Kasikorn Securities maintains Buy on CK with 29.27 baht target after BEM stake sale yields 220 million baht extraordinary gain

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Kasikorn Securities said CK sold 200 million BEM shares at 6.50 baht per share, representing 1.31% of all shares, cutting its stake from 42.26% to 40.95%. The transaction was executed through J.P. Morgan and KKPS, and the proceeds will be used for working capital and general operations. At the end of the second quarter of 2026, CK's cost basis on its BEM stake was 4.99 baht per share. The sale will generate a profit of 303 million baht and net profit after tax of about 220 million baht, to be recognised in the third-quarter 2026 statements. For the third quarter of 2026, net profit is expected to remain lower year on year, because the third quarter of 2025 had a high base from an extraordinary gain of about 874 million baht on the sale of investments. On a normalised basis, however, profit is expected to be flat to slightly better year on year, driven by accelerating construction work and lower interest expenses. Kasikorn Securities maintained its Buy rating on CK with a target price of 29.27 baht, expecting at least 200 billion baht of public-sector work to be put out to tender in 2027, comprising motorway and rail projects already approved by the Cabinet this year. CK focuses mainly on public-sector contracts and has historically had a win rate of about 25%. The stock currently trades at a 2026 price-to-earnings ratio of only 13.3 times, versus the target price's 20 times 2026 earnings, 18.8 times 2027 earnings, and a 10-year average price-to-earnings ratio of 25 times.

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Kasikorn Securities maintained Buy with a 29.27 baht target after CK's BEM stake sale yields a 220 million baht net extraordinary gain and it trades at only 13.3x 2026 P/E.

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