On Friday at 10:11 AM (Bangkok time), the share price of Bluebik Group Public Company Limited (SET: BBIK) jumped by 6.93% or THB 1.40 to THB 21.60, with a trading value of THB 61.17 million.
BBIK reported a standout performance in the fourth quarter of 2025, with results surpassing both market and Finansia Syrus Securities (FSS) estimates. The firm posted a net profit of 126.7 million baht in 4Q25, marking a 23.3% year-on-year and a remarkable 78.5% quarter-on-quarter increase.
Normalized profit for the quarter came in at 126.3 million baht, representing growth of 18.6% year-on-year and 87.1% quarter-on-quarter, exceeding expectations by 23%. According to FSS, this robust performance was primarily driven by stronger-than-anticipated gross profit margin (GPM) and a higher share of profits from joint ventures.
The company’s year-on-year and quarter-on-quarter growth was supported by several factors:
- Revenue Expansion: Revenue for the quarter grew as projected, rising 10.2% year-on-year and 17.7% quarter-on-quarter. This was fueled by continued expansion in digital excellence and management consulting services.
- Margin Enhancement: Profitability continued to improve, with the gross profit margin rising to 53.9% in 4Q25, compared to 44.9% in 3Q25 and 53.8% in 4Q24. This improvement reflected better staff utilization as top-line growth accelerated and saw SG&A-to-sales ratios decline due to increasing economies of scale.
- Higher Share of Profit: The company also saw an uptick in share of profit from affiliates, contributing to overall growth both year-on-year and quarter-on-quarter.
For 2025, normalized profit grew 13.3% year-on-year. Given the stronger-than-expected 4Q25 results and an optimistic outlook for 2026, FSS raised its earnings projections for 2026-2028 by 8.0%, 6.1%, and 4.5%, respectively. New business is anticipated from virtual banking, with operations expected to commence in mid-2026 under Bank of Thailand regulations, as well as ongoing cloud migration and digital transformation initiatives. These factors are expected to further boost operating leverage.
For 2026, FSS forecasts a 12.8% year-on-year profit growth, with revenues projected to increase by 8.6% year-on-year (below the company’s 20% target). This figure does not yet account for potential mergers and acquisitions, which are anticipated later this year. In the short term, first-quarter 2026 profit is expected to continue its year-on-year growth trend, though a quarter-on-quarter decline is foreseen due to seasonal factors.
BBIK has announced a dividend payment of 0.48 baht per share, equivalent to a 2.4% yield based on current prices. The ex-dividend (XD) date is set on April 29, 2026.
FSS maintains its ‘Buy’ recommendation on BBIK and updated the 2026 price target to 25.5 baht per share, based on a sector-average price-to-earnings (P/E) ratio of 13.3x. Despite a recent stock price rally following the national election, BBIK’s valuation remains attractive, trading at a 2026 P/E of approximately 10.6x.
