On Friday, the share price of BTS Group Holdings Public Company Limited (SET: BTS) at the time of 2:37 p.m. was at THB 2.16, a THB 0.10 or 4.85% increase with a total trading value of THB 387.87 million
BTS shares have seen increased investor interest following the company’s robust business plan and improved financial standing. The company’s liquidity surged after collecting approximately THB 36 billion in debt repayments from the Bangkok Metropolitan Administration (BMA), positioning BTS to pursue new investments with quick returns, manageable risks, and sustainable growth.
At the 2026 Annual General Meeting, Chairman Keeree Kanjanapas announced that BTS now holds about THB 45 billion in deposits and THB 5 billion in short-term bonds, earning about THB 500 million annually. With an adjusted net debt-to-equity ratio of 1.34 times, the company is well-capitalized for future expansion. BTS is actively exploring low-risk investment projects that can generate swift payback, though details remain undisclosed.
A major strategic move includes BTS’s return to property development, marking its first such initiative in over 30 years through its wholly owned subsidiary, Baan Chao Thai Co., Ltd. The company is launching two affordable condominium projects with a combined value of THB 19.25 billion, both of which have already seen strong market demand. BTS also plans three more developments, with construction set to begin late 2026.
In the aviation sector, BTS, through U-Tapao International Aviation Co., Ltd., (UTA)—with partners Bangkok Airways PCL (SET: BA) and Stecon Group PCL (SET: STECON)—has shifted focus from passenger terminals to developing commercial zones, including large shopping malls, hotels, and an F1 racetrack. These developments come as passenger terminal size was reduced in line with new travel trends and government airport expansions.
BTS shareholders approved a THB 6.2 billion share premium transfer to offset retained losses, preparing the company to resume dividend payments after a two-year pause. Keeree affirmed the company’s commitment to dividends, subject to future financial and operational conditions.
BTS investments in Grand Asset Hotels and Property PCL (SET: GRAND) and Jaymart Group Holdings PCL (SET: JMART) are positioned for long-term value and strategic partnerships rather than short-term gains, with regular dividends contributed by JMART.
Financial targets for FY2026/27 include total revenue of THB 27 billion and recurring EBITDA of THB 9 – 10 billion. For the previous year, BTS posted THB 2.9 billion in revenue and a net loss of THB 1.15 billion, weighed down by investment impairments and muted monorail system launches that faced low ridership amid sluggish economic conditions.
The Pink and Yellow lines are expected to reach break-even in three years, benefiting from ongoing government construction subsidies. Meanwhile, BTS is aligning with government plans for joint ticketing and EMV integration to boost ridership.
The company has also set a THB 2.7 billion investment budget for its MATCH business arm, supporting further growth in property, financial services, and IT sectors. The Investment Analysts Association (IAA) sets the target price BTS at THB 2.65.
