Dao Securities Thailand has raised its target price for Bangchak Corporation shares to 50 baht from 40 baht, while maintaining a buy recommendation, after second-quarter 2025 results came in stronger than expected. The company posted a net profit of 12.2 billion baht, swinging from a net loss of 2.6 billion baht in the same period last year and beating market forecasts by about 31 percent. Key drivers included a strong base refining margin of 23.0 dollars per barrel and the performance of the natural resources business OKEA, which recorded accounting EBITDA of 7.1 billion baht, up 207 percent from a year earlier. The research team has therefore raised its 2025 net profit forecast by 408 percent to 26.3 billion baht, and expects the third-quarter 2025 trend to still show year-on-year growth, supported by refining margins and oil product price spreads that remain elevated.
Bangchak Corporation Public Company LimitedDao Securities raises target price to 50 baht and maintains buy after stronger-than-expected Q2 profit.
OKEA's EBITDA up 207% year-on-year, contributing to Bangchak's strong results and target price hike.
