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 Public Company LimitedDSI accepts a special investigation into BCPG's 9-billion-baht Phetchaburi oil depot purchase, an overhang pressuring the shares
Bangchak Corporation Public Company Limited
Bank of Ayudhya PCL
