Bangkok Airways Future Growth

Future criteria checks 1/6

Bangkok Airways is forecast to grow earnings and revenue by 8.4% and 1.6% per annum respectively. EPS is expected to grow by 7.9% per annum. Return on equity is forecast to be 16% in 3 years.

Key information

8.4%

Earnings growth rate

7.9%

EPS growth rate

Airlines earnings growth	20.8%
Revenue growth rate	1.6%
Future return on equity	16.0%
Analyst coverage	Low
Last updated	21 Nov 2024

Recent future growth updates

Recent updates

Earnings and Revenue Growth Forecasts

SET:BA - Analysts future estimates and past financials data (THB Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	25,414	3,767	6,261	6,293	3
12/31/2025	25,643	3,497	5,937	5,883	4
12/31/2024	24,105	3,557	6,785	5,985	2
9/30/2024	24,905	2,911	5,043	6,179	N/A
6/30/2024	23,950	4,151	5,736	6,794	N/A
3/31/2024	23,105	4,108	5,945	6,458	N/A
12/31/2023	21,055	3,110	5,009	5,546	N/A
9/30/2023	20,250	3,606	5,130	5,556	N/A
6/30/2023	18,604	1,302	4,001	4,423	N/A
3/31/2023	16,267	-215	3,249	3,580	N/A
12/31/2022	12,228	-2,110	1,348	1,568	N/A
9/30/2022	8,812	-2,402	131	294	N/A
6/30/2022	5,761	-8,986	-815	-675	N/A
3/31/2022	4,135	-8,824	-1,934	-1,845	N/A
12/31/2021	3,583	-8,550	-2,254	-2,174	N/A
9/30/2021	5,353	-8,809	-2,580	-2,434	N/A
6/30/2021	5,673	-3,401	-2,456	-2,307	N/A
3/31/2021	5,788	-5,690	-4,928	-4,633	N/A
12/31/2020	10,767	-5,283	-4,932	-4,268	N/A
9/30/2020	13,981	-4,400	-4,714	-3,841	N/A
6/30/2020	19,292	-2,773	-3,840	-2,870	N/A
3/31/2020	24,259	-492	-1,655	-18	N/A
12/31/2019	25,937	351	-924	1,176	N/A
9/30/2019	26,161	-546	-2,526	1,076	N/A
6/30/2019	26,825	-568	-2,460	1,251	N/A
3/31/2019	26,824	43	-1,455	1,646	N/A
12/31/2018	26,861	249	-569	1,902	N/A
9/30/2018	26,928	1,594	853	1,849	N/A
6/30/2018	26,740	1,401	N/A	1,617	N/A
3/31/2018	26,597	950	N/A	1,420	N/A
12/31/2017	26,193	788	N/A	762	N/A
9/30/2017	25,873	-462	N/A	1,939	N/A
6/30/2017	25,685	358	N/A	2,036	N/A
3/31/2017	25,698	764	N/A	2,438	N/A
12/31/2016	25,972	1,768	N/A	3,495	N/A
9/30/2016	25,980	2,144	N/A	3,458	N/A
6/30/2016	25,600	2,061	N/A	4,506	N/A
3/31/2016	25,065	2,280	N/A	4,517	N/A
12/31/2015	24,044	1,797	N/A	3,901	N/A
9/30/2015	23,629	1,955	N/A	3,162	N/A
6/30/2015	22,761	1,325	N/A	1,764	N/A
3/31/2015	22,298	907	N/A	963	N/A
12/31/2014	21,731	351	N/A	-221	N/A
9/30/2014	21,253	-153	N/A	77	N/A
6/30/2014	21,204	279	N/A	819	N/A
3/31/2014	20,953	749	N/A	1,031	N/A
12/31/2013	20,457	932	N/A	1,899	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BA's forecast earnings growth (8.4% per year) is above the savings rate (2%).

Earnings vs Market: BA's earnings (8.4% per year) are forecast to grow slower than the TH market (16.8% per year).

High Growth Earnings: BA's earnings are forecast to grow, but not significantly.

Revenue vs Market: BA's revenue (1.6% per year) is forecast to grow slower than the TH market (6.6% per year).

High Growth Revenue: BA's revenue (1.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BA's Return on Equity is forecast to be low in 3 years time (16%).

Bangkok Airways Future Growth

Future criteria checks 1/6

Key information

Recent future growth updates

Price target increased by 7.3% to ฿27.17

Price target increased by 9.6% to ฿23.61

Consensus EPS estimates increase by 11%

Price target increased by 7.2% to ฿20.38

Consensus EPS estimates increase by 25%

Consensus EPS estimates increase by 27%

Recent updates

Third quarter 2024 earnings released: EPS: ฿0.32 (vs ฿0.91 in 3Q 2023)

Price target increased by 7.3% to ฿27.17

Upcoming dividend of ฿0.60 per share

Investor sentiment improves as stock rises 18%

Second quarter 2024 earnings: EPS and revenues exceed analyst expectations

Price target increased by 9.6% to ฿23.61

Consensus EPS estimates increase by 11%

Price target increased by 7.2% to ฿20.38

Consensus EPS estimates increase by 25%

First quarter 2024 earnings released: EPS: ฿0.89 (vs ฿0.42 in 1Q 2023)

Bangkok Airways Public Company Limited Announces Appointment of Prasert Prasarttong-Osoth as Chairman of the Board

Bangkok Airways Public Company Limited Approves Dividend Payment of the Year 2023, Payable on April 23, 2024

Bangkok Airways Public Company Limited Announces Demise of Kaset Rochananil, Chairman of the Board and Independent Director

Consensus EPS estimates increase by 27%

New major risk - Revenue and earnings growth

Upcoming dividend of ฿0.50 per share

Bangkok Airways Public Company Limited, Annual General Meeting, Apr 09, 2024

Full year 2023 earnings released: EPS: ฿1.48 (vs ฿1.01 loss in FY 2022)

Bangkok Airways Public Company Limited Proposes Cash Dividend for the Period from 1 January 2023 to 31 December 2023, Payable on 23 April 2024

Upcoming dividend of ฿0.50 per share at 6.5% yield

Bangkok Airways Public Company Limited Announces Cash Dividend, Payable on 12 December, 2023

New major risk - Revenue and earnings growth

Price target increased by 7.4% to ฿19.44

Consensus EPS estimates increase by 21%, revenue downgraded

Now 20% undervalued after recent price drop

Bangkok Airways Public Company Limited Announces Resignation of Visanu Prasarttongosoth as Director

Price target increased by 7.9% to ฿18.10

Consensus EPS estimates increase by 23%

Price target increased by 8.9% to ฿16.38

Second quarter 2023 earnings released: EPS: ฿0.32 (vs ฿0.40 loss in 2Q 2022)

Price target increased by 11% to ฿13.33

Third quarter 2022 earnings released: ฿0.19 loss per share (vs ฿3.39 loss in 3Q 2021)

Less than half of directors are independent

Consensus forecasts updated

Second quarter 2022 earnings released: ฿0.40 loss per share (vs ฿0.33 loss in 2Q 2021)

First quarter 2022 earnings: EPS and revenues miss analyst expectations

Price target increased to ฿11.54

Less than half of directors are independent

Consensus estimates of losses per share improve by 19%

Price target increased to ฿11.54

Consensus forecasts updated

Full year 2021 earnings: EPS and revenues exceed analyst expectations

Bangkok Airways Public Company Limited, Annual General Meeting, Apr 19, 2022

Third quarter 2021 earnings released: ฿3.39 loss per share (vs ฿0.76 loss in 3Q 2020)

Less than half of directors are independent

Bangkok Airways Public Company Limited Announces Temporary Suspended Routes

Price target increased to ฿7.17

First quarter 2021 earnings released: ฿0.36 loss per share (vs ฿0.16 loss in 1Q 2020)

Price target decreased to ฿5.85

Full year 2020 earnings released: ฿2.57 loss per share (vs ฿0.17 profit in FY 2019)

Bangkok Airways Public Company Limited, Annual General Meeting, Apr 19, 2021

New 90-day high: ฿7.65

Price target raised to ฿7.92

New 90-day high: ฿6.70

New 90-day high: ฿5.80

Third quarter 2020 earnings released: ฿0.76 loss per share

New 90-day low: ฿4.98

New 90-day low: ฿5.25

New 90-day low - ฿5.30

First half earnings released

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings per Share Growth Forecasts

Future Return on Equity

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