Bluebik Group PCL

Kasikorn Securities, or KS, said in a research note that ESG is entering an era in which it genuinely affects financial outcomes, and unveiled 10 stocks set to benefit from the ESG transition. The Stock Exchange of Thailand is preparing to move from SET ESG Ratings to the FTSE Russell ESG Scores framework, with listed companies due to learn their own scores in 2026 and public disclosure beginning in 2027. Preliminary statistics from the 2025 FTSE Russell ESG Scores assessment show that 222 Thai listed companies averaged 3.6 out of 5, placing them at a Good practice level, with the utilities, healthcare, and oil and gas sectors scoring most strongly. KS said ESG development is reaching a regulatory level that will affect profits and ROIC through a carbon pricing mechanism with a pilot price of 200 baht per tonne of carbon equivalent, a planned emissions trading system trial in 2029-2030, the EU CBAM measure, and the IFRS S1/S2 standards and Thailand Taxonomy. A study of SET100 stocks found that high ESG-rated shares do not always trade at more expensive PER or PBV multiples or post higher EPS growth, but that good ESG enhances investability through liquidity and the shareholding of foreign and institutional investors. The case of DELTA, which was removed from the SETESG index, reflects how money from ESG-linked funds affects short-term price volatility. The 10 standout stocks span five themes: renewable energy business expansion, GULF, BCPG and CKP; green industrial infrastructure, WHA and AMATA; ESG data services and carbon management, DITTO and BBIK; sustainable finance, BAY and TTB; and the circular economy, SCGP.

Pi Securities assesses BBIK, noting that organizations need to adapt their internal processes with technology, especially AI. Analysts forecast that Thailand's Digital Transformation market will expand at an average of +8.8% per year until 2031, driven by government policies and investments in Hyperscale Data Centers by major tech companies. The research team believes BBIK will grow in line with the industry over the next five years. Backlog at the end of 2Q26 hit a new record of 1,341 million baht, mostly from DX projects incorporating AI. Profits in 2H26 are expected to accelerate due to seasonality and a utilization rate target of 70%, up from 64% in 1H26, following the integration of the DX team with its subsidiary into Bluebik Digital and the resumption of international projects, which will show clear results in 2027. However, BBIK is undergoing a new merger, with expenses of about 20 million baht to be recorded in 3Q26. Management maintains its 2026 profit growth target of +20% YoY, excluding these expenses. The research team values BBIK at a fundamental price of 26.50 baht by end-2026, based on a PE of 14.5x. Currently, BBIK trades at 11.1x PE'26E per the research team's estimates and 10.8x per Bloomberg Consensus.

The Stock Exchange of Thailand (SET) is set to host Thailand Focus 2026 from August 26-28, with 78 listed companies participating, representing a combined market capitalization of approximately 15 trillion baht, or about 74% of the total Thai stock market value. For the first time, stock exchanges from five ASEAN countries will also participate, aiming to attract foreign investment. Among the participants, 16 companies are part of the JUMP+ program, which have unveiled their three-year business value enhancement plans through 2028. For instance, BBIK targets a net profit of 700-800 million baht in 2028, an increase of 105-135% from 2025; JMT targets a net profit of 1.8 billion baht, up 75%; and AAV targets EBITDA of 17 billion baht, up 117%. Meanwhile, Krungsri Securities noted that in the three weeks following Thailand Focus, the Thai stock market tends to deliver an average return of 2.44%, with an 80% probability of positive returns. The sectors to watch have shifted to electronic components, banks, industrial estates, and construction, driven by investment in AI and infrastructure.

Bluebik Group Public Company Limited, or BBIK, expects third-quarter 2026 performance to continue growing from the second quarter of 2026, driven by private-sector demand for new technology investment, especially AI systems, and accelerated government budget disbursement in the second half of the year. The company aims to push the proportion of overseas revenue to 15% of total revenue within three to five years, focusing on expanding in Vietnam, where financial institution clients need technology similar to Thailand's. It currently has a backlog including joint ventures of about 1.3 billion baht and maintains its target of 20% revenue growth this year. Meanwhile, a merger and acquisition in the ICT business is undergoing due diligence and is expected to close within the first quarter of 2027.

Kasikorn Securities expects the SET Index today to move in a range of 1,610 to 1,630 points. The market remains concerned about inflation from high long-term borrowing costs and Brent crude oil prices swinging above 90 dollars per barrel, but government stimulus measures are helping to support the economy. The brokerage recommends buying on dips in high-profit stocks BBIK and MGC. BBIK's backlog reached a new record high of 1.1 billion baht in the second quarter of 2026, up 35 percent from the previous quarter, and the company maintains its 2026 growth target of 20 percent. Meanwhile, MGC is getting positive momentum from the case of XPENG, which is studying the possibility of setting up an electric vehicle production plant in Thailand. If the investment actually moves forward, it would be positive for related stocks such as MGC, industrial estate groups, and auto parts stocks related to the electric vehicle business.

Land and Houses Securities Public Company Limited said BBIK is conducting financial, legal, and tax due diligence, as well as negotiating terms and price with the seller in an M&A deal that has been underway for more than two years, and expects to close the deal early next year. The deal has annual EBITDA equivalent to BBIK and synergies with its existing business, which will require borrowing or finding joint-venture partners, but the company confirmed it is unlikely to raise capital. Meanwhile, due diligence expenses of about 20 million baht will be recorded in the third quarter of 2026, pressuring short-term profit. Backlog at the end of the second quarter of 2026 rose 35 percent from the previous quarter to 1.341 billion baht, the highest in two years, and the company expects to recognize revenue this year of no less than 642 million baht. It maintains a revenue growth target of 20 percent, with AI revenue growing 53 percent from the previous year and gross margin increasing to 54.7 percent. The company has begun expanding into overseas markets such as Indonesia, Singapore, the United Kingdom, and Vietnam, recognizing revenue of about 2 million baht in the first half. First-half profit was 162 million baht, accounting for 43 percent of the full-year estimate of 381 million baht, and fourth-quarter profit is expected to stand out again. The securities company maintained a buy recommendation, viewing the current valuation as inexpensive at a P/E of 12 times, and said the new M&A deal will help drive growth next year and over the long term.

Bluebik Group reported first-half net profit for 2026 of 162 million baht, up 11% from the same period last year, with total revenue of 738 million baht, an increase of 4%, supported by corporate demand for technology investment and AI transformation. Gross margin rose from 50% to 54%, and the company had backlog at the end of June 2026 as high as 1.341 billion baht, of which more than 899 million baht is expected to be recognised as revenue within this year. The company is confident that full-year revenue will grow by the 20% target and has a long-term goal of bringing BBIK shares into the SET 100 index by 2029.

Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said infrastructure, energy, and digital services stocks are likely to benefit significantly from the expansion of the data center business. GULF is the top large power plant stock to watch, given its capacity to meet rising electricity demand from data center investments, while GPSC and BGRIM are also interesting power plant plays. In digital services and cybersecurity, stocks to watch include BBIK, BE8, and SECURE. INSET is a key player in system integration and infrastructure construction for data centers. The cabinet has approved Thailand's first Big Data strategic plan, covering 2025 to 2027, aiming to develop the country's data infrastructure, promote AI adoption, and train at least 160,000 personnel by 2027, while targeting economic value from Big Data to grow by no less than 35 percent by 2027.

Digital transformation stocks rose sharply, with BE8 closing at 6.70 baht, up 5.51%, and BBIK closing at 23.10 baht, up 5.00%, driven by a positive outlook on earnings and AI adoption. Krungsri Securities noted that most digital tech consulting stocks are still trading more than one standard deviation below their long-term averages, making them attractive on valuation. The firm recommends buying BBIK with a target price of 24.30 baht, citing stable profit trends and strong AI adaptation. For BE8, it recommends speculative trading, as the recovery is expected to be gradual.