SET:BCP

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Bangchak Corporation

Executive Summary

Bangchak Corporation Public Company Limited, an energy company, engages in the refining and marketing of petroleum products.


Snowflake Analysis

Moderate growth potential and slightly overvalued.


Similar Companies

Share Price & News

How has Bangchak Corporation's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BCP's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

6.3%

BCP

12.8%

TH Oil and Gas

6.5%

TH Market


1 Year Return

-19.7%

BCP

-19.3%

TH Oil and Gas

-13.2%

TH Market

Return vs Industry: BCP exceeded the TH Oil and Gas industry which returned -25.5% over the past year.

Return vs Market: BCP underperformed the TH Market which returned -16.3% over the past year.


Shareholder returns

BCPIndustryMarket
7 Day6.3%12.8%6.5%
30 Day23.0%15.3%12.1%
90 Day0.4%4.5%5.2%
1 Year-17.0%-19.7%-15.6%-19.3%-9.8%-13.2%
3 Year-20.4%-29.9%5.9%-6.6%-2.9%-12.2%
5 Year-9.1%-28.8%23.1%-1.7%6.1%-10.3%

Price Volatility Vs. Market

How volatile is Bangchak Corporation's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Bangchak Corporation undervalued compared to its fair value and its price relative to the market?

37.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BCP (฿22.3) is trading below our estimate of fair value (฿24.57)

Significantly Below Fair Value: BCP is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BCP is unprofitable, so we can't compare its PE Ratio to the Oil and Gas industry average.

PE vs Market: BCP is unprofitable, so we can't compare its PE Ratio to the TH market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BCP's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BCP is good value based on its PB Ratio (0.7x) compared to the TH Oil and Gas industry average (1x).


Next Steps

Future Growth

How is Bangchak Corporation forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

91.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BCP is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.3%).

Earnings vs Market: BCP is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BCP's is expected to become profitable in the next 3 years.

Revenue vs Market: BCP's revenue (1.2% per year) is forecast to grow slower than the TH market (9.5% per year).

High Growth Revenue: BCP's revenue (1.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BCP's Return on Equity is forecast to be low in 3 years time (8.1%).


Next Steps

Past Performance

How has Bangchak Corporation performed over the past 5 years?

-13.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BCP is currently unprofitable.

Growing Profit Margin: BCP is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BCP is unprofitable, and losses have increased over the past 5 years at a rate of -13.3% per year.

Accelerating Growth: Unable to compare BCP's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BCP is unprofitable, making it difficult to compare its past year earnings growth to the Oil and Gas industry (1.5%).


Return on Equity

High ROE: BCP has a negative Return on Equity (-4.16%), as it is currently unprofitable.


Next Steps

Financial Health

How is Bangchak Corporation's financial position?


Financial Position Analysis

Short Term Liabilities: BCP's short term assets (฿36.5B) exceed its short term liabilities (฿30.9B).

Long Term Liabilities: BCP's short term assets (฿36.5B) do not cover its long term liabilities (฿54.9B).


Debt to Equity History and Analysis

Debt Level: BCP's debt to equity ratio (116.8%) is considered high.

Reducing Debt: BCP's debt to equity ratio has increased from 94.1% to 116.8% over the past 5 years.

Debt Coverage: BCP's debt is not well covered by operating cash flow (1.9%).

Interest Coverage: Insufficient data to determine if BCP's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

What is Bangchak Corporation's current dividend yield, its reliability and sustainability?

2.55%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BCP's dividend (2.69%) is higher than the bottom 25% of dividend payers in the TH market (2.62%).

High Dividend: BCP's dividend (2.69%) is low compared to the top 25% of dividend payers in the TH market (7.25%).


Stability and Growth of Payments

Stable Dividend: BCP's dividend payments have been volatile in the past 10 years.

Growing Dividend: BCP's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: BCP is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: BCP's dividends in 3 years are forecast to be well covered by earnings (44.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.4yrs

Average management tenure


CEO

Chaiwat Kovavisarach (52yo)

5.42yrs

Tenure

฿3,808,088

Compensation

Mr. Chaiwat Kovavisarach, M.Eng., MBA, B.Eng., has been the President and Chief Executive Officer of Bangchak Corporation Public Company Limited (also known as The Bangchak Petroleum Public Company Limited ...


Leadership Team

NamePositionTenureCompensationOwnership
Chaiwat Kovavisarach
CEO, President & Director5.42yrs฿3.81m0.078% ฿24.9m
Surachai Kositsareewong
Senior EVP of Accounting & Finance Group and Acting EVP of Financial Controller11.42yrsno datano data
Pakawadee Junrayapes
Executive Vice President of Sustainability Development & Corporate Compliance and Company Secretary5.42yrsno data0.0011% ฿363.7k
Somchai Tejavanija
Chief Marketing Officer & Senior Executive VP of Marketing Business Group3.42yrsno data0.0021% ฿670.0k
Yodphot Wongrukmit
Senior Executive Vice President of Corporate Management & Sustainability Development4.42yrsno data0.0032% ฿1.0m
Bundit Sapianchai
Senior Executive Vice President7.42yrsno data0.0024% ฿749.8k
Pongchai Chaichirawiwat
Senior Executive Vice President2.42yrsno data0.0033% ฿1.0m
Kiatchai Maitriwong
Senior Executive Vice President of Corporate Strategic Planning & Sustainability Development Group10.42yrsno datano data
Pichit Wongrujiravanich
Executive Vice President of Internal Audit9.42yrsno data0.00082% ฿261.6k
Dhanajit Makarananda
Executive Vice President5.42yrsno datano data

5.4yrs

Average Tenure

57.5yo

Average Age

Experienced Management: BCP's management team is seasoned and experienced (5.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Chaiwat Kovavisarach
CEO, President & Director5.42yrs฿3.81m0.078% ฿24.9m
Pichai Chunhavajira
Independent Chairman8.08yrs฿4.57mno data
Suthep Wongvorazathe
Independent Director7.67yrs฿4.17mno data
Prasong Poontaneat
Director8.17yrs฿3.77mno data
Surin Chiravisit
Independent Vice Chairman5.17yrs฿4.36mno data
Prisana Praharnkhasuk
Independent Director4.17yrs฿3.96mno data
Porametee Vimolsiri
Independent Director2yrs฿474.00kno data
Chaiwat Chotima
Independent Director6.17yrs฿4.05mno data
Sucheep Whoungmaitree
Independent Director5.08yrs฿3.79mno data
Vichaya Devahasdin
Independent Director4.17yrs฿3.64mno data

5.7yrs

Average Tenure

65.5yo

Average Age

Experienced Board: BCP's board of directors are considered experienced (5.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bangchak Corporation Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bangchak Corporation Public Company Limited
  • Ticker: BCP
  • Exchange: SET
  • Founded: 1984
  • Industry: Oil and Gas Refining and Marketing
  • Sector: Energy
  • Market Cap: ฿31.906b
  • Shares outstanding: 1.36b
  • Website: https://www.bangchak.co.th

Location

  • Bangchak Corporation Public Company Limited
  • 2098 M Tower Building
  • 8th Floor
  • Bangkok
  • 10260
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BCP-FTHAMSE (Bangkok-Alien Market Stock Exchange)THB1(ALIEN)THTHBAug 1994
7BPBST (Boerse-Stuttgart)THB1(ALIEN)DEEURAug 1994
7BPDB (Deutsche Boerse AG)THB1(ALIEN)DEEURAug 1994
BCPSET (The Stock Exchange of Thailand)YesCommon SharesTHTHBAug 1994
BCP-RSET (The Stock Exchange of Thailand)NON VTG DEP RCPT REP 1 ORD THB1THTHBAug 2001
7BP1BST (Boerse-Stuttgart)NON VTG DEP RCPT REP 1 ORD THB1DEEURAug 2001

Biography

Bangchak Corporation Public Company Limited, an energy company, engages in the refining and marketing of petroleum products. It operates through Refinery and Oil Trading, Marketing, Electricity, Bio-Based Product, and Natural Resource segments. The company is also involved in the administration of service stations; managing sale of other consumer products at Bai Chak and Lemon Green outlets; and food and drink retail business through SPAR supermarket brand, Inthanin Coffee, and Inthanin Garden premium coffee shop, as well as other supplementary businesses. In addition, it operates and distributes electrical power from renewable resources; produces biodiesel, ethanol, and tapioca flour; explores for and produces petroleum; and mines for lithium. Bangchak Corporation Public Company Limited markets its oil products to various sectors, including transportation, aviation, shipping, construction, industrial, and agriculture sectors through oil traders. It operates in Thailand, Malaysia, Japan, Korea, the Philippines, Singapore, Indonesia, Norway, and internationally. The company was formerly known as The Bangchak Petroleum Public Company Limited and changed its name to Bangchak Corporation Public Company Limited in April 2017. Bangchak Corporation Public Company Limited was founded in 1984 and is headquartered in Bangkok, Thailand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/06 15:42
End of Day Share Price2020/06/05 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.