BCPG Public Company Limited, a renewable energy company, engages in the solar power, hydropower, wind power, and natural gas businesses in Thailand, Japan, Laos, and Taiwan. It operates through Production and Distribution of Electricity; and Oil Storage and Seaport Service segments. The company offers smart energy solutions, including blockchain-based peer-to-peer energy trading project; energy management system; district cooling system; battery; and decarbonization solutions. It also develops transmission line systems and oil terminal. In addition, the company operates as an EPC contractor that provides operation and maintenance services. Further, it provides project development, construction, and operation management; investment management; and asset management services. The company was incorporated in 2015 and is headquartered in Bangkok, Thailand. BCPG Public Company Limited is a subsidiary of Bangchak Corporation Public Company Limited.
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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.