BCP jumps 4% as broker raises target to 69.70 baht, eyes 2026 profit of 27.4 billion

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Summary · why it matters

Shares of Bangchak Corporation Public Company Limited, or BCP, rose 3.69% to 56.25 baht on trading value of 250.90 million baht after Kiatnakin Phatra Securities Public Company Limited raised its target price to 69.70 baht per share from 44.60 baht, an increase of about 56%, while maintaining a buy recommendation. Kiatnakin Phatra raised its net profit forecast for BCP in 2026 to 27.4 billion baht from 5.6 billion baht, based on assumptions of higher refining margins as well as higher petroleum prices and higher OKEA production volumes. In the refinery business, one of its core operations, the analyst raised the enterprise value to about 98 billion baht, up 58%, after revising the average refining margin assumption for 2026 to 2031 to 8.8 US dollars per barrel from 6 US dollars per barrel, and raising the 2026 refining margin assumption to 14.3 US dollars per barrel. First-half 2026 operating results showed an average refining margin of about 18.5 US dollars per barrel, supported by high diesel price spreads, along with net profit of about 18.4 billion baht. It also raised the value of the oil marketing business by 13% to about 56 billion baht and raised the value of the OKEA business to about 15 billion baht. For the 2027 outlook, Kiatnakin Phatra raised its net profit forecast to 14 billion baht, expecting an average refining margin of about 9.6 US dollars per barrel. Meanwhile, BCP and major oil traders announced an increase in retail diesel prices of 0.75 baht per litre, effective from 05.00 on 24 September 2026, bringing regular diesel to 41.44 baht per litre and B20 diesel to 36.44 baht per litre, although the price increase does not directly reflect a positive impact on BCP's profit.

Impact on assets 2

Energy Transition & Power Demand▲
Bangchak Corporation Public Company Limited
BCP
▲ PositiveCapitalPricingrelevance

Kiatnakin Phatra raised BCP's target price to 69.70 baht from 44.60 baht and lifted its 2026 net profit forecast to 27.4 billion baht, driving the shares up 3.69%.

Financials▲

Off-coverage companies 1

OKEA ASAi
Private▲ PositiveCapitalrelevance

The analyst raised the value of BCP's OKEA business to about 15 billion baht, citing higher OKEA production volumes in the profit forecast assumptions.