BCPG's US plant sale gain offset by DSI probe overhang
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.
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.
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.
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.