บทวิเคราะห์ (Research)

BCP : Business continues, but with negative factors from shareholders View Negative on the news that AMLO froze BCP shares from one of the major shareholders worth approximately 6 billion baht, which may cause market concerns about the worst case of selling through the stock exchange and put pressure on the share price. However, if selling through the stock exchange occurs, we expect AMLO is likely to gradually sell taking into account the impact on the overall picture and to maximize compensation as well. Due to increased short-term pressure, we remove BCP from top pick but maintain Buy recommendation at TP26F = 44 baht/share as business operations remain unchanged. Currently trading at PBV 0.6x, lower than the sector (cash etc. approximately 20.8 baht/share). We maintain our 2026F view of continued recovery. Refinery business benefits from full-year refinery tower upgrade and facility, power plant business recognizes U.S. elect ricity tariffs and full-year new COD.