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BCP

Bangchak Corporation SET:BCP Stock Report

Last Price

฿29.75

Market Cap

฿40.4b

7D

-6.3%

1Y

8.2%

Updated

29 Sep, 2022

Data

Company Financials +
BCP fundamental analysis
Snowflake Score
Valuation6/6
Future Growth0/6
Past Performance5/6
Financial Health5/6
Dividends5/6

BCP Stock Overview

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

Bangchak Corporation Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Bangchak Corporation
Historical stock prices
Current Share Price฿29.75
52 Week High฿37.00
52 Week Low฿24.00
Beta1.24
1 Month Change-19.05%
3 Month Change-4.80%
1 Year Change8.18%
3 Year Change14.42%
5 Year Change-28.74%
Change since IPO-42.23%

Recent News & Updates

Shareholder Returns

BCPTH Oil and GasTH Market
7D-6.3%-6.5%-2.1%
1Y8.2%1.0%0.2%

Return vs Industry: BCP exceeded the TH Oil and Gas industry which returned 1% over the past year.

Return vs Market: BCP exceeded the TH Market which returned 0.2% over the past year.

Price Volatility

Is BCP's price volatile compared to industry and market?
BCP volatility
BCP Average Weekly Movement3.9%
Oil and Gas Industry Average Movement4.1%
Market Average Movement4.3%
10% most volatile stocks in TH Market9.0%
10% least volatile stocks in TH Market2.2%

Stable Share Price: BCP is not significantly more volatile than the rest of TH stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BCP's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1984n/aChaiwat Kovavisarachhttps://www.bangchak.co.th

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, Natural Resource, and Other segments. The company explores and produces petroleum, biodiesel, and ethanol; produces electricity through solar, wind, hydro, and geothermal; mines lithium; and operates service stations.

Bangchak Corporation Fundamentals Summary

How do Bangchak Corporation's earnings and revenue compare to its market cap?
BCP fundamental statistics
Market Cap฿40.39b
Earnings (TTM)฿12.71b
Revenue (TTM)฿267.26b

3.2x

P/E Ratio

0.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BCP income statement (TTM)
Revenue฿267.26b
Cost of Revenue฿221.47b
Gross Profit฿45.80b
Other Expenses฿33.09b
Earnings฿12.71b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)9.36
Gross Margin17.14%
Net Profit Margin4.75%
Debt/Equity Ratio89.0%

How did BCP perform over the long term?

See historical performance and comparison

Dividends

8.4%

Current Dividend Yield

24%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is BCP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BCP?

Other financial metrics that can be useful for relative valuation.

BCP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.4x
Enterprise Value/EBITDA2.9x
PEG Ratio-0.07x

Price to Earnings Ratio vs Peers

How does BCP's PE Ratio compare to its peers?

BCP PE Ratio vs Peers
The above table shows the PE ratio for BCP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3.9x
ESSO Esso (Thailand)
3x-51.7%฿44.3b
SPRC Star Petroleum Refining
3.2x-44.9%฿45.5b
IRPC IRPC
6.6x-0.2%฿63.7b
TOP Thai Oil
2.9x-39.8%฿115.5b
BCP Bangchak Corporation
3.2x-46.9%฿40.4b

Price-To-Earnings vs Peers: BCP is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (3.9x).


Price to Earnings Ratio vs Industry

How does BCP's PE Ratio compare vs other companies in the TH Oil and Gas Industry?

Price-To-Earnings vs Industry: BCP is good value based on its Price-To-Earnings Ratio (3.2x) compared to the TH Oil and Gas industry average (10.7x)


Price to Earnings Ratio vs Fair Ratio

What is BCP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BCP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.2x
Fair PE Ratio4.8x

Price-To-Earnings vs Fair Ratio: BCP is good value based on its Price-To-Earnings Ratio (3.2x) compared to the estimated Fair Price-To-Earnings Ratio (4.8x).


Share Price vs Fair Value

What is the Fair Price of BCP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BCP (THB29.75) is trading below our estimate of fair value (THB135.01)

Significantly Below Fair Value: BCP is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

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

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-46.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BCP's earnings are forecast to decline over the next 3 years (-46.9% per year).

Earnings vs Market: BCP's earnings are forecast to decline over the next 3 years (-46.9% per year).

High Growth Earnings: BCP's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BCP's revenue is expected to decline over the next 3 years (-11.4% per year).

High Growth Revenue: BCP's revenue is forecast to decline over the next 3 years (-11.4% 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 (8.7%).


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Past Performance

How has Bangchak Corporation performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


1.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BCP has high quality earnings.

Growing Profit Margin: BCP's current net profit margins (4.8%) are higher than last year (2.1%).


Past Earnings Growth Analysis

Earnings Trend: BCP's earnings have grown by 1% per year over the past 5 years.

Accelerating Growth: BCP's earnings growth over the past year (303.1%) exceeds its 5-year average (1% per year).

Earnings vs Industry: BCP earnings growth over the past year (303.1%) exceeded the Oil and Gas industry 25.3%.


Return on Equity

High ROE: BCP's Return on Equity (19.6%) is considered low.


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Financial Health

How is Bangchak Corporation's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BCP's short term assets (THB111.6B) exceed its short term liabilities (THB56.8B).

Long Term Liabilities: BCP's short term assets (THB111.6B) exceed its long term liabilities (THB92.7B).


Debt to Equity History and Analysis

Debt Level: BCP's net debt to equity ratio (37.3%) is considered satisfactory.

Reducing Debt: BCP's debt to equity ratio has increased from 80.3% to 89% over the past 5 years.

Debt Coverage: BCP's debt is well covered by operating cash flow (28.8%).

Interest Coverage: BCP's interest payments on its debt are well covered by EBIT (9.3x coverage).


Balance Sheet


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Dividend

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

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


8.40%

Current Dividend Yield

Dividend Yield vs Market

Bangchak Corporation Dividend Yield vs Market
How does Bangchak Corporation dividend yield compare to the market?
SegmentDividend Yield
Company (Bangchak Corporation)8.4%
Market Bottom 25% (TH)1.8%
Market Top 25% (TH)5.5%
Industry Average (Oil and Gas)5.6%
Analyst forecast in 3 Years (Bangchak Corporation)8.0%

Notable Dividend: BCP's dividend (8.4%) is higher than the bottom 25% of dividend payers in the TH market (1.79%).

High Dividend: BCP's dividend (8.4%) is in the top 25% of dividend payers in the TH market (5.5%)


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 increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (24%), BCP's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (29.3%), BCP's dividend payments are well covered by cash flows.


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Management

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

5.7yrs

Average management tenure


CEO

Chaiwat Kovavisarach (56 yo)

9.92yrs

Tenure

฿3,885,000

Compensation

Mr. Chaiwat Kovavisarach, M.Eng., MBA, B.Eng., serves as Director at BBGI Public Company Limited. Mr. Kovavisarach serves as Group CEO and has been the President and served as Chief Executive Officer of Ba...


Leadership Team

Experienced Management: BCP's management team is seasoned and experienced (5.7 years average tenure).


Board Members

Experienced Board: BCP's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


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

What is the ownership structure of BCP?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,378,9170.1%
State or Government263,851,46419.4%
Institutions506,237,12337.3%
General Public586,217,65343.2%

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


Top Shareholders

Top 25 shareholders own 56.76% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
20.12%
Krung Thai Asset Management Public Co. Ltd.
273,172,600THB8.1b0%2.92%
14.61%
Social Security Office of Thailand
198,307,697THB5.9b0%no data
5%
BBL Asset Management Company Limited
67,859,900THB2.0b55.69%1.44%
4.83%
Ministry of Finance, Thailand
65,543,767THB1.9b0%no data
3.2%
The Vanguard Group, Inc.
43,453,698THB1.3b0.21%no data
2.58%
Norges Bank Investment Management
34,986,789THB1.0b0%no data
1.92%
Dimensional Fund Advisors LP
26,121,890THB777.1m-0.27%no data
1.78%
Bangkok Life Assurance Public Company Limited, Asset Management Arm
24,154,700THB718.6m0%5.14%
1.72%
BlackRock, Inc.
23,326,161THB694.0m-0.21%no data
0.17%
BNY Mellon Asset Management
2,271,400THB67.6m2.94%no data
0.11%
abrdn plc
1,488,400THB44.3m0%no data
0.1%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
1,370,700THB40.8m6.48%no data
0.099%
Chaiwat Kovavisarach
1,350,000THB40.2m0%no data
0.09%
SEI Investments Company
1,223,600THB36.4m0%no data
0.062%
Driehaus Capital Management LLC
844,600THB25.1m0%0.01%
0.061%
State Street Global Advisors, Inc.
825,228THB24.6m0.47%no data
0.06%
American Century Investment Management Inc
813,800THB24.2m7.25%no data
0.051%
Pacific Investment Management Company LLC
685,600THB20.4m1.32%no data
0.048%
UOB Asset Management Ltd
650,000THB19.3m0%0.03%
0.038%
Mercer Investments LLC
520,300THB15.5m0%0.01%
0.036%
Caisse de dépôt et placement du Québec
495,161THB14.7m0%no data
0.023%
Schroder Investment Management Limited
305,800THB9.1m0%no data
0.021%
RAM Active Investments S.A.
283,600THB8.4m0%0.03%
0.02%
AXA Investment Managers S.A.
277,200THB8.2m0%no data
0.02%
Geode Capital Management, LLC
271,166THB8.1m1.66%no data

Company Information

Bangchak Corporation Public Company Limited's 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
  • Implied Market Cap: ฿40.391b
  • 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 MARKET)THTHBAug 1994
7BPDB (Deutsche Boerse AG)THB1(ALIEN MARKET)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

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.