BCPG Public Company Limited is a renewable energy company involved in solar, hydropower, wind power, and natural gas businesses across Thailand, Japan, Laos, and Taiwan. It operates through two segments: Production and Distribution of Electricity, and Oil Storage and Seaport Service. The company also offers smart energy solutions such as blockchain-based peer-to-peer energy trading, energy management systems, district cooling systems, batteries, and decarbonization solutions, and develops transmission line systems and oil terminals. In addition, it acts as an EPC contractor providing operation and maintenance services, as well as project development, construction, operation management, investment management, and asset management services. Incorporated in 2015 and headquartered in Bangkok, Thailand, BCPG is a subsidiary of Bangchak Corporation Public Company Limited.
BCPG's US plant sale gain offset by DSI probe overhang
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US gas plant sale to deliver ~2bn baht Q3 gain BCPG is selling its two US natural gas power plants, expected to close by end-Q3 2026, generating an extraordinary gain of about 2 billion baht. This one-time profit boost supports Q3 earnings and gives the company cash to redeploy, though it will stop receiving ongoing profit from these plants from Q4 onward.
This is the biggest near-term positive catalyst for BCPG's reported profit and share price.
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Data center demand lifts US gas plant revenue New Thai data center regulations are expected to attract investment, and BCPG's US natural gas plants are seeing higher electricity demand from data centers. This supports long-term revenue growth for its US power business, though the company is selling those plants, so the benefit may be short-lived or shift to other assets.
It explains a demand-side tailwind that could support BCPG's power business and investor sentiment.
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DSI probe into 9bn baht oil depot purchase Thailand's DSI has accepted a special investigation into BCPG's 2023 purchase of the Phetchaburi oil depot for 9 billion baht, which was far above an earlier 3 billion baht offer. The case could take years, but it creates uncertainty and is cited as an overhang pressuring the share price, with a broker advising investors to switch to other power stocks.
This is the main new negative factor weighing on BCPG's stock and investor confidence.
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ESG tailwind from carbon pricing and CBAM Kasikorn Securities named BCPG among 10 stocks benefiting from the ESG transition, as carbon pricing and the EU's CBAM favor clean energy. This could attract more institutional and foreign investment over time, though the financial impact is still developing and not immediate.
It highlights a longer-term regulatory and investment theme that supports BCPG's valuation.
Q3 2026
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BCPG's US plant sale gain offset by DSI probe overhang
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US gas plant sale to deliver ~2bn baht Q3 gain BCPG is selling its two US natural gas power plants, expected to close by end-Q3 2026, generating an extraordinary gain of about 2 billion baht. This one-time profit boost supports Q3 earnings and gives the company cash to redeploy, though it will stop receiving ongoing profit from these plants from Q4 onward.
This is the biggest near-term positive catalyst for BCPG's reported profit and share price.
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Data center demand lifts US gas plant revenue New Thai data center regulations are expected to attract investment, and BCPG's US natural gas plants are seeing higher electricity demand from data centers. This supports long-term revenue growth for its US power business, though the company is selling those plants, so the benefit may be short-lived or shift to other assets.
It explains a demand-side tailwind that could support BCPG's power business and investor sentiment.
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DSI probe into 9bn baht oil depot purchase Thailand's DSI has accepted a special investigation into BCPG's 2023 purchase of the Phetchaburi oil depot for 9 billion baht, which was far above an earlier 3 billion baht offer. The case could take years, but it creates uncertainty and is cited as an overhang pressuring the share price, with a broker advising investors to switch to other power stocks.
This is the main new negative factor weighing on BCPG's stock and investor confidence.
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ESG tailwind from carbon pricing and CBAM Kasikorn Securities named BCPG among 10 stocks benefiting from the ESG transition, as carbon pricing and the EU's CBAM favor clean energy. This could attract more institutional and foreign investment over time, though the financial impact is still developing and not immediate.
It highlights a longer-term regulatory and investment theme that supports BCPG's valuation.
News & notes movingBCPG.BK
ThailandLaos
Energy Transition & Power Demand▲2
Asia Plus backs CKP and BCPG as heavy rain boosts hydropower plants
Asia Plus Securities said that between 23 and 27 September 2026 heavy rain fell across many parts of Thailand, especially the central region, Bangkok and the eastern region, causing flooding in many areas and prompting warnings for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its vigilance level for industrial estates in at-risk areas, particularly Bang Pu and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in and Ban Wa (Hi-Tech), though no widespread suspension of estate operations has been seen and there have been no reports of large power plants halting operations or stopping electricity supply. The research team sees no direct impact on the power plant group, because core revenue is underpinned by long-term power purchase agreements, and expects the rain to ease within three to five days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, Laos saw heavy rain in the Mekong basin and in the central and northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25% and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A-3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with higher rainfall. The research team recommends Selective Buy, picking CKP as its Top Pick with a fair value of 2.90 baht, given the highest share of hydropower business in its portfolio, and expects normalised profit for the third quarter of 2026 to grow quarter on quarter and reach its highest level of the year. BCPG has a fair value of 8.00 baht and remains attractive thanks to a profit base with a high proportion of hydropower plants in Laos, supported by power projects in the United States entering the summer peak season, with third-quarter 2026 profit also expected to reach its highest level of the year. It therefore sees this as an opportunity for short-term trading in line with the seasonal cycle.
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Supply
CKP.BK · Supply · Positive Heavy Mekong-basin rain lifts output at CKP's Xayaburi and Nam Ngum 2 hydropower projects, and it is named Top Pick on its high hydropower share.
BCPG.BK · Supply · Positive Heavy rain in Laos boosts generation at BCPG's wholly owned Nam San 3A-3B hydropower project, supporting its high-hydropower profit base.
BCPG clarifies 9-billion-baht Phetchaburi oil depot purchase followed full process
BCPG Public Company Limited, or BCPG, submitted a letter of clarification to the business stock news editorial team on 23 September 2026 to explain the facts surrounding its investment in the Phetchaburi oil depot project in 2022, after reports that the DSI had accepted the matter as a special case. The company stated that the business valuation used the Discounted Cash Flow method, based on future cash flows under service agreements and service rates roughly 50 percent below market levels, and that the investment value of 9 billion baht fell within the valuation range of an independent expert. For the purchase price allocation, or PPA, of the transaction value of approximately 9 billion baht, the assets comprised tangible assets of approximately 6.49 billion baht, intangible assets representing the value of the oil depot service agreements of approximately 1.9 billion baht, and net deferred income tax assets and other assets of approximately 170 million baht, with the remainder being goodwill expected to arise from future cash flows. The company stated that the Phetchaburi oil depot project had significantly expanded its infrastructure, with storage tanks increasing from 16 to 20, storage capacity rising from approximately 500 million litres to approximately 720 million litres, oil pipelines increasing from 3 to 5, and berths increasing from 2 to 6. It confirmed that the transaction had passed through the full and transparent review procedures required of a company listed on the Stock Exchange of Thailand, from management and the relevant subcommittees through to the BCPG board.
BCPG.BK · Regulation · Neutral BCPG clarifies its 9-billion-baht Phetchaburi oil depot purchase after the DSI accepted the matter as a special case, defending that the deal passed full listed-company review procedures.
Maybank Keeps Buy on BCP with 65 Baht Target, Expects 2H2026 Dividend Above 3 Baht
Maybank Securities (Thailand) has maintained its buy recommendation on BCP shares with a 12-month target price of 65 baht, versus the current share price of 54.25 baht, implying 23% upside. The brokerage views refining margins as still strong and notes the company's growth plan focuses on the exploration and production, or E&P, business. BCP management said shareholder returns remain a key priority, with the possibility that dividend per share, or DPS, in the second half of 2026 will exceed 3 baht per share under a minimum payout policy of 30%, and the company is considering extending its share buyback program while reaffirming its commitment to a three-year long-term buyback plan. Under its five-year growth plan, BCP sees three main channels, with the E&P business, both organic and inorganic, as the primary driver, and has allocated 70% of initial capital expenditure to that business. Next is expanding refinery capacity, particularly at the Sriracha refinery, while it may consider raising sustainable aviation fuel, or SAF, output to 1.5 million liters per day from 1 million liters per day currently. On allegations against BCPG over its purchase of oil depot assets in 2023, management confirmed it followed proper procedures, including third-party valuation, and believes BCP shares held by Alpha Chartered Energy, or ACE, may be frozen for three to five years because legal proceedings brought by the government against ACE are still ongoing. In Maybank's estimates, BCP's 2026 revenue is 534.647 billion baht, EBITDA 74.606 billion baht, and core profit 28.347 billion baht, up 176.8% from the previous year. It forecasts core profit of 17.931 billion baht in 2027 and 13.139 billion baht in 2028, while projecting DPS of 5.10 baht in 2026 and a dividend yield of 9.4%.
Stocks to Watch Today: BCP Names New CEO, Central Plows 3.5 Billion Dollars into Vietnam
Today's stocks to watch span several key developments. Bangchak, or BCP, is changing its top leadership for the first time in 12 years, after the board unanimously resolved to appoint Bundit Hansapaiboon as the new CEO, succeeding Chaiwat Kovavisarach, whose term has ended, effective January 1, 2027, after more than a decade at the helm. The stock fell nearly 3% on concerns over the leadership change. Meanwhile, BCPG clarified the case in which the Department of Special Investigation requested information on its investment in the Phetchaburi oil depot and jetty project, confirming it is ready to cooperate fully and that there has been no conclusion or ruling from the relevant agencies. Central announced a new investment plan in Vietnam totaling 3.5 billion US dollars, covering retail, real estate, and hotels, split into 1.5 billion dollars for CRC to expand roughly 50 stores over three to five years, and another 2 billion dollars for CPN, after seeing substantial room for economic and purchasing-power growth. EGCO is pushing into the United States, acquiring a large 615-megawatt natural gas power plant in central New York under a tolling agreement that locks in long-term cash flow and captures electricity demand from AI and data centers. SPALI declared that Thai real estate has passed its bottom, and it will launch 19 new projects worth a combined 22.66 billion baht in the second half, with brokers saying profits have reached a turning point, raising this year's profit forecast by 10%, highlighting a 7.7% dividend yield, and setting a buy rating with a 21 baht target price.
BCP.BK · Capital · Negative Board appointed Bundit Hansapaiboon as new CEO, ending Chaiwat Kovavisarach's 12-year tenure; stock fell nearly 3% on the leadership change.
BCPG.BK · Regulation · Neutral BCPG confirmed it will cooperate with the Department of Special Investigation's request for information on its Phetchaburi oil depot and jetty investment, with no ruling yet.
CPN.BK · Capital · Positive Central's $3.5B Vietnam plan allocates $2B to CPN for retail, real estate, and hotels expansion.
CRC.BK · Capital · Positive Central's $3.5B Vietnam plan allocates $1.5B to CRC to expand roughly 50 stores over three to five years.
EGCO.BK · Capital · Positive EGCO is acquiring a 615-MW natural gas power plant in central New York under a tolling agreement locking in long-term cash flow.
SPALI.BK · Capital · Positive Brokers raised this year's profit forecast by 10%, set a buy rating and 21 baht target price, citing a profit turning point and 7.7% dividend yield.
Kasikorn Securities flags ESG as turning point for Thai stock profits, names 10 beneficiaries
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.
Energy Transition & Power Demand › Nuclear Generation & Utilities Regulation
Energy Transition & Power Demand › Solar ▲Regulation
Energy Transition & Power Demand › Grid, Transmission & Power Equipment Regulation
AMATA.BK · Regulation · Positive Named among 10 ESG beneficiaries under the green industrial infrastructure theme as Thailand moves to FTSE Russell ESG Scores and carbon pricing.
BAY.BK · Regulation · Positive Named among 10 ESG beneficiaries under the sustainable finance theme as ESG regulation increasingly affects profits and ROIC.
BBIK.BK · Regulation · Positive Named among 10 ESG beneficiaries under the ESG data services and carbon management theme tied to new ESG disclosure and carbon rules.
BCPG.BK · Regulation · Positive Named among 10 ESG beneficiaries under the renewable energy business expansion theme as carbon pricing and CBAM favor clean energy.
CKP.BK · Regulation · Positive Named among 10 ESG beneficiaries under the renewable energy business expansion theme as carbon pricing and CBAM favor clean energy.
DITTO.BK · Demand · Positive Named among KS's 10 ESG beneficiaries in the ESG data services and carbon management theme.
DSI accepts investigation into BCPG's 9-billion-baht purchase of Phetchaburi oil depot; broker advises avoiding other power plant stocks
Analysts at Krungsri Securities stated that the DSI has announced it will accept a special investigation into BCPG's purchase of the Phetchaburi oil depot in 2023 for 9 billion baht, which was higher than the original 3 billion baht offer that BCP had previously been interested in making. Further examination and requests for additional documentation will follow in the next phase. The brokerage views this as negative sentiment for BCPG, although in the short term the investigation and legal proceedings are expected to take no less than one to three years. It sees this as one of the overhangs pressuring the share price, following the forced sale of the Hamilton project in the United States and the ongoing search for a new project to replace it, as well as the case of the unitholders of the CAI fund, whose assets were frozen by the Anti-Money Laundering Office and whose case is now in court. The brokerage maintains a Neutral recommendation with a 2025 target price of 7.5 baht per share and advises switching to other power plant operators in the sector that are safer and more likely to benefit from the Power Development Plan.
BCPG.BK · Regulation · Negative DSI accepts a special investigation into BCPG's 9-billion-baht Phetchaburi oil depot purchase, an overhang pressuring the shares
Thai stock market closes down 12.48 points; BTS to issue 3 tranches of debentures
The Thai stock market index closed at 1,588.22 points, down 12.48 points or 0.78%, with a trading value of 66,470.96 million baht. Meanwhile, BTS is preparing to offer three new tranches of debentures: 2-year maturity with an interest rate of 3.20% per annum, 3-year maturity with an interest rate of 3.55% per annum, and 4-year maturity with an interest rate of 3.75% per annum. Tris Rating has assigned a credit rating of BBB+ with a negative outlook. The subscription is expected to open on September 25 and 28-29. Meanwhile, the board of SUSCO approved an interim dividend of 0.10 baht per share, with the XD date on September 10 and payment on September 25. GGC has partnered with CP Extra to collect 50,000 liters of used cooking oil per year to produce SAF fuel. SCCC is proceeding with its plan to restore a quarry in Chonburi covering 646 rai, increasing green space by 82.6%. The board of BCPG approved an interim dividend of 0.15 baht per share, totaling 450 million baht, with the XD date on September 9 and payment on September 22. RT has a backlog of 4,755 million baht and is preparing to sign additional work with the Metropolitan Electricity Authority worth 1,100 million baht in September, boosting the full-year backlog to 6,000 million baht, supporting this year's revenue of 3,800 million baht, an increase of 10%.
BCPG Announces Interim Dividend of 0.15 Baht per Share
BCPG has announced an interim dividend for the first half of 2026 at 0.15 baht per share, totaling approximately 450 million baht. The record date for shareholders entitled to receive the dividend is set for September 10, with the ex-dividend date (XD) on September 9. Payment will be made on September 22, 2026. The dividend yield is approximately 2.07%, based on the share price of 7.25 baht, which increased by 0.10 baht or 1.40% as of around 10:45 a.m. on August 28, 2026.
BBL announces interim dividend of 2 baht per share, BCPG 0.15 baht per share
Bangkok Bank Public Company Limited (BBL) announced an interim dividend payment of 2 baht per share from retained earnings, with the ex-dividend (XD) date set for September 9, 2026, and payment on September 25, 2026. Meanwhile, BCPG Public Company Limited (BCPG) announced an interim dividend of 0.15 baht per share from its first-half 2026 operating results, with the XD date also on September 9, 2026, and payment on September 22, 2026.
BCP Shares Surge 8% After Announcing 3 Baht Dividend; Broker Sees Strong H2 Earnings
Shares of Bangchak Corporation Public Company Limited (BCP) rose 7.54% to 53.50 baht after the company announced an interim dividend for the first half of 2026 at 3 baht per share, representing a dividend yield of 6.0%. The ex-dividend date is September 7, and the payment date is September 17. Land and Houses Securities maintains a "Buy" recommendation and expects second-half earnings to continue growing strongly year-on-year, albeit lower than the first half which had a high base. This is supported by new businesses such as sustainable aviation fuel (SAF) and oil retail in Hong Kong, which will contribute full-quarter results for the first time in Q3/2026. Meanwhile, EBITDA from the trading business is expected to grow 2.5 times, and OKEA's oil and gas selling prices are expected to rise 30-40%. There is also potential for special gains from the sale of the Mistral petroleum field and BCPG's gas-fired power plant in the United States.
BCPG shared its vision at Asia Forum 2026 to support a liberalised electricity market and advance the ASEAN Power Grid, or APG, which links power systems across ASEAN countries. Mr. Panjapol said Thailand's energy transition must balance the public sector, electricity users, and the private sector, with open and fairly competitive electricity trading mechanisms helping prices reflect true costs. For the transition to clean energy, it is necessary to combine stable power sources with renewables and energy storage systems to manage variability. BCPG noted that regional grid interconnection will improve resource efficiency because each country has different strengths, such as Thailand's solar potential, Laos' hydropower and wind, and Malaysia's natural gas and oil. The company has experience investing in wind and hydropower plants in Laos and selling electricity to Vietnam, which is a real example of cross-border power trading. However, full development of the APG still faces challenges in investment, infrastructure, regulations, and governance, requiring cooperation from all sectors.
BCPG reported a second-quarter 2026 net profit of 155 million baht, down 79 percent from the previous quarter but swinging to a profit compared with a year earlier. Normalised profit stood at 180 million baht, down 71 percent quarter-on-quarter and up 37 percent year-on-year, falling short of Yuanta Securities and market consensus estimates by roughly 15 percent and 20 percent respectively. The main reasons were higher-than-expected selling, general and administrative expenses and tax costs. Equity income from gas-fired power plants in the United States declined due to seasonal factors and maintenance shutdowns, while the Monsoon wind project swung to a share of loss of 96 million baht after entering the low season. The research team maintained its 2026 profit forecast at 1.956 billion baht and expects normalised profit in the third quarter of 2026 to recover to 600 to 700 million baht, supported by the summer season for US gas-fired power plants and a full-quarter recognition of higher availability payments. It kept a buy recommendation with a fair value of 9.90 baht per share, noting that the sale of US power plants will bring in cash of approximately 11 billion baht, which will enhance the company's investment capacity under the new power development plan.
BCPG expects second-half profit peak, supported by high season
KGI Securities Thailand notes that BCPG's net profit in the second quarter of 2026 was 155 million baht, swinging from a net loss of 651 million baht in the second quarter of 2025, but down 79 percent from the previous quarter. Core profit, excluding foreign exchange losses, was 182 million baht, up 38 percent year-on-year but down 71 percent quarter-on-quarter, as the gas-fired power plant project in the United States entered the low season and the Monsoon wind power project was also in its low season. Meanwhile, core profit for the first half of 2026 was 812 million baht, up 146 percent year-on-year, accounting for 38 percent of the analyst's full-year 2026 core profit forecast. Full-year 2026 core profit is expected to grow 19 percent year-on-year, driven by higher contract prices for US projects and a full year of revenue recognition from the Monsoon project, before 2027 core profit drops 35 percent due to the absence of profit from two strategic gas-fired power plants in the US, Liberty and Patriot. The analyst views second-half 2026 profit as stronger than the first half, with third-quarter 2026 core profit expected to be the year's peak, supported by the high season for US projects and the rainy season for hydropower plants in Laos. In addition, the PJM market has improved significantly, with the 2026 spark spread rising 70 percent year-on-year to 3.4 US cents per kilowatt-hour, 13 percent above the forward curve, boosting margins for US projects, though partially offset by the sale of two Hamilton gas-fired plants totaling 426 megawatts. The Bloomberg consensus as of August 5, 2026 gives an average recommendation of buy with an average target price of 8.60 baht. BCPG shares trade at a low price-to-earnings ratio of just 6 times, but ESG issues and concerns over reinvestment of asset sale proceeds continue to weigh on investor sentiment.
Brokers say Thai stocks in Infra Tech, power, contracting, and industrial estates to benefit from new Data Center regulations
Analysts expect that the clarity of the new Data Center business regulations, which the government is preparing to approve, will help attract investment and benefit stocks in technology infrastructure, power, construction contracting, telecommunications, and industrial estates. The Board of Investment has already approved Data Center and Cloud Service projects worth over 958 billion baht. Power plant and utility groups such as WHAUP are expected to benefit from sales of industrial water and electrical systems, while GUNKUL, GULF, BGRIM, and STECON will gain from engineering systems, clean energy, and Data Center building construction. In the electronics sector, DELTA is highlighted as a standout stock due to demand for power supply systems and cooling technology for AI servers. HANA and KCE are supported by orders for high-end printed circuit boards, and WHA benefits from selling land in industrial estates to foreign investors. Additionally, BCPG is gaining from natural gas power plants in the United States that are seeing electricity demand from Data Centers, while INSET, ITEL, and SYMC have opportunities to undertake Data Center system installation, co-location services, and fiber optic network projects.
ASPS Recommends Two Investment Themes to Navigate Three Global Wars, Highlighting Energy, Insurance, and Healthcare Stocks
Asia Plus Securities, or ASPS, has unveiled an investment strategy to cope with volatility from the Middle East conflict, the trade war, and the technology war, recommending two main themes. The first theme consists of stocks expected to deliver profit growth both quarter-on-quarter and year-on-year, including IVL, PTTGC, BCP, TRUE, SCGP, DOHOME, PTTEP, ADVICE, SC, ADVANC, PTT, and MASTER. The second theme covers stocks with growing profits but lagging share prices, namely BCPG, AMATA, DELTA, and CRC. At the same time, ASPS has designated DELTA, BDMS, and CPALL as standout picks due to their safety from wartime conditions and lack of negative impact. The firm also recommends investing in foreign securities depositary receipts such as MICRON01 to capture strong earnings momentum from memory chip demand, and OIL03 to benefit from the US-Iran conflict boosting oil prices. Another noteworthy point is that since April 2026, the earnings per share estimate for the Thai stock market has been revised up by 3.8 percent, the second highest in the world, trailing only the Dow Jones index and bucking the trend of downward revisions in regional markets.
BCPG Eyes Q3 Profit Surge on 2 Billion Baht Extraordinary Gain
Yuanta Securities expects BCPG Public Company Limited to post a normalised profit of 212 million baht in the second quarter of 2026, down 66 percent from the previous quarter but up 61 percent from a year earlier. The decline reflects the low season for its wind power plant in Laos and natural gas power plants in the United States, as well as maintenance shutdowns at the Liberty and Patriot plants in the US. Normalised profit is forecast to recover to 600 to 700 million baht in the third quarter of 2026, driven by seasonal factors and the first full-quarter recognition of capacity payments in the PJM electricity market. In addition, BCPG is in the process of selling the two US natural gas power plants, a deal expected to close by the end of the third quarter, generating an extraordinary gain of around 2 billion baht. The company will stop recognising profit shares from these projects from the fourth quarter onward. Yuanta Securities maintains its end-2026 target price of 9.90 baht per share and keeps a buy recommendation for long-term investment.
BCPG reports second-quarter 2026 electricity sales volume decline due to Hamilton power plant maintenance shutdown in the US
BCPG reported total electricity sales volume in the second quarter of 2026 at 1,640.5 gigawatt-hours, down from 1,661.8 gigawatt-hours in the same period last year and from 1,988.8 gigawatt-hours in the previous quarter. The main drag came from a planned major equipment upgrade maintenance shutdown at both Hamilton power plants in the United States, which are part of the company's overseas assets. This pushed electricity sales volume from US natural gas power plants down to 1,337.4 gigawatt-hours from 1,473.2 gigawatt-hours in the second quarter of 2025 and 1,570.4 gigawatt-hours in the first quarter of 2026. However, the maintenance shutdown was completed within the quarter, and the company also received a boost from its renewable energy business in Asia. Solar power plants in Thailand increased sales volume to 90.3 gigawatt-hours, hydropower plants in Laos grew to 104.7 gigawatt-hours, and the Monsoon wind power project in Laos began fully recognizing electricity sales volume after commencing commercial operations.
BCP expects Q2 2026 net profit to surge to 10 billion baht, boosted by SAF
Bangchak Corporation, or BCP, forecasts second-quarter 2026 net profit at approximately 10 billion baht, up 66 percent from the previous quarter. The increase is driven by core profit rising another 25.4 percent and net special items falling to around 2.2 billion baht from 3.7 billion baht in the prior quarter, as combined realized and unrealized hedging losses are expected to drop to about 2.1 billion baht from a loss of 12 billion baht in the previous quarter, and no oil stock loss is anticipated this quarter. Core profit is seen at around 12 billion baht, up 25.4 percent quarter-on-quarter, supported by the refinery business where the effective tax rate fell to about 34 percent from 42 percent, even though total refining margin edged down to around 16 US dollars per barrel from 18 US dollars per barrel. The marketing business also saw higher marketing margins, and the company began booking profit from the sustainable aviation fuel, or SAF, business for the first time, covering about one and a half months. Meanwhile, the power plant business through BCPG is expected to post lower profit quarter-on-quarter due to planned maintenance shutdowns at US power plants and the low season for the monsoon wind farm in Laos. The exploration and production business through OKEA is pressured by lower sales volumes despite higher selling prices, along with impairment charges from a lower forward oil price outlook. The research team has raised its full-year net profit forecasts for 2026 and 2027 to around 21 billion baht and 14 billion baht, respectively, based on total refining margin assumptions of 10.0 and 7.5 US dollars per barrel for 2026 and 2027, and includes SAF profit averaging 2.0 to 3.0 billion baht per year, plus profit from the Chevron Hong Kong business starting in 2027 averaging 500 to 600 million baht per year. The end-2026 fundamental value is raised to 48 baht per share from 43 baht, with the full-year 2026 dividend raised to 5 baht per share. The first-half dividend is expected at around 2.5 baht per share, implying a high first-half dividend yield of 5.9 percent. The buy recommendation is maintained.
Electrification & Mobility › Commercial & Heavy-Duty Electric Vehicles ▲Demand
BCP.BK · Capital · Positive BCP forecasts Q2 2026 net profit surge to 10 billion baht, up 66% QoQ, driven by lower hedging losses and higher core profit.
OKEA ASA · Capital · Negative OKEA pressured by lower sales volumes and impairment charges from lower forward oil price outlook.
OKEA ASA · Supply · Negative OKEA pressured by lower sales volumes and impairment charges from lower forward oil price outlook.
BCPG.BK · Supply · Negative BCPG's power plant business expected to post lower profit QoQ due to planned maintenance shutdowns and low season for wind farm.
Thailand
