View ValuationThis company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsBangchak Sriracha 将来の成長Future 基準チェック /36Bangchak Sriracha利益と収益がそれぞれ年間103.9%と0.3%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10.3% 119.1%なると予測されています。主要情報103.9%収益成長率119.12%EPS成長率Oil and Gas 収益成長4.2%収益成長率0.3%将来の株主資本利益率10.34%アナリストカバレッジGood最終更新日07 Nov 2025今後の成長に関する最新情報Price Target Changed • Mar 12Price target decreased by 18% to ฿6.34Down from ฿7.72, the current price target is an average from 5 analysts. New target price is 23% above last closing price of ฿5.15. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿0.90 next year compared to a net loss per share of ฿0.49 last year.Major Estimate Revision • Nov 07Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.67 to ฿0.57. Revenue forecast unchanged from ฿239.2b at last update. Net income forecast to shrink 41% next year vs 30% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿9.98 to ฿9.18. Share price fell 4.1% to ฿7.10 over the past week.Price Target Changed • Nov 06Price target decreased by 8.9% to ฿9.18Down from ฿10.08, the current price target is an average from 5 analysts. New target price is 29% above last closing price of ฿7.10. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.57 for next year compared to ฿0.62 last year.Major Estimate Revision • Oct 25Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿267.0b to ฿263.7b. EPS estimate also fell from ฿0.763 per share to ฿0.67 per share. Net income forecast to shrink 33% next year vs 14% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿9.98. Share price was steady at ฿7.60 over the past week.Major Estimate Revision • Aug 14Consensus revenue estimates increase by 15%, EPS downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿235.4b to ฿271.5b. EPS estimate fell from ฿1.17 to ฿1.05. Net income forecast to shrink 22% next year vs 22% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿10.98 to ฿10.08. Share price was steady at ฿6.90 over the past week.Price Target Changed • Aug 11Price target decreased by 8.2% to ฿10.08Down from ฿10.98, the current price target is an average from 5 analysts. New target price is 50% above last closing price of ฿6.70. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.62 last year.すべての更新を表示Recent updates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.New Risk • Nov 26New 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 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (90% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change).Board Change • Nov 01High number of new and inexperienced directorsThere are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Prachit Hawat is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.お知らせ • Sep 01Bangchak Sriracha Public Company Limited Announces Chief Accountant ChangesBangchak Sriracha Public Company Limited announced resignation of Miss Jomdhanat Boonnarach as Chief Accounting, Thailand Controller Effective Date of Termination: August 31, 2025. The company announced appointment of Mr. Apipat Jaruwattanakul as Chief Accountant, General Accounting & Financial Reporting Manager, effective September 01, 2025.Reported Earnings • May 07First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2025 results: EPS: ฿0.06 (down from ฿0.25 in 1Q 2024). Revenue: ฿55.2b (down 8.3% from 1Q 2024). Net income: ฿203.1m (down 76% from 1Q 2024). Profit margin: 0.4% (down from 1.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) exceeded analyst estimates by 50%. Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance.お知らせ • Apr 09Bangchak Sriracha Public Company Limited Approves to Omit Dividend Payment for the Year 2024 Ended 31 December 2024Bangchak Sriracha Public Company Limited at its AGM held on April 9, 2025, approved the omission of dividend payment of the operating results of the year 2024 ended 31 December 2024.Price Target Changed • Mar 12Price target decreased by 18% to ฿6.34Down from ฿7.72, the current price target is an average from 5 analysts. New target price is 23% above last closing price of ฿5.15. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿0.90 next year compared to a net loss per share of ฿0.49 last year.New Risk • Feb 26New 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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (92% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change).お知らせ • Feb 21Bangchak Sriracha Public Company Limited Omits to Pay Dividend for the Year Ended December 31, 2024Bangchak Sriracha Public Company Limited at its AGM to be held on April 9, 2025, to approve the omission of dividend payment of the operating results of the year 2024 ended 31 December 2024.Reported Earnings • Feb 20Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: ฿0.49 loss per share (down from ฿0.62 profit in FY 2023). Revenue: ฿245.4b (up 10% from FY 2023). Net loss: ฿1.69b (down 179% from profit in FY 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to decline by 7.2% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance.お知らせ • Feb 19Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 09, 2025Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 09, 2025, at 13:30 SE Asia Standard Time.お知らせ • Dec 27Bangchak Sriracha Public Company Limited Announces Director Changes, Effective January 1, 2025Bangchak Sriracha Public Company Limited at its Board of Directors Meeting held on 26 December 2024, acknowledged the resignation of Mr. Bundit Hansapaiboon from being the Company's Director, due to other commitments, effective from January 1, 2025 onwards. Approved the appointment of Mr. Anuwat Rungruangrattanagul as the Company's Director, in replacement of Mr. Bundit Hansapaiboon, who has resigned, effective from January 1, 2025 onwards. Mr. Anuwat Rungruangrattanagul shall retain his office as only Mr. Bundit Hansapaiboon was entitled to retain the same, as proposed by the Nomination and Remuneration Committee.Major Estimate Revision • Nov 07Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.67 to ฿0.57. Revenue forecast unchanged from ฿239.2b at last update. Net income forecast to shrink 41% next year vs 30% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿9.98 to ฿9.18. Share price fell 4.1% to ฿7.10 over the past week.Price Target Changed • Nov 06Price target decreased by 8.9% to ฿9.18Down from ฿10.08, the current price target is an average from 5 analysts. New target price is 29% above last closing price of ฿7.10. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.57 for next year compared to ฿0.62 last year.Major Estimate Revision • Oct 25Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿267.0b to ฿263.7b. EPS estimate also fell from ฿0.763 per share to ฿0.67 per share. Net income forecast to shrink 33% next year vs 14% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿9.98. Share price was steady at ฿7.60 over the past week.New Risk • Oct 24New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change).Valuation Update With 7 Day Price Move • Sep 24Investor sentiment improves as stock rises 21%After last week's 21% share price gain to ฿9.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 21% over the past three years.Upcoming Dividend • Aug 27Upcoming dividend of ฿0.08 per shareEligible shareholders must have bought the stock before 03 September 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.6%). Lower than average of industry peers (5.9%).お知らせ • Aug 22Bangchak Sriracha Public Company Limited Announces Interim Cash Dividend, Payable on September 17, 2024Bangchak Sriracha Public Company Limited announced interim cash dividend. Cash dividend payment; THB 0.08. Payment date; 17 September 2024. Ex-dividend date; 03-September-2024. Record date for the right to receive dividends; 04-September-2024.Major Estimate Revision • Aug 14Consensus revenue estimates increase by 15%, EPS downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿235.4b to ฿271.5b. EPS estimate fell from ฿1.17 to ฿1.05. Net income forecast to shrink 22% next year vs 22% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿10.98 to ฿10.08. Share price was steady at ฿6.90 over the past week.Price Target Changed • Aug 11Price target decreased by 8.2% to ฿10.08Down from ฿10.98, the current price target is an average from 5 analysts. New target price is 50% above last closing price of ฿6.70. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.62 last year.Reported Earnings • Aug 08Second quarter 2024 earnings: EPS exceeds analyst expectationsSecond quarter 2024 results: EPS: ฿0.06 (up from ฿0.37 loss in 2Q 2023). Revenue: ฿66.0b (up 28% from 2Q 2023). Net income: ฿221.3m (up ฿1.52b from 2Q 2023). Profit margin: 0.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Valuation Update With 7 Day Price Move • Jul 30Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿7.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 4.2% over the past three years.Price Target Changed • Jul 25Price target decreased by 8.3% to ฿10.98Down from ฿11.98, the current price target is an average from 5 analysts. New target price is 30% above last closing price of ฿8.45. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of ฿1.17 for next year compared to ฿0.62 last year.Major Estimate Revision • Jun 27Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.44 to ฿1.27. Revenue forecast unchanged from ฿222.1b at last update. Net income forecast to grow 34% next year vs 4.6% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.98. Share price was steady at ฿9.30 over the past week.Reported Earnings • May 09First quarter 2024 earnings released: EPS: ฿0.25 (vs ฿0.24 in 1Q 2023)First quarter 2024 results: EPS: ฿0.25 (up from ฿0.24 in 1Q 2023). Revenue: ฿63.6b (up 7.2% from 1Q 2023). Net income: ฿855.0m (up 3.7% from 1Q 2023). Profit margin: 1.3% (down from 1.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.お知らせ • Apr 10Bangchak Sriracha Public Company Limited Approves Dividend for the Year 2023, Payable on 9 May 2024Bangchak Sriracha Public Company Limited at its AGM held on 10 April 2024, approved the allocation of profits for legal reserves and dividend payments of the operating results of the year 2023, at the rate of THB 0.25 per share, with the following votes: The Company determines the shareholders' list entitled to receive the dividend by the Record Date on Tuesday, 12 March 2024. The dividend payment will be made on 9 May 2024.Upcoming Dividend • Mar 04Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 11 March 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (6.2%).Major Estimate Revision • Feb 28Consensus revenue estimates increase by 23%The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿230.4b to ฿282.8b. EPS estimate increased from ฿1.21 to ฿1.39 per share. Net income forecast to grow 126% next year vs 9.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.60. Share price rose 2.6% to ฿9.70 over the past week.お知らせ • Feb 22+ 2 more updatesBangchak Sriracha Public Company Limited, Annual General Meeting, Apr 10, 2024Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 10, 2024, at 13:30 SE Asia Standard Time. Agenda: To acknowledge the Board of Directors report on the 2023 performance statement; to consider and approve the Audited Financial Statements for the year ended 31 December 2023; to consider and approve the allocation of profits for legal reserves and dividend payments of the operating results of the year 2023; to consider and approve the election of the directors in replacement of the directors who retire by rotation, and the amendment to directors authorized to sign their names on behalf of the Company; to consider and approve the determination of directors' remuneration for the year 2024; to consider and approve the appointment of auditor and determination of auditor remuneration for the year 2024; to consider and approve the issuance and offering of debentures up to THB 30,000 million; and to consider Other business (if any).Reported Earnings • Feb 22Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2023 results: EPS: ฿0.62 (down from ฿2.75 in FY 2022). Revenue: ฿229.5b (down 6.9% from FY 2022). Net income: ฿2.14b (down 78% from FY 2022). Profit margin: 0.9% (down from 3.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.お知らせ • Dec 28Bangchak Sriracha Public Company Limited Announces Appointment of Jomdhanat Boonnarach as Thailand ControllerBangchak Sriracha Public Company Limited announced appointment of Miss Jomdhanat Boonnarach as Thailand Controller, Effective December 20, 2023.お知らせ • Dec 15Bangchak Sriracha Public Company Limited Announces Management ChangesBangchak Sriracha Public Company Limited notified the Stock Exchange of Thailand (‘SET’) that the board of directors at the board's meeting No. 16/2023 held on December 15, 2023 passed the following significant resolutions: The appointment of Mr. Somchai Kuvijitsuwan as an independent director to replace Mr. Poomsak Arunyakasemsuk, a resigning director effective December 15, 2023 for the remaining term of Mr. Poomsak Arunyakasemsuk. The increase of the Audit Committee Members from three (3) members to four (4) members and the appointment of Mr. Somchai Kuvijitsuwan as a new Audit Committee Member effective December 15, 2023. Thus, effective December 15, 2023, the Audit Committee shall consist of four (4) members as follows: Mr. Veerasak Kositpaisal, Chairman of the Audit Committee; Ms. Khaisri Utaiwan, Audit Committee Member; Ms. Prachit Hawat, Audit Committee Member; Mr. Somchai Kuvijitsuwan, Audit Committee Member. The appointment of Mr. Aukkanut Chanagool as the Company Secretary to replace Mrs. Angsna Pirentorn who will cease to be the appointed Company Secretary effective January 1, 2024. The updated company's organization effective January 1, 2024.Major Estimate Revision • Dec 02Consensus EPS estimates increase by 36%, revenue downgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿201.7b to ฿195.3b. EPS estimate rose from ฿0.76 to ฿1.04. Net income forecast to grow 76% next year vs 4.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.75. Share price fell 2.3% to ฿8.55 over the past week.お知らせ • Nov 17+ 2 more updatesBangchak Sriracha Public Company Limited Announces CFO ChangesBangchak Sriracha Public Company Limited appointed Matana Sutatham in place of Ratrimani Pasiphol as CFO. Effective Date is 16 November 2023.Reported Earnings • Nov 07Third quarter 2023 earnings released: EPS: ฿1.33 (vs ฿0.90 loss in 3Q 2022)Third quarter 2023 results: EPS: ฿1.33 (up from ฿0.90 loss in 3Q 2022). Revenue: ฿58.7b (down 6.9% from 3Q 2022). Net income: ฿4.60b (up ฿7.73b from 3Q 2022). Profit margin: 7.8% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.お知らせ • Sep 05+ 1 more updateEsso (Thailand) Public Company Limited Announces Appointment of Additional Senior ManagementEsso (Thailand) Public Company Limited announced that the Board of Directors' Meeting No. 12/2023 held on September 4, 2023 approved the significant matters as follows: The appointment of Mr. Warakorn Kosolpisitkul as the Senior Executive Vice President - Marketing; and The appointment of Mr. Anuwat Rungruangrattanagul as the Senior Executive Vice President - Refinery.Price Target Changed • Sep 05Price target increased by 14% to ฿11.58Up from ฿10.15, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ฿9.80. The company is forecast to post earnings per share of ฿1.31 for next year compared to ฿2.75 last year.お知らせ • Sep 01+ 1 more updateBangchak 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.New Risk • Aug 11New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 1.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.Reported Earnings • Aug 11Second quarter 2023 earnings released: ฿0.37 loss per share (vs ฿2.40 profit in 2Q 2022)Second quarter 2023 results: ฿0.37 loss per share (down from ฿2.40 profit in 2Q 2022). Revenue: ฿51.7b (down 24% from 2Q 2022). Net loss: ฿1.29b (down 116% from profit in 2Q 2022). Revenue is expected to fall by 6.5% p.a. on average during the next 3 years compared to a 5.5% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.Board Change • Aug 03Less than half of directors are independentThere are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Poomsak Aranyakasemsuk was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.お知らせ • May 05Esso (Thailand) Public Company Limited Announces Plant Shutdown for the Scheduled Maintenance and as Part of Preparation for Sriracha Euro 5 ProjectEsso (Thailand) Public Company Limited announced that its Refinery partially shut down for scheduled maintenance and as part of preparation for Sriracha Euro 5 Project in May 2023 with approximate duration of 1 month. With a well-controlled plan, the Company expects to meet customer requirements during this planned maintenance period.Upcoming Dividend • Apr 25Upcoming dividend of ฿0.30 per share at 7.0% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (6.0%). In line with average of industry peers (6.9%).Major Estimate Revision • Mar 18Consensus revenue estimates increase by 16%The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿192.4b to ฿223.7b. EPS estimate increased from ฿1.20 to ฿1.24 per share. Net income forecast to shrink 54% next year vs 18% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿11.63 to ฿10.83. Share price fell 2.8% to ฿8.80 over the past week.Reported Earnings • Feb 25Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: ฿2.75 (up from ฿1.28 in FY 2021). Revenue: ฿263.0b (up 57% from FY 2021). Net income: ฿9.51b (up 114% from FY 2021). Profit margin: 3.6% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 60%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is expected to fall by 15% p.a. on average during the next 2 years compared to a 7.0% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.お知らせ • Jan 31Esso (Thailand) Public Company Limited Announces Resignation of Vichan Nikornmalakul as DirectorEsso (Thailand) Public Company Limited announced that Mr. Vichan Nikornmalakul has resigned from the Director position with effect from January 30, 2023.お知らせ • Jan 28+ 1 more updateEsso (Thailand) Public Company Limited Announces Executive Changes, Effective on January 28, 2023Esso (Thailand) Public Company Limited announced that at its board meeting held on January 27, 2023, the board approved appointment of Mrs. Ratrimani Pasiphol as the Managing Director to replace Mr. Adisak Jangkamolkulchai with effect from January 28, 2023.Major Estimate Revision • Jan 18Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿3.40 to ฿3.00. Revenue forecast unchanged from ฿164.5b at last update. Net income forecast to shrink 39% next year vs 2.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿12.63 to ฿11.63. Share price fell 17% to ฿9.25 over the past week.Valuation Update With 7 Day Price Move • Jan 16Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿9.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿16.00 per share.お知らせ • Jan 13Bangchak Corporation Public Company Limited (SET:BCP) entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion.Bangchak Corporation Public Company Limited (SET:BCP) entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion on January 11, 2023. In a related transaction, Bangchak Corporation Public Company Limited (SET:BCP) will launch a tender offer to acquire remaining shares. The transaction is fully funded via a secured bank loan and BCP’s cash on hand. The transaction is subject to legal requirements and, antitrust approvals, Bangchak shareholders approval and regulatory approvals. and is expected to close in the second half of 2023.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Pornchai Thiraveja was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Upcoming Dividend • Sep 14Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 21 September 2022. Payment date: 06 October 2022. The company last paid an ordinary dividend in November 2011. The average dividend yield among industry peers is 5.2%.Price Target Changed • Jun 16Price target increased to ฿11.13Up from ฿9.18, the current price target is an average from 4 analysts. New target price is 5.7% below last closing price of ฿11.80. Stock is up 39% over the past year. The company is forecast to post earnings per share of ฿1.89 for next year compared to ฿1.28 last year.Valuation Update With 7 Day Price Move • Jun 09Investor sentiment improved over the past weekAfter last week's 17% share price gain to ฿12.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Oil and Gas industry in Thailand. Total returns to shareholders of 21% over the past three years.Reported Earnings • May 13First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿1.70 (up from ฿0.81 in 1Q 2021). Revenue: ฿57.7b (up 51% from 1Q 2021). Net income: ฿5.90b (up 112% from 1Q 2021). Profit margin: 10% (up from 7.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 4.5%, compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 27Price target increased to ฿8.85Up from ฿7.80, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿8.65. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of ฿1.62 for next year compared to ฿1.28 last year.Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Pornchai Thiraveja was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Price Target Changed • Mar 24Price target increased to ฿8.80Up from ฿7.45, the current price target is an average from 4 analysts. New target price is 6.0% above last closing price of ฿8.30. Stock is up 0.6% over the past year. The company is forecast to post earnings per share of ฿1.33 for next year compared to ฿1.28 last year.Reported Earnings • Feb 27Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿1.28 (up from ฿2.29 loss in FY 2020). Revenue: ฿167.2b (up 35% from FY 2020). Net income: ฿4.44b (up ฿12.4b from FY 2020). Profit margin: 2.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 5.1%, compared to a 9.1% growth forecast for the oil industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.Major Estimate Revision • Feb 26Consensus EPS estimates increase by 30%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿163.0b to ฿175.7b. EPS estimate increased from ฿1.12 to ฿1.46 per share. Net income forecast to grow 18% next year vs 2.2% growth forecast for Oil and Gas industry in Thailand. Consensus price target of ฿7.80 unchanged from last update. Share price was steady at ฿7.55 over the past week.Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.13 in 3Q 2020)The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿40.2b (up 36% from 3Q 2020). Net income: ฿46.3m (down 90% from 3Q 2020). Profit margin: 0.1% (down from 1.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings.Price Target Changed • Oct 04Price target decreased to ฿7.25Down from ฿8.10, the current price target is an average from 4 analysts. New target price is 12% below last closing price of ฿8.25. Stock is up 34% over the past year.Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.72 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿41.1b (up 73% from 2Q 2020). Net income: ฿858.1m (up ฿3.36b from 2Q 2020). Profit margin: 2.1% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance.Reported Earnings • May 15First quarter 2021 earnings released: EPS ฿0.81 (vs ฿1.82 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿39.3b (up 1.4% from 1Q 2020). Net income: ฿2.79b (up ฿9.10b from 1Q 2020). Profit margin: 7.1% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance.Price Target Changed • May 14Price target decreased to ฿6.70Down from ฿8.10, the current price target is an average from 2 analysts. New target price is 20% below last closing price of ฿8.35. Stock is up 44% over the past year.Analyst Estimate Surprise Post Earnings • Feb 25Earnings beat expectations, revenue disappointsRevenue missed analyst estimates by 7.9%. Earnings per share (EPS) exceeded analyst estimates by 449%. Over the next year, revenue is forecast to grow 28%, compared to a 23% growth forecast for the Oil and Gas industry in Thailand.Reported Earnings • Feb 24Full year 2020 earnings released: ฿2.29 loss per share (vs ฿0.89 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿126.7b (down 25% from FY 2019). Net loss: ฿7.91b (loss widened 158% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance.Is New 90 Day High Low • Feb 15New 90-day high: ฿9.25The company is up 31% from its price of ฿7.05 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿11.69 per share.Price Target Changed • Jan 19Price target raised to ฿8.10Up from ฿7.00, the current price target is an average from 4 analysts. The new target price is 10% below the current share price of ฿9.00. As of last close, the stock is up 24% over the past year.Is New 90 Day High Low • Jan 06New 90-day high: ฿8.55The company is up 33% from its price of ฿6.45 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿17.37 per share.Is New 90 Day High Low • Dec 08New 90-day high: ฿7.75The company is up 22% from its price of ฿6.35 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.05 per share.Is New 90 Day High Low • Nov 18New 90-day high: ฿7.15The company is up 8.0% from its price of ฿6.60 on 20 August 2020. The Thai market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿14.07 per share.Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.13The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿29.6b (down 25% from 3Q 2019). Net income: ฿466.7m (up ฿1.76b from 3Q 2019). Profit margin: 1.6% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 113% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings.Is New 90 Day High Low • Oct 19New 90-day low: ฿5.95The company is down 26% from its price of ฿8.00 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.52 per share.Is New 90 Day High Low • Sep 25New 90-day low: ฿6.05The company is down 13% from its price of ฿6.95 on 26 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Oil and Gas industry, which is also down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.81 per share.業績と収益の成長予測SET:BSRC - 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12/31/2027219,5533,0443,2606,043512/31/2026215,9412,8805,8388,009612/31/2025227,1895791,7255,10129/30/2025214,975-2,4903,7985,804N/A6/30/2025219,233-4,5686,6918,727N/A3/31/2025233,496-2,3416,9838,405N/A12/31/2024238,734-1,6895,6247,225N/A9/30/2024237,215-1,530-1,132741N/A6/30/2024235,5883,729-1,721231N/A3/31/2024223,4102,159-4,294-2,354N/A12/31/2023222,5627809,37811,420N/A9/30/2023228,2668816,28618,073N/A6/30/2023236,016-6,562-1,209457N/A3/31/2023252,0943,0857,4759,088N/A12/31/2022246,4879,508-5,398-3,858N/A9/30/2022234,39311,822-7,013-5,310N/A6/30/2022210,35814,9957,3628,977N/A3/31/2022182,7107,555-4,648-3,055N/A12/31/2021167,1514,443801,541N/A9/30/2021148,6634,1269772,125N/A6/30/2021139,3064,5471,3022,592N/A3/31/2021123,0701,1841,2542,674N/A12/31/2020123,649-7,911-1,078409N/A9/30/2020129,593-10,215-10,805-9,189N/A6/30/2020139,498-11,977-11,285-9,611N/A3/31/2020161,282-10,400-12,189-10,460N/A12/31/2019168,530-3,066-11,826-10,167N/A9/30/2019182,000-3,891-901758N/A6/30/2019193,685-1,493N/A1,172N/A3/31/2019198,2542,299N/A1,304N/A12/31/2018199,0592,225N/A2,103N/A9/30/2018197,3067,879N/A3,837N/A6/30/2018189,3459,873N/A9,065N/A3/31/2018179,7236,745N/A12,950N/A12/31/2017177,3567,288N/A11,219N/A9/30/2017168,9766,768N/A9,376N/A6/30/2017159,8613,238N/A4,526N/A3/31/2017159,5086,251N/A5,178N/A12/31/2016150,5006,649N/A7,316N/A9/30/2016149,2984,664N/A8,746N/A6/30/2016156,9603,425N/A9,529N/A3/31/2016161,8163,974N/A10,558N/A12/31/2015169,5351,700N/A6,926N/A9/30/2015174,941-4,900N/A5,189N/A6/30/2015187,976-6,058N/A3,423N/A3/31/2015202,481-9,985N/A2,066N/A12/31/2014218,187-10,307N/A-1,062N/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: BSRCは今後 3 年間で収益性が向上すると予測されており、これは 貯蓄率 ( 2.2% ) よりも高い成長率であると考えられます。収益対市場: BSRC今後 3 年間で収益性が向上すると予想されており、これは市場平均を上回る成長と考えられます。高成長収益: BSRC今後 3 年以内に収益を上げることが予想されます。収益対市場: BSRCの収益 ( 0.3% ) TH市場 ( 9.7% ) よりも低い成長が予測されています。高い収益成長: BSRCの収益 ( 0.3% ) 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: BSRC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 ( 10.3 %)。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2025/11/28 12:30終値2025/11/28 00:00収益2025/09/30年間収益2024/12/31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 Sriracha Public Company Limited 6 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。9 アナリスト機関Aekapop GuruvanichDeutsche BankSiriluck PinthusoonthornGloblex Securities Co. Ltd.Suwat SinsadokGloblex Securities Co. Ltd.6 その他のアナリストを表示
Price Target Changed • Mar 12Price target decreased by 18% to ฿6.34Down from ฿7.72, the current price target is an average from 5 analysts. New target price is 23% above last closing price of ฿5.15. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿0.90 next year compared to a net loss per share of ฿0.49 last year.
Major Estimate Revision • Nov 07Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.67 to ฿0.57. Revenue forecast unchanged from ฿239.2b at last update. Net income forecast to shrink 41% next year vs 30% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿9.98 to ฿9.18. Share price fell 4.1% to ฿7.10 over the past week.
Price Target Changed • Nov 06Price target decreased by 8.9% to ฿9.18Down from ฿10.08, the current price target is an average from 5 analysts. New target price is 29% above last closing price of ฿7.10. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.57 for next year compared to ฿0.62 last year.
Major Estimate Revision • Oct 25Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿267.0b to ฿263.7b. EPS estimate also fell from ฿0.763 per share to ฿0.67 per share. Net income forecast to shrink 33% next year vs 14% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿9.98. Share price was steady at ฿7.60 over the past week.
Major Estimate Revision • Aug 14Consensus revenue estimates increase by 15%, EPS downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿235.4b to ฿271.5b. EPS estimate fell from ฿1.17 to ฿1.05. Net income forecast to shrink 22% next year vs 22% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿10.98 to ฿10.08. Share price was steady at ฿6.90 over the past week.
Price Target Changed • Aug 11Price target decreased by 8.2% to ฿10.08Down from ฿10.98, the current price target is an average from 5 analysts. New target price is 50% above last closing price of ฿6.70. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.62 last year.
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.
New Risk • Nov 26New 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 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (90% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change).
Board Change • Nov 01High number of new and inexperienced directorsThere are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Prachit Hawat is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
お知らせ • Sep 01Bangchak Sriracha Public Company Limited Announces Chief Accountant ChangesBangchak Sriracha Public Company Limited announced resignation of Miss Jomdhanat Boonnarach as Chief Accounting, Thailand Controller Effective Date of Termination: August 31, 2025. The company announced appointment of Mr. Apipat Jaruwattanakul as Chief Accountant, General Accounting & Financial Reporting Manager, effective September 01, 2025.
Reported Earnings • May 07First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2025 results: EPS: ฿0.06 (down from ฿0.25 in 1Q 2024). Revenue: ฿55.2b (down 8.3% from 1Q 2024). Net income: ฿203.1m (down 76% from 1Q 2024). Profit margin: 0.4% (down from 1.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) exceeded analyst estimates by 50%. Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance.
お知らせ • Apr 09Bangchak Sriracha Public Company Limited Approves to Omit Dividend Payment for the Year 2024 Ended 31 December 2024Bangchak Sriracha Public Company Limited at its AGM held on April 9, 2025, approved the omission of dividend payment of the operating results of the year 2024 ended 31 December 2024.
Price Target Changed • Mar 12Price target decreased by 18% to ฿6.34Down from ฿7.72, the current price target is an average from 5 analysts. New target price is 23% above last closing price of ฿5.15. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿0.90 next year compared to a net loss per share of ฿0.49 last year.
New Risk • Feb 26New 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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (92% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change).
お知らせ • Feb 21Bangchak Sriracha Public Company Limited Omits to Pay Dividend for the Year Ended December 31, 2024Bangchak Sriracha Public Company Limited at its AGM to be held on April 9, 2025, to approve the omission of dividend payment of the operating results of the year 2024 ended 31 December 2024.
Reported Earnings • Feb 20Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: ฿0.49 loss per share (down from ฿0.62 profit in FY 2023). Revenue: ฿245.4b (up 10% from FY 2023). Net loss: ฿1.69b (down 179% from profit in FY 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to decline by 7.2% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance.
お知らせ • Feb 19Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 09, 2025Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 09, 2025, at 13:30 SE Asia Standard Time.
お知らせ • Dec 27Bangchak Sriracha Public Company Limited Announces Director Changes, Effective January 1, 2025Bangchak Sriracha Public Company Limited at its Board of Directors Meeting held on 26 December 2024, acknowledged the resignation of Mr. Bundit Hansapaiboon from being the Company's Director, due to other commitments, effective from January 1, 2025 onwards. Approved the appointment of Mr. Anuwat Rungruangrattanagul as the Company's Director, in replacement of Mr. Bundit Hansapaiboon, who has resigned, effective from January 1, 2025 onwards. Mr. Anuwat Rungruangrattanagul shall retain his office as only Mr. Bundit Hansapaiboon was entitled to retain the same, as proposed by the Nomination and Remuneration Committee.
Major Estimate Revision • Nov 07Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.67 to ฿0.57. Revenue forecast unchanged from ฿239.2b at last update. Net income forecast to shrink 41% next year vs 30% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿9.98 to ฿9.18. Share price fell 4.1% to ฿7.10 over the past week.
Price Target Changed • Nov 06Price target decreased by 8.9% to ฿9.18Down from ฿10.08, the current price target is an average from 5 analysts. New target price is 29% above last closing price of ฿7.10. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.57 for next year compared to ฿0.62 last year.
Major Estimate Revision • Oct 25Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿267.0b to ฿263.7b. EPS estimate also fell from ฿0.763 per share to ฿0.67 per share. Net income forecast to shrink 33% next year vs 14% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿9.98. Share price was steady at ฿7.60 over the past week.
New Risk • Oct 24New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change).
Valuation Update With 7 Day Price Move • Sep 24Investor sentiment improves as stock rises 21%After last week's 21% share price gain to ฿9.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 21% over the past three years.
Upcoming Dividend • Aug 27Upcoming dividend of ฿0.08 per shareEligible shareholders must have bought the stock before 03 September 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.6%). Lower than average of industry peers (5.9%).
お知らせ • Aug 22Bangchak Sriracha Public Company Limited Announces Interim Cash Dividend, Payable on September 17, 2024Bangchak Sriracha Public Company Limited announced interim cash dividend. Cash dividend payment; THB 0.08. Payment date; 17 September 2024. Ex-dividend date; 03-September-2024. Record date for the right to receive dividends; 04-September-2024.
Major Estimate Revision • Aug 14Consensus revenue estimates increase by 15%, EPS downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿235.4b to ฿271.5b. EPS estimate fell from ฿1.17 to ฿1.05. Net income forecast to shrink 22% next year vs 22% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿10.98 to ฿10.08. Share price was steady at ฿6.90 over the past week.
Price Target Changed • Aug 11Price target decreased by 8.2% to ฿10.08Down from ฿10.98, the current price target is an average from 5 analysts. New target price is 50% above last closing price of ฿6.70. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.62 last year.
Reported Earnings • Aug 08Second quarter 2024 earnings: EPS exceeds analyst expectationsSecond quarter 2024 results: EPS: ฿0.06 (up from ฿0.37 loss in 2Q 2023). Revenue: ฿66.0b (up 28% from 2Q 2023). Net income: ฿221.3m (up ฿1.52b from 2Q 2023). Profit margin: 0.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Valuation Update With 7 Day Price Move • Jul 30Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿7.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total returns to shareholders of 4.2% over the past three years.
Price Target Changed • Jul 25Price target decreased by 8.3% to ฿10.98Down from ฿11.98, the current price target is an average from 5 analysts. New target price is 30% above last closing price of ฿8.45. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of ฿1.17 for next year compared to ฿0.62 last year.
Major Estimate Revision • Jun 27Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.44 to ฿1.27. Revenue forecast unchanged from ฿222.1b at last update. Net income forecast to grow 34% next year vs 4.6% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.98. Share price was steady at ฿9.30 over the past week.
Reported Earnings • May 09First quarter 2024 earnings released: EPS: ฿0.25 (vs ฿0.24 in 1Q 2023)First quarter 2024 results: EPS: ฿0.25 (up from ฿0.24 in 1Q 2023). Revenue: ฿63.6b (up 7.2% from 1Q 2023). Net income: ฿855.0m (up 3.7% from 1Q 2023). Profit margin: 1.3% (down from 1.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
お知らせ • Apr 10Bangchak Sriracha Public Company Limited Approves Dividend for the Year 2023, Payable on 9 May 2024Bangchak Sriracha Public Company Limited at its AGM held on 10 April 2024, approved the allocation of profits for legal reserves and dividend payments of the operating results of the year 2023, at the rate of THB 0.25 per share, with the following votes: The Company determines the shareholders' list entitled to receive the dividend by the Record Date on Tuesday, 12 March 2024. The dividend payment will be made on 9 May 2024.
Upcoming Dividend • Mar 04Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 11 March 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (6.2%).
Major Estimate Revision • Feb 28Consensus revenue estimates increase by 23%The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿230.4b to ฿282.8b. EPS estimate increased from ฿1.21 to ฿1.39 per share. Net income forecast to grow 126% next year vs 9.2% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.60. Share price rose 2.6% to ฿9.70 over the past week.
お知らせ • Feb 22+ 2 more updatesBangchak Sriracha Public Company Limited, Annual General Meeting, Apr 10, 2024Bangchak Sriracha Public Company Limited, Annual General Meeting, Apr 10, 2024, at 13:30 SE Asia Standard Time. Agenda: To acknowledge the Board of Directors report on the 2023 performance statement; to consider and approve the Audited Financial Statements for the year ended 31 December 2023; to consider and approve the allocation of profits for legal reserves and dividend payments of the operating results of the year 2023; to consider and approve the election of the directors in replacement of the directors who retire by rotation, and the amendment to directors authorized to sign their names on behalf of the Company; to consider and approve the determination of directors' remuneration for the year 2024; to consider and approve the appointment of auditor and determination of auditor remuneration for the year 2024; to consider and approve the issuance and offering of debentures up to THB 30,000 million; and to consider Other business (if any).
Reported Earnings • Feb 22Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2023 results: EPS: ฿0.62 (down from ฿2.75 in FY 2022). Revenue: ฿229.5b (down 6.9% from FY 2022). Net income: ฿2.14b (down 78% from FY 2022). Profit margin: 0.9% (down from 3.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
お知らせ • Dec 28Bangchak Sriracha Public Company Limited Announces Appointment of Jomdhanat Boonnarach as Thailand ControllerBangchak Sriracha Public Company Limited announced appointment of Miss Jomdhanat Boonnarach as Thailand Controller, Effective December 20, 2023.
お知らせ • Dec 15Bangchak Sriracha Public Company Limited Announces Management ChangesBangchak Sriracha Public Company Limited notified the Stock Exchange of Thailand (‘SET’) that the board of directors at the board's meeting No. 16/2023 held on December 15, 2023 passed the following significant resolutions: The appointment of Mr. Somchai Kuvijitsuwan as an independent director to replace Mr. Poomsak Arunyakasemsuk, a resigning director effective December 15, 2023 for the remaining term of Mr. Poomsak Arunyakasemsuk. The increase of the Audit Committee Members from three (3) members to four (4) members and the appointment of Mr. Somchai Kuvijitsuwan as a new Audit Committee Member effective December 15, 2023. Thus, effective December 15, 2023, the Audit Committee shall consist of four (4) members as follows: Mr. Veerasak Kositpaisal, Chairman of the Audit Committee; Ms. Khaisri Utaiwan, Audit Committee Member; Ms. Prachit Hawat, Audit Committee Member; Mr. Somchai Kuvijitsuwan, Audit Committee Member. The appointment of Mr. Aukkanut Chanagool as the Company Secretary to replace Mrs. Angsna Pirentorn who will cease to be the appointed Company Secretary effective January 1, 2024. The updated company's organization effective January 1, 2024.
Major Estimate Revision • Dec 02Consensus EPS estimates increase by 36%, revenue downgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿201.7b to ฿195.3b. EPS estimate rose from ฿0.76 to ฿1.04. Net income forecast to grow 76% next year vs 4.0% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿11.75. Share price fell 2.3% to ฿8.55 over the past week.
お知らせ • Nov 17+ 2 more updatesBangchak Sriracha Public Company Limited Announces CFO ChangesBangchak Sriracha Public Company Limited appointed Matana Sutatham in place of Ratrimani Pasiphol as CFO. Effective Date is 16 November 2023.
Reported Earnings • Nov 07Third quarter 2023 earnings released: EPS: ฿1.33 (vs ฿0.90 loss in 3Q 2022)Third quarter 2023 results: EPS: ฿1.33 (up from ฿0.90 loss in 3Q 2022). Revenue: ฿58.7b (down 6.9% from 3Q 2022). Net income: ฿4.60b (up ฿7.73b from 3Q 2022). Profit margin: 7.8% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
お知らせ • Sep 05+ 1 more updateEsso (Thailand) Public Company Limited Announces Appointment of Additional Senior ManagementEsso (Thailand) Public Company Limited announced that the Board of Directors' Meeting No. 12/2023 held on September 4, 2023 approved the significant matters as follows: The appointment of Mr. Warakorn Kosolpisitkul as the Senior Executive Vice President - Marketing; and The appointment of Mr. Anuwat Rungruangrattanagul as the Senior Executive Vice President - Refinery.
Price Target Changed • Sep 05Price target increased by 14% to ฿11.58Up from ฿10.15, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ฿9.80. The company is forecast to post earnings per share of ฿1.31 for next year compared to ฿2.75 last year.
お知らせ • Sep 01+ 1 more updateBangchak 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.
New Risk • Aug 11New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 1.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.
Reported Earnings • Aug 11Second quarter 2023 earnings released: ฿0.37 loss per share (vs ฿2.40 profit in 2Q 2022)Second quarter 2023 results: ฿0.37 loss per share (down from ฿2.40 profit in 2Q 2022). Revenue: ฿51.7b (down 24% from 2Q 2022). Net loss: ฿1.29b (down 116% from profit in 2Q 2022). Revenue is expected to fall by 6.5% p.a. on average during the next 3 years compared to a 5.5% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
Board Change • Aug 03Less than half of directors are independentThere are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Poomsak Aranyakasemsuk was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.
お知らせ • May 05Esso (Thailand) Public Company Limited Announces Plant Shutdown for the Scheduled Maintenance and as Part of Preparation for Sriracha Euro 5 ProjectEsso (Thailand) Public Company Limited announced that its Refinery partially shut down for scheduled maintenance and as part of preparation for Sriracha Euro 5 Project in May 2023 with approximate duration of 1 month. With a well-controlled plan, the Company expects to meet customer requirements during this planned maintenance period.
Upcoming Dividend • Apr 25Upcoming dividend of ฿0.30 per share at 7.0% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (6.0%). In line with average of industry peers (6.9%).
Major Estimate Revision • Mar 18Consensus revenue estimates increase by 16%The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿192.4b to ฿223.7b. EPS estimate increased from ฿1.20 to ฿1.24 per share. Net income forecast to shrink 54% next year vs 18% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿11.63 to ฿10.83. Share price fell 2.8% to ฿8.80 over the past week.
Reported Earnings • Feb 25Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: ฿2.75 (up from ฿1.28 in FY 2021). Revenue: ฿263.0b (up 57% from FY 2021). Net income: ฿9.51b (up 114% from FY 2021). Profit margin: 3.6% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 60%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is expected to fall by 15% p.a. on average during the next 2 years compared to a 7.0% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
お知らせ • Jan 31Esso (Thailand) Public Company Limited Announces Resignation of Vichan Nikornmalakul as DirectorEsso (Thailand) Public Company Limited announced that Mr. Vichan Nikornmalakul has resigned from the Director position with effect from January 30, 2023.
お知らせ • Jan 28+ 1 more updateEsso (Thailand) Public Company Limited Announces Executive Changes, Effective on January 28, 2023Esso (Thailand) Public Company Limited announced that at its board meeting held on January 27, 2023, the board approved appointment of Mrs. Ratrimani Pasiphol as the Managing Director to replace Mr. Adisak Jangkamolkulchai with effect from January 28, 2023.
Major Estimate Revision • Jan 18Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿3.40 to ฿3.00. Revenue forecast unchanged from ฿164.5b at last update. Net income forecast to shrink 39% next year vs 2.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target down from ฿12.63 to ฿11.63. Share price fell 17% to ฿9.25 over the past week.
Valuation Update With 7 Day Price Move • Jan 16Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿9.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿16.00 per share.
お知らせ • Jan 13Bangchak Corporation Public Company Limited (SET:BCP) entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion.Bangchak Corporation Public Company Limited (SET:BCP) entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion on January 11, 2023. In a related transaction, Bangchak Corporation Public Company Limited (SET:BCP) will launch a tender offer to acquire remaining shares. The transaction is fully funded via a secured bank loan and BCP’s cash on hand. The transaction is subject to legal requirements and, antitrust approvals, Bangchak shareholders approval and regulatory approvals. and is expected to close in the second half of 2023.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Pornchai Thiraveja was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Upcoming Dividend • Sep 14Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 21 September 2022. Payment date: 06 October 2022. The company last paid an ordinary dividend in November 2011. The average dividend yield among industry peers is 5.2%.
Price Target Changed • Jun 16Price target increased to ฿11.13Up from ฿9.18, the current price target is an average from 4 analysts. New target price is 5.7% below last closing price of ฿11.80. Stock is up 39% over the past year. The company is forecast to post earnings per share of ฿1.89 for next year compared to ฿1.28 last year.
Valuation Update With 7 Day Price Move • Jun 09Investor sentiment improved over the past weekAfter last week's 17% share price gain to ฿12.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Oil and Gas industry in Thailand. Total returns to shareholders of 21% over the past three years.
Reported Earnings • May 13First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿1.70 (up from ฿0.81 in 1Q 2021). Revenue: ฿57.7b (up 51% from 1Q 2021). Net income: ฿5.90b (up 112% from 1Q 2021). Profit margin: 10% (up from 7.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 4.5%, compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 27Price target increased to ฿8.85Up from ฿7.80, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿8.65. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of ฿1.62 for next year compared to ฿1.28 last year.
Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Pornchai Thiraveja was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Price Target Changed • Mar 24Price target increased to ฿8.80Up from ฿7.45, the current price target is an average from 4 analysts. New target price is 6.0% above last closing price of ฿8.30. Stock is up 0.6% over the past year. The company is forecast to post earnings per share of ฿1.33 for next year compared to ฿1.28 last year.
Reported Earnings • Feb 27Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿1.28 (up from ฿2.29 loss in FY 2020). Revenue: ฿167.2b (up 35% from FY 2020). Net income: ฿4.44b (up ฿12.4b from FY 2020). Profit margin: 2.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 5.1%, compared to a 9.1% growth forecast for the oil industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Feb 26Consensus EPS estimates increase by 30%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿163.0b to ฿175.7b. EPS estimate increased from ฿1.12 to ฿1.46 per share. Net income forecast to grow 18% next year vs 2.2% growth forecast for Oil and Gas industry in Thailand. Consensus price target of ฿7.80 unchanged from last update. Share price was steady at ฿7.55 over the past week.
Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.13 in 3Q 2020)The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿40.2b (up 36% from 3Q 2020). Net income: ฿46.3m (down 90% from 3Q 2020). Profit margin: 0.1% (down from 1.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings.
Price Target Changed • Oct 04Price target decreased to ฿7.25Down from ฿8.10, the current price target is an average from 4 analysts. New target price is 12% below last closing price of ฿8.25. Stock is up 34% over the past year.
Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.72 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿41.1b (up 73% from 2Q 2020). Net income: ฿858.1m (up ฿3.36b from 2Q 2020). Profit margin: 2.1% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance.
Reported Earnings • May 15First quarter 2021 earnings released: EPS ฿0.81 (vs ฿1.82 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿39.3b (up 1.4% from 1Q 2020). Net income: ฿2.79b (up ฿9.10b from 1Q 2020). Profit margin: 7.1% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance.
Price Target Changed • May 14Price target decreased to ฿6.70Down from ฿8.10, the current price target is an average from 2 analysts. New target price is 20% below last closing price of ฿8.35. Stock is up 44% over the past year.
Analyst Estimate Surprise Post Earnings • Feb 25Earnings beat expectations, revenue disappointsRevenue missed analyst estimates by 7.9%. Earnings per share (EPS) exceeded analyst estimates by 449%. Over the next year, revenue is forecast to grow 28%, compared to a 23% growth forecast for the Oil and Gas industry in Thailand.
Reported Earnings • Feb 24Full year 2020 earnings released: ฿2.29 loss per share (vs ฿0.89 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿126.7b (down 25% from FY 2019). Net loss: ฿7.91b (loss widened 158% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance.
Is New 90 Day High Low • Feb 15New 90-day high: ฿9.25The company is up 31% from its price of ฿7.05 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿11.69 per share.
Price Target Changed • Jan 19Price target raised to ฿8.10Up from ฿7.00, the current price target is an average from 4 analysts. The new target price is 10% below the current share price of ฿9.00. As of last close, the stock is up 24% over the past year.
Is New 90 Day High Low • Jan 06New 90-day high: ฿8.55The company is up 33% from its price of ฿6.45 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿17.37 per share.
Is New 90 Day High Low • Dec 08New 90-day high: ฿7.75The company is up 22% from its price of ฿6.35 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.05 per share.
Is New 90 Day High Low • Nov 18New 90-day high: ฿7.15The company is up 8.0% from its price of ฿6.60 on 20 August 2020. The Thai market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿14.07 per share.
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.13The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿29.6b (down 25% from 3Q 2019). Net income: ฿466.7m (up ฿1.76b from 3Q 2019). Profit margin: 1.6% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 113% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings.
Is New 90 Day High Low • Oct 19New 90-day low: ฿5.95The company is down 26% from its price of ฿8.00 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.52 per share.
Is New 90 Day High Low • Sep 25New 90-day low: ฿6.05The company is down 13% from its price of ฿6.95 on 26 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Oil and Gas industry, which is also down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.81 per share.