Bluebik Group PCLBBIK
▲ PositiveDemandrelevance
Record backlog from DX projects incorporating AI and expected industry growth drive demand.
Impact on stocks 1
Artificial Intelligence
Bluebik Group PCLPi 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.
Bluebik Group PCLRecord backlog from DX projects incorporating AI and expected industry growth drive demand.