Earnings Report /
Thailand

Bangchak Corp PCL: 3Q22 earnings as expected; better quarter down the road

  • In line with estimates

  • BCP posted a 3Q22 net profit of Bt2,470m

  • The refinery crude run was 123k bpd

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

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Bualuang Securities
10 November 2022

Expectations of core earnings growth for 4Q22 and 2022 along with the market’s favorable perceptions on the potential for growth among new businesses should support the share price going forward. In any case, BCP currently trades at a YE23 PBV of just 0.5x (1.5SD below its long-term mean of 1.0x) which should buffer against the risk of price slippage.

Expectations of core earnings growth for 4Q22 and 2022 along with the market’s favorable perceptions on the potential for growth among new businesses should support the share price going forward. In any case, BCP currently trades at a YE23 PBV of just 0.5x (1.5SD below its long-term mean of 1.0x) which should buffer against the risk of price slippage.