Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.18 (vs ฿0.09 in 1Q 2025) First quarter 2026 results: EPS: ฿0.18 (up from ฿0.09 in 1Q 2025). Revenue: ฿4.85b (down 10.0% from 1Q 2025). Net income: ฿264.7m (up 106% from 1Q 2025). Profit margin: 5.5% (up from 2.4% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Apr 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.2% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Price Target Changed • Mar 31
Price target increased by 45% to ฿5.80 Up from ฿4.00, the current price target is provided by 1 analyst. New target price is 36% above last closing price of ฿4.28. Stock is up 25% over the past year. The company is forecast to post earnings per share of ฿0.43 for next year compared to ฿0.20 last year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.72, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Oil and Gas industry in Thailand. Total loss to shareholders of 31% over the past three years. Declared Dividend • Feb 19
Dividend increased to ฿0.15 Dividend of ฿0.15 is 50% higher than last year. Ex-date: 4th March 2026 Payment date: 30th April 2026 Dividend yield will be 4.5%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 199% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 14
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿0.20 (up from ฿0.15 in FY 2024). Revenue: ฿17.8b (down 20% from FY 2024). Net income: ฿282.7m (up 31% from FY 2024). Profit margin: 1.6% (up from 1.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to stay flat during the next 2 years compared to a 3.2% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jan 23
BBGI Public Company Limited Announces Resignation of Phantong Loykulnanta as Independent Director, Effective 01 February 2026 BBGI Public Company Limited announced the resignation of Mr. Phantong Loykulnanta as independent director, Effective 01 February 2026. Position in company: Director of the Nomination and Remuneration Committee. Terminate Reason: Expired by rotation (term not expired): Resigned from position /the company due to other commitments. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.009 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.009 loss in 3Q 2024). Revenue: ฿4.36b (down 19% from 3Q 2024). Net income: ฿93.7m (up ฿106.2m from 3Q 2024). Profit margin: 2.1% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is expected to decline by 4.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to grow by 1.3%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2025 earnings released: ฿0.03 loss per share (vs ฿0.027 profit in 2Q 2024) Second quarter 2025 results: ฿0.03 loss per share (down from ฿0.027 profit in 2Q 2024). Revenue: ฿3.79b (down 27% from 2Q 2024). Net loss: ฿39.8m (down 200% from profit in 2Q 2024). Revenue is forecast to decline by 6.1% 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 12% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.08 in 1Q 2024) First quarter 2025 results: EPS: ฿0.09 (up from ฿0.08 in 1Q 2024). Revenue: ฿5.39b (up 8.7% from 1Q 2024). Net income: ฿128.5m (up 7.3% from 1Q 2024). Profit margin: 2.4% (in line with 1Q 2024). Revenue is forecast to decline by 8.3% 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, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • Apr 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Apr 17
Bbgi Public Company Limited Announces Resignation of Patricia Mongkhonvanit as Independent Director and Member of Audit Committee, Effective April 17, 2025 BBGI Public Company Limited announced resignation of Mrs. PATRICIA MONGKHONVANIT as Independent director and member of audit committee. Expire date is April 17, 2025. effective date was October 1, 2020. She Resigned from position /the company due to other commitments. The Audit Committee is consisted of CHAIRMAN OF THE AUDIT COMMITTEE, Mrs.JARUPORN VIYANANT, term remaining in office is 3 Years. AUDIT COMMITTEE Miss LACKANA LEELAYOUTHAYOTIN, term remaining in office is 1 Year. SECRETARY OF THE AUDIT COMMITTEE, MR.Wongwaris Ussaraniroj. Announcement • Feb 20
BBGI Public Company Limited (SET:BBGI) completed the acquisition of remaining 49% stake in Win Ingredients Company Limited. BBGI Public Company Limited (SET:BBGI) acquired remaining 49% stake in Win Ingredients Company Limited on December 20, 2024. As a result of this transaction Win Ingredients Company Limited will become wholly owned subsidiary of the company.
BBGI Public Company Limited (SET:BBGI) completed the acquisition of remaining 49% stake in Win Ingredients Company Limited on December 20, 2024. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿4.54, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Oil and Gas industry in Thailand. Total returns to shareholders of 11% over the past year. Reported Earnings • Nov 07
Third quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.001 profit in 3Q 2023) Third quarter 2024 results: ฿0.009 loss per share (down from ฿0.001 profit in 3Q 2023). Revenue: ฿5.37b (up 52% from 3Q 2023). Net loss: ฿12.4m (down ฿14.0m from profit in 3Q 2023). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿7.10, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 47% over the past year. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.028 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.028 loss in 2Q 2023). Revenue: ฿5.21b (up 71% from 2Q 2023). Net income: ฿39.7m (up ฿79.9m from 2Q 2023). Profit margin: 0.8% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ฿5.20, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 4.2% over the past year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ฿6.20, the stock trades at a trailing P/E ratio of 55.9x. Average trailing P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 26% over the past year. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ฿0.08 (vs ฿0.02 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.08 (up from ฿0.02 loss in 1Q 2023). Revenue: ฿4.96b (up 69% from 1Q 2023). Net income: ฿119.8m (up ฿150.5m from 1Q 2023). Profit margin: 2.4% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Announcement • May 08
Bbgi Public Company Limited Announces Board Appointments BBGI Public Company Limited announced the appointment of Mr. Patiparn Sukorndhaman as a director to replace Mr. Pichai Chunhavajira, the resigned director, as proposed by the Nomination and Remuneration Committee; and The appointment of Mr. Patiparn Sukorndhaman as the Chairman of the Board of Directors replacing Mr. Pichai Chunhavajira. Effective from May 8, 2024 onwards. Announcement • Apr 26
BBGI Public Company Limited Announces Resignation of Pichai Chunhavajira as the Chairman of Board of Director and Director BBGI Public Company Limited announced that Mr. Pichai Chunhavajira as the Chairman of Board of Director and Director has resigned from his positions due to his additional business engagement. The resignation will be effective from April 25, 2024. Consequently, the Company is currently in the nomination process for the appointment of the new Chairman of Board of Directors and Director replace the vacant positions and will inform accordingly. Announcement • Apr 19
BBGI Public Company Limited Approves Dividend for the Year 2023, Payable on May 3, 2024 BBGI Public Company Limited at its Annual General Meeting of Shareholders held on April 5, 2024, approved the allocation of net profit for the year 2023 as a legal reserve in the amount of THB 494,000, and approved the dividend payment for the year 2023 at the rate of THB 0.05 per share, equivalent to a total of approximately THB 72.30 million. Such dividend is paid from unallocated retained earnings and profits that are exempt from corporate income tax, therefore, shareholders will not be able to receive tax credit on dividend. The company fixed the date to determine the list of shareholders who are entitled to receive dividend payment on 5 March 2024, and the dividend payment date will be 3 May 2024. Upcoming Dividend • Feb 26
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 03 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (6.0%). Declared Dividend • Feb 21
Dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 4th March 2024 Payment date: 3rd May 2024 Dividend yield will be 1.2%, which is lower than the industry average of 5.3%. Payout Ratios Payout ratio: Approximately 7x earnings. Cash payout ratio: 12%. Announcement • Feb 20
BBGI Public Company Limited, Annual General Meeting, Apr 05, 2024 BBGI Public Company Limited, Annual General Meeting, Apr 05, 2024, at 13:30 SE Asia Standard Time. Location: 2098 M Tower Building, Floor 8, Bai Mai 1-4 Meeting Room, Sukhumvit Road, Phra Khanong Tai Sub-District, Phra Khanong District, Bangkok Thailand Agenda: To acknowledge on the Company's operational results for the Year 2023; to approve the separate financial statements and consolidated financial statements for the year ended December 31, 2023, which have been audited by a certified public accountant; to approve the allocation of net profit for the Year 2023 as a legal reserve and dividend payment for the Year 2023; to approve the election of directors to replace those who retired by rotation; to approve the determination of the directors' remuneration; and to consider other matters. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: ฿0.007 (vs ฿0.015 in FY 2022) Full year 2023 results: EPS: ฿0.007 (down from ฿0.015 in FY 2022). Revenue: ฿13.8b (up 2.9% from FY 2022). Net income: ฿9.87m (down 52% from FY 2022). Profit margin: 0.1% (down from 0.2% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Feb 19
BBGI Public Company Limited Proposes Dividend for 2023, Payable on 5 March 2024 The Board of Directors' Meeting of BBGI Public Company Limited, held on 19 February 2024, has resolved to approve the scheduling of the date for the 2024 Annual General Meeting of Shareholders on 5 April 2024. The Board of Directors of the Company deems it appropriate to propose to the Shareholders' Meeting to consider and approve the allocation of net profit for the Year 2023 as a legal reserve in the amount of THB 494,000 and to approve the dividend payment for the Year 2023 at the rate of THB 0.05 per share. Such dividend is paid from unallocated retained earnings and profits that are exempt from corporate income tax. Therefore, shareholders will not be able to receive tax credit on dividend. The Company will determine the list of shareholders who are entitled to receive dividend payment on 5 March 2024, and the dividend payment date will be on 3 May 2024. In this regard, the right to receive such dividend is still uncertain as it has to be approved by the Shareholders' Meeting first. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ฿0.001 (vs ฿0.048 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.001 (up from ฿0.048 loss in 3Q 2022). Revenue: ฿3.53b (up 20% from 3Q 2022). Net income: ฿1.62m (up ฿70.5m from 3Q 2022). Profit margin: 0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Board Change • Nov 02
Less than half of directors are independent Following Director Thamarat Paryoonsuk's arrival on 01 November 2023, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Lackana Leelayouthayotin was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 20
BBGI Public Company Limited Announces Board and Committee Changes BBGI Public Company Limited announced that the Board of Directors' Meeting No. 10/2023 held on October 18, 2023 has resolved to appoint Mr. Thamarat Paryoonsuk as a new director, replacing Mr. Chaiwat Kovavisarach, who had resigned before the expiry term. Mr. Thamarat Paryoonsuk will be in the position of Risk Management and Corporate Governance Committee, as proposed by the Nomination and Remuneration Committee. Effective from November 1, 2023 onwards. Announcement • Oct 01
BBGI Public Company Limited Announces Resignation of Chaiwat Kovavisarach as Director, Authorized Director and Chairman of the Investment Committee, Effective October 1, 2023 BBGI Public Company Limited informed that Mr. Chaiwat Kovavisarach as the director, the authorized director and the Chairman of the Investment Committee has resigned from his positions due to his additional business engagement. The resignation will be effective from October 1, 2023. Reported Earnings • Aug 09
Second quarter 2023 earnings released: ฿0.03 loss per share (vs ฿0.039 loss in 2Q 2022) Second quarter 2023 results: ฿0.03 loss per share (improved from ฿0.039 loss in 2Q 2022). Revenue: ฿3.05b (down 11% from 2Q 2022). Net loss: ฿40.2m (loss narrowed 28% from 2Q 2022). Announcement • Jul 04
BBGI Public Company Limited Announces Resignation of Chamroon Chinthammit and Surin Chiravisit as Directors BBGI Public Company Limited announced that Mr. Chamroon Chinthammit and Mr. Surin Chiravisit as the Directors have resigned from the Company' Directorship, which is effective from July 1, 2023. Consequently, the Company will then proceed with the appointment of the new directors and will inform later. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: ฿0.02 (vs ฿0.95 in FY 2021) Full year 2022 results: EPS: ฿0.02 (down from ฿0.95 in FY 2021). Revenue: ฿13.4b (down 5.1% from FY 2021). Net income: ฿20.4m (down 98% from FY 2021). Profit margin: 0.2% (down from 6.8% in FY 2021). The decrease in margin was primarily driven by lower revenue. Upcoming Dividend • Feb 22
Upcoming dividend of ฿0.05 per share at 3.1% yield Eligible shareholders must have bought the stock before 01 March 2023. Payment date: 03 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (6.1%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Thitapha Smitinont was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: ฿0.048 loss per share (vs ฿0.58 profit in 3Q 2021) Third quarter 2022 results: ฿0.048 loss per share (down from ฿0.58 profit in 3Q 2021). Revenue: ฿2.95b (down 6.6% from 3Q 2021). Net loss: ฿68.9m (down 112% from profit in 3Q 2021). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Oil and Gas industry in Thailand. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 07 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (5.1%). Reported Earnings • Aug 13
Second quarter 2022 earnings released: ฿0.04 loss per share (vs ฿0.10 profit in 2Q 2021) Second quarter 2022 results: ฿0.04 loss per share (down from ฿0.10 profit in 2Q 2021). Revenue: ฿3.41b (down 3.5% from 2Q 2021). Net loss: ฿56.1m (down 153% from profit in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 5.4% growth forecast for the industry in Thailand. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ฿0.12 (vs ฿0.20 in 1Q 2021) First quarter 2022 results: EPS: ฿0.12 (down from ฿0.20 in 1Q 2021). Revenue: ฿3.74b (up 10% from 1Q 2021). Net income: ฿130.3m (down 36% from 1Q 2021). Profit margin: 3.5% (down from 6.0% in 1Q 2021). Over the next year, revenue is expected to shrink by 3.7% compared to a 14% growth forecast for the industry in Thailand. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Thitapha Smitinont was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Thitapha Smitinont was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
