BCPG reported a second-quarter 2026 net profit of 155 million baht, down 79 percent from the previous quarter but swinging to a profit compared with a year earlier. Normalised profit stood at 180 million baht, down 71 percent quarter-on-quarter and up 37 percent year-on-year, falling short of Yuanta Securities and market consensus estimates by roughly 15 percent and 20 percent respectively. The main reasons were higher-than-expected selling, general and administrative expenses and tax costs. Equity income from gas-fired power plants in the United States declined due to seasonal factors and maintenance shutdowns, while the Monsoon wind project swung to a share of loss of 96 million baht after entering the low season. The research team maintained its 2026 profit forecast at 1.956 billion baht and expects normalised profit in the third quarter of 2026 to recover to 600 to 700 million baht, supported by the summer season for US gas-fired power plants and a full-quarter recognition of higher availability payments. It kept a buy recommendation with a fair value of 9.90 baht per share, noting that the sale of US power plants will bring in cash of approximately 11 billion baht, which will enhance the company's investment capacity under the new power development plan.
BCPG Public Company LimitedQ2 profit missed estimates due to higher SG&A and tax costs, though broker maintains target.
