บทวิเคราะห์ (Research)

BANPU reported a 2Q25 net loss of Bt945mn, worsening from a net profit of Bt937mn in 2Q24 and a net loss of Bt483mn in 1Q25. The poorer performance came mainly from a lower Newcastle coal price of US$100/ton (-27% YoY, - 5% QoQ). Meanwhile, BANPU informed SET that BKV Corporation (BKV) will acquire Bedrock Production, which produced 108 mmscfd of gas in 2Q25, along with midstream infrastructure in Barnett Shale. The transaction, valued at US$370mn, is expected to close in October 2025. We roll our target price over to 1H26F and reduce it to Bt5.00, from Bt6.00, based on unchanged PB 0.45x (implying -1.0 S.D.) to reflect our earnings downgrades. We maintain a rating of Neutral on BANPU, given reduced interest from institutional investors who are concerned about the impact of coal on climate change. In 1H25, the company derived about 59% of its total EBITDA from coal mines and coal-fired power plants.