บทวิเคราะห์ (Research)

TRIS Rating affirms the company rating on Banpu PLC (BANPU) and the ratings on BANPU’s senior unsecured debentures at “A+” with a “stable” outlook. The ratings reflect the company’s significant market presence in the Asia-Pacific energy upstream industry, underpinned by its extensive operational scale, established customer base, and cost efficiency. Additionally, the company’s strategic diversification towards the natural gas, power, and energy technology businesses helps reduce reliance on coal business and supports long-term earnings. However, the ratings are constrained by its moderately high leverage, volatility in coal and natural gas prices, higher exposure to the electricity merchant market, and potential long-term decline in coal demand due to environmental concerns.