up 63% from 3Q 2023). Net loss: ฿2.09b (down 119% from profit in 3Q 2023). Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to decline by 4.4% 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 2% per year whereas the company’s share price has increased by 7% per year.
お知らせ • Oct 10Bangchak Corporation Public Company Limited Announces Resignation of Phairoj Chotikasatien as Director and Member of Sustainability and Corporate Governance CommitteeBangchak Corporation Public Company Limited announced that Mr. Phairoj Chotikasatien has resigned from his director position and member of Sustainability and Corporate Governance Committee due to his retirement from the government official with effective October 10, 2024.
お知らせ • Oct 02Bangchak Corporation Public Company Limited Announces Board ResignationsBangchak Corporation Public Company Limited announced the resignation of Mrs. Woranuch Phu-im has resigned from her director position and member of Sustainability and Corporate Governance Committee due to her retirement from the government official with effective October 1, 2024. Mr. Chanvit Nakburee has resigned from his director position and member of Nomination and Remuneration Committee due to his retirement from the government official with effective October 1, 2024.
Declared Dividend • Aug 24First half dividend increased to ฿0.60Dividend of ฿0.60 is 20% higher than last year. Ex-date: 4th September 2024 Payment date: 17th September 2024 Dividend yield will be 5.9%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range.
お知らせ • Aug 22Bangchak Corporation Public Company Limited Announces Interim Cash Dividend, Payable on September 17, 2024Bangchak Corporation Public Company Limited announced interim cash dividend of THB 0.60 per share. Record date for the right to receive dividends: September 5, 2024. Ex-dividend date: September 4, 2024. Payment date: September 17, 2024. Date of Board resolution: August 22, 2024.
New Risk • Aug 13New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Minor Risks High level of debt (84% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.
Reported Earnings • Aug 09Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2024 results: EPS: ฿1.23 (up from ฿0.24 in 2Q 2023). Revenue: ฿158.1b (up 132% from 2Q 2023). Net income: ฿1.82b (up 448% from 2Q 2023). Profit margin: 1.2% (up from 0.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to decline by 1.2% 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 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Jul 25Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿7.69 to ฿6.90 per share. Revenue forecast steady at ฿513.6b. Net income forecast to shrink 23% next year vs 3.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿50.64 to ฿49.59. Share price fell 5.6% to ฿34.00 over the past week.
お知らせ • Apr 27Bangchak Corporation Public Company Limited Announces Appointment of Director and Acting Chairman of the Board of DirectorsBangchak Corporation Public Company Limited at its board meeting approved the appointment of Mr. Paroche Hutacharoen as an independent director to replace Mr. Pichai Chunhavajira, the resigning director, as proposed by the Nomination and Remuneration Committee; and the appointment of Mr. Prasong Poontaneat, the Vice Chairman, as an Acting Chairman of the Board of Directors, effective on April 26, 2024 onward.
お知らせ • Apr 26Bangchak Corporation Public Company Limited Announces Resignation of Pichai Chunhavajira as Director and Chairperson of the BoardBangchak Corporation Public Company Limited announced that Mr. Pichai Chunhavajira, the director and the chairperson of the board of directors resigned from the position of director and chairperson of the board of directors due to his numerous responsibilities with effective April 25, 2024.
お知らせ • Apr 18Bangchak Corporation Public Company Limited Announces Board and Committee ChangesBangchak Corporation Public Company Limited announced that at its board meeting held on April 17, 2024, resolved the significant resolutions as follows: the appointment of Mr. Patiparn Sukorndhaman as an independent director to replace Mrs. Vilai Chattanrassamee, the resigning independent director as proposed by the Nomination and Remuneration Committee with effective April 17, 2024; and the appointment of Mr. Surin Chiravisit as member of the sustainability and corporate governance committee and cessation of audit committee member with effective April 17, 2024. However, no new Audit Committee member has been appointed to replace Mrs. Vilai Chattanrassamee and Mr. Surin Chiravisit as the remaining number of the Audit Committee members is in compliance with the requirement of the Capital Market Supervisory Board. Mrs. Vilai Chattanrassamee resigned from her independent director position and member of Audit Committee due to her other personal matters with effective April 16, 2024.
お知らせ • Apr 11Bangchak Corporation Public Company Limited Approves Final Dividend for the Second Half Year 2023, Payable on April 24, 2024Bangchak Corporation Public Company Limited announced that at its AGM held on April 11, 2024, shareholders approved the final dividend payment for the second-half-year operations of 2023 at the rate of THB 1.50 per share. When combining the final dividend with the interim dividend payment at the rate of THB 0.50 per share, the total 2023 dividend shall be THB 2.00 per share, totaling approximately THB 2,754 million. The Record Date for an ascertaining entitlement to a proposed dividend was March 7, 2024, and the dividend payment date is April 24, 2024.
お知らせ • Apr 05Bangchak Corporation Public Company Limited Notifies to Shutdown from May 7, 2024 to June 2, 2024 for Maintenance of Bangchak RefineryBangchak Corporation Public Company Limited has planned to the turnaround Maintenance of Bangchak Refinery. This Maintenance is a normal plan.The Company would like to notify the scheduled 27 day-period shutdown from May 7, 2024 to June 2, 2024. The Company has planned to cope with this shutdown by taking various measures and arrangements to support the business operations, preparing inventories with crude and oil products, as well as securing purchases of additional supplies to ensure sufficient reserves to serve customer demands and legal compliance. Please be informed according.
Upcoming Dividend • Feb 28Upcoming dividend of ฿1.50 per shareEligible shareholders must have bought the stock before 06 March 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (6.0%).
お知らせ • Feb 23+ 1 more updateBangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2024Bangchak Corporation Public Company Limited, Annual General Meeting, Apr 11, 2024, at 13:30 SE Asia Standard Time. Location: Bai Mai 1-4, 2098 M Tower Building Floor 8, Sukhumvit Rd, Phra Khanong Tai Phra Khanong Thailand Agenda: To acknowledge the Board of Directors report on 2023 performance statement; To consider and approve audited financial statements for the year ended December 31, 2023; to consider and approve the allocation of profit for dividend payments for 2023 performance; to consider and approve the election of directors in place of those retiring by rotation; to consider and determine the directors' remuneration; to consider and approve the appointment of the Company's auditors and their remuneration; and to consider other business (if any).
Reported Earnings • Feb 23Full year 2023 earnings released: EPS: ฿9.27 (vs ฿8.89 in FY 2022)Full year 2023 results: EPS: ฿9.27 (up from ฿8.89 in FY 2022). Revenue: ฿385.9b (up 24% from FY 2022). Net income: ฿13.2b (up 9.6% from FY 2022). Profit margin: 3.4% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% 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 58% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Feb 07Consensus EPS estimates increase by 22%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿340.7b to ฿346.3b. EPS estimate increased from ฿8.95 to ฿10.94 per share. Net income forecast to shrink 21% next year vs 1.9% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿48.19 unchanged from last update. Share price was steady at ฿42.75 over the past week.
お知らせ • Nov 17Ratrimani Pasiphol to Assume the Position of Chief Transformation & Synergy Realization Officer of Bangchak Corporation Public Company Limited, effective November 16, 2023Bangchak Sriracha Public Company Limited notified the Stock Exchange of Thailand of the change to the Company Organization Chart and the Company's executives as follows: Effective November 16, 2023, Mrs. Ratrimani Pasiphol shall assume the position of Chief Transformation & Synergy Realization Officer of Bangchak Corporation Public Company Limited and shall cease to be the Managing Director and Chief Finance Officer of the Company. Mrs. Ratrimani Pasiphol, however, shall continue to serve as director if the Company.
New Risk • Nov 09New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 22% 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 Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks High level of debt (79% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.
Reported Earnings • Nov 09Third quarter 2023 earnings released: EPS: ฿7.91 (vs ฿1.73 in 3Q 2022)Third quarter 2023 results: EPS: ฿7.91 (up from ฿1.73 in 3Q 2022). Revenue: ฿94.3b (up 26% from 3Q 2022). Net income: ฿11.0b (up 370% from 3Q 2022). Profit margin: 12% (up from 3.1% in 3Q 2022). Revenue is forecast to grow 15% p.a. on average 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 75% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth.
お知らせ • Nov 01Bangchak Corporation Public Company Limited Announces Executive ChangesBangchak Corporation Public Company Limited announced that the Company's Board of Directors Meeting No. 13/2023 held on Tuesday, 31 October 2023, resolved to approve the appointment of Mr. Pairoj Chotikasatien as the Company's director, with effect from 31 October 2023 onwards, in replacement of Mr. Boonchob Suthamanuswong, the resigned director, as proposed by the Nomination and Remuneration Committee.
Major Estimate Revision • Oct 26Consensus EPS estimates increase by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿301.1b to ฿314.3b. EPS estimate increased from ฿5.19 to ฿6.10 per share. Net income forecast to grow 64% next year vs 2.3% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿44.86. Share price was steady at ฿40.00 over the past week.
お知らせ • Oct 25Bangchak Corporation Public Company Limited Announces Mr. Boonchob Suthamanuswong Resigns as Director, and Member of the Sustainability and Corporate Governance CommitteeBangchak Corporation Public Company Limited informed that Mr. Boonchob Suthamanuswong has resigned as the Company's Director, and Member of the Sustainability and Corporate Governance Committee, due to the retirement from the government official, with effect from 1 October 2023 onwards. In this regard, the Company is currently in the nomination process for the appointment of the new director in replacement of the resigned director and shall inform respectively.
Major Estimate Revision • Sep 14Consensus EPS estimates increase by 15%The consensus outlook for fiscal year 2023 has been updated. 2023 consensus EPS increased from ฿4.69 to ฿5.39. Revenues were reaffirmed at ฿301.1b. Net income forecast to grow 32% next year vs 17% growth forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿42.97 to ฿43.86. Share price rose 4.6% to ฿39.75 over the past week.
お知らせ • Sep 01Bangchak Corporation Public Company Limited (SET:BCP) completed the acquisition of 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited.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 THB 22.6 billion on January 11, 2023. In a related transaction, Bangchak Corporation Public Company Limited (SET:BCP) will launch a tender offer to acquire the remaining shares. As part of transaction, 2,283,750,000 shares will be acquired for THB 9.8986 per share. 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 shareholder's approval, and regulatory approvals. As of January 11, 2023, the transaction has been approved by the board of Bangchak Corporation Public Company Limited. As of April 11, 2023, the transaction has been approved by the shareholders of Bangchak Corporation Public Company Limited. The transaction is expected to close in the second half of 2023. As of March 16, 2023. TOTAL VALUE OF 65.99% SHARES IN ESSO (THAILAND) CALCULATED IN ACCORDANCE WITH PURCHASE PRICE ADJUSTMENT MECHANISM WILL BE AT THB 20,956 Million. As of July 18, 2023, the transaction is approved by Trade Competition Commission Thailand. J.P. Morgan Securities LLC acted as financial advisor to Bangchak Corporation. Min-tze Lean and Pornpinant Asawawattanaporn of Wong & Leow LLC acted as a legal advisor to ExxonMobil Asia Holding Private Limited. Samata Masagee of DLA Piper Venture Pipeline acted as a financial advisor to Bangchak Corporation Public Company Limited (SET:BCP). DLA Piper (Thailand) Company acted as legal advisor to Bangchak Corporation Public Company Limited. Bangchak Corporation Public Company Limited (SET:BCP) completed the acquisition of 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited on August 31, 2023. On completion, BCP acquired 2,283.750 million ordinary share of ESSO.
Upcoming Dividend • Aug 30Upcoming dividend of ฿0.50 per share at 3.8% yieldEligible shareholders must have bought the stock before 06 September 2023. Payment date: 19 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (6.2%).
お知らせ • Aug 25Bangchak Corporation Public Company Limited Announces Interim Cash Dividend, Payable on 19 September 2023Bangchak Corporation Public Company Limited announced interim cash dividend of THB 0.50 per share. Record date for the right to receive dividends is 7 September 2023. Ex-dividend date is 6 September 2023. Payment date is 19 September 2023.
New Risk • Aug 10New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.9% net profit margin).
Reported Earnings • Aug 10Second quarter 2023 earnings: EPS and revenues miss analyst expectationsSecond quarter 2023 results: EPS: ฿0.36 (down from ฿3.79 in 2Q 2022). Revenue: ฿68.0b (down 19% from 2Q 2022). Net income: ฿581.1m (down 89% from 2Q 2022). Profit margin: 0.9% (down from 6.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 5.6% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 23Bangchak Corporation Public Company Limited Announces Directorate ChangesAt its meeting No. 9/2023 held on July 20, 2023, the Board of Directors of Bangchak Corporation Public Company Limited resolved to appoint Maj. Gen. Yuttasak Raksereepitak as a director on July 20, 2023, replacing Gen. Songwit Noonpackdee who had resigned, as proposed by the Nomination and Remuneration Committee.
お知らせ • Jun 23Bangchak Corporation Public Company Limited Announces Resignation of Songwit Noonpackdee as Director, Effective from June 23, 2023Bangchak Corporation Public Company Limited announced that Gen. Songwit Noonpackdee as the Director has resigned from the Company' s Director, which is effective from June 23, 2023. Consequently, the Company will then proceed with the appointment of the new director and will inform later.
Reported Earnings • May 13First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2023 results: EPS: ฿1.91 (down from ฿3.12 in 1Q 2022). Revenue: ฿80.4b (up 16% from 1Q 2022). Net income: ฿2.74b (down 35% from 1Q 2022). Profit margin: 3.4% (down from 6.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Feb 24Upcoming dividend of ฿1.00 per share at 6.7% yieldEligible shareholders must have bought the stock before 03 March 2023. Payment date: 24 April 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of Thai dividend payers (5.5%). In line with average of industry peers (6.3%).
Reported Earnings • Feb 22Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: ฿8.89 (up from ฿5.25 in FY 2021). Revenue: ฿312.2b (up 57% from FY 2021). Net income: ฿12.6b (up 77% from FY 2021). Profit margin: 4.0% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is expected to fall by 9.7% p.a. on average during the next 2 years compared to a 6.9% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
お知らせ • Jan 28Bangchak Corporation Public Company Limited Appoints Chanvit Nakburee as a DirectorBangchak Corporation Public Company Limited announced that at its meeting No. 2/2023 held on January 27, 2023, the Board of Directors of Bangchak Corporation Public Company Limited resolved to appoint Mr. Chanvit Nakburee as a director on January 27, 2023, replacing Dr. Kulaya Tantitemit who had resigned, as proposed by the Nomination and Remuneration Committee.
Valuation Update With 7 Day Price Move • Jan 16Investor sentiment improved over the past weekAfter last week's 21% share price gain to ฿37.75, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 58% over the past three years.
お知らせ • Jan 13+ 1 more updateBangchak Corporation Public Company Limited (SET:BCP) made an offer to acquire 34.01% stake in Esso (Thailand) Public Company Limited (SET:ESSO).Bangchak Corporation Public Company Limited (SET:BCP) made an offer to acquire 34.01% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from South East Asia UK (Type C) Nominees Limited, Vayupak Fund1, managed by MFC Asset Management Public Company Limited (SET:MFC) and Krung Thai Asset Management Public Co. Ltd. and others on January 11, 2023. In related transaction, Bangchak Corporation Public Company Limited entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion on January 11, 2023. As per the transaction Bangchak Corporation Public Company Limited will acquire 1.2 billion shares of in Esso (Thailand) Public Company Limited. The transaction is approved by board of directors of Bangchak Corporation Public Company Limited and is subject to shareholder's approval.
お知らせ • Jan 03Bangchak Corporation Public Company Limited Announces Resignation of Kulaya Tantitemit as DirectorBangchak Corporation Public Company Limited announced that Dr. Kulaya Tantitemit as the Director has resigned from the Company' s Director, which is effective from January 1, 2023.
Major Estimate Revision • Nov 16Consensus revenue estimates increase by 12%The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿286.3b to ฿320.3b. EPS estimate increased from ฿10.09 to ฿11.49 per share. Net income forecast to shrink 43% next year vs 2.5% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿38.05 unchanged from last update. Share price fell 3.0% to ฿32.00 over the past week.
Reported Earnings • Nov 10Third quarter 2022 earnings released: EPS: ฿1.73 (vs ฿1.25 in 3Q 2021)Third quarter 2022 results: EPS: ฿1.73 (up from ฿1.25 in 3Q 2021). Revenue: ฿74.8b (up 57% from 3Q 2021). Net income: ฿2.47b (up 46% from 3Q 2021). Profit margin: 3.3% (down from 3.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Aug 24Upcoming dividend of ฿1.25 per shareEligible shareholders must have bought the stock before 31 August 2022. Payment date: 13 September 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (5.0%).
Major Estimate Revision • Aug 18Consensus revenue estimates increase by 24%The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿250.3b to ฿310.0b. EPS estimate increased from ฿6.75 to ฿9.23 per share. Net income forecast to shrink 30% next year vs 5.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿38.05. Share price rose 9.2% to ฿32.75 over the past week.
Reported Earnings • Aug 17Second quarter 2022 earnings released: EPS: ฿3.79 (vs ฿1.21 in 2Q 2021)Second quarter 2022 results: EPS: ฿3.79 (up from ฿1.21 in 2Q 2021). Revenue: ฿83.8b (up 91% from 2Q 2021). Net income: ฿5.15b (up 214% from 2Q 2021). Profit margin: 6.1% (up from 3.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.8% compared to a 1.4% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Aug 03Consensus EPS estimates increase by 17%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿238.1b to ฿242.4b. EPS estimate increased from ฿5.21 to ฿6.09 per share. Net income forecast to shrink 20% next year vs 15% growth forecast for Oil and Gas industry in Thailand . Consensus price target broadly unchanged at ฿37.60. Share price rose 2.5% to ฿30.25 over the past week.
Major Estimate Revision • Jun 16Consensus EPS estimates increase by 13%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿241.6b to ฿245.9b. EPS estimate increased from ฿4.02 to ฿4.55 per share. Net income forecast to shrink 41% next year vs 2.1% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿35.45. Share price fell 6.4% to ฿32.75 over the past week.
Reported Earnings • May 15First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿3.12 (up from ฿1.59 in 1Q 2021). Revenue: ฿69.1b (up 68% from 1Q 2021). Net income: ฿4.23b (up 96% from 1Q 2021). Profit margin: 6.1% (up from 5.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 5.4%, compared to a 13% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • May 12Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿222.8b to ฿251.7b. EPS estimate unchanged from ฿4.13 at last update. Oil and Gas industry in Thailand expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at ฿34.95. Share price fell 2.9% to ฿33.75 over the past week.
Major Estimate Revision • Mar 30Consensus EPS estimates increase by 12%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿207.7b to ฿210.7b. EPS estimate increased from ฿3.12 to ฿3.50 per share. Net income forecast to shrink 33% next year vs 5.3% growth forecast for Oil and Gas industry in Thailand . Consensus price target broadly unchanged at ฿33.65. Share price fell 2.5% to ฿29.50 over the past week.
Upcoming Dividend • Feb 23Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 02 March 2022. Payment date: 22 April 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (4.8%).
Reported Earnings • Feb 18Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿5.25 (up from ฿5.50 loss in FY 2020). Revenue: ฿199.4b (up 46% from FY 2020). Net income: ฿7.62b (up ฿15.1b from FY 2020). Profit margin: 3.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 13Third quarter 2021 earnings released: EPS ฿1.25 (vs ฿0.57 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿47.6b (up 42% from 3Q 2020). Net income: ฿1.82b (up ฿2.59b from 3Q 2020). Profit margin: 3.8% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Upcoming Dividend • Sep 01Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 08 September 2021. Payment date: 21 September 2021. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.0%).
Reported Earnings • May 13First quarter 2021 earnings released: EPS ฿1.68 (vs ฿3.49 loss in 1Q 2020)The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿41.4b (down 3.9% from 1Q 2020). Net income: ฿2.28b (up ฿7.07b from 1Q 2020). Profit margin: 5.5% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance.
Price Target Changed • Feb 22Price target raised to ฿28.36Up from ฿26.14, the current price target is an average from 10 analysts. The new target price is close to the current share price of ฿27.50. As of last close, the stock is up 10.0% over the past year.
Reported Earnings • Feb 20Full year 2020 earnings released: ฿5.50 loss per share (vs ฿1.18 profit in FY 2019)The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿136.5b (down 28% from FY 2019). Net loss: ฿6.97b (down ฿8.60b from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance.
Analyst Estimate Surprise Post Earnings • Feb 20Earnings beat expectations, revenue disappointsRevenue missed analyst estimates by 9.4%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 23%, compared to a 18% growth forecast for the Oil and Gas industry in Thailand.
Is New 90 Day High Low • Feb 15New 90-day high: ฿27.75The company is up 57% from its price of ฿17.70 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 ฿25.68 per share.
Price Target Changed • Jan 19Price target raised to ฿25.61Up from ฿22.86, the current price target is an average from 8 analysts. The new target price is close to the current share price of ฿26.50. As of last close, the stock is down 1.9% over the past year.
Price Target Changed • Jan 14Price target raised to ฿23.84Up from ฿22.15, the current price target is an average from 8 analysts. The new target price is 9.2% below the current share price of ฿26.25. As of last close, the stock is down 3.7% over the past year.
Is New 90 Day High Low • Jan 04New 90-day high: ฿22.20The company is up 44% from its price of ฿15.40 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿82.08 per share.
Is New 90 Day High Low • Nov 19New 90-day high: ฿18.30The company is up 6.0% from its price of ฿17.20 on 21 August 2020. The Thai market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. Its price trend is also similar to the Oil and Gas industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿64.82 per share.
Analyst Estimate Surprise Post Earnings • Nov 11Revenue and earnings miss expectationsRevenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 9.4% compared to a 2.2% decline forecast for the Oil and Gas industry in Thailand.
Reported Earnings • Nov 11Third quarter 2020 earnings released: ฿0.57 loss per shareThe company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿33.7b (down 28% from 3Q 2019). Net loss: ฿647.0m (down 275% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 108% 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 20New 90-day low: ฿14.40The company is down 28% from its price of ฿20.00 on 22 July 2020. The Thai market is down 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿51.32 per share.