On Tuesday, Banpu Public Company Limited (SET: BANPU) resumed trading on the Stock Exchange of Thailand (SET), operating as the new company (NewCo) under its original symbol, BANPU. The redebut followed the successful completion of its amalgamation with Banpu Power Public Company Limited (BPP).
BANPU’s new strategic direction centers on four pillars: Next-Gen Mining (coal mining business), U.S. Closed-Loop Gas (natural gas and carbon capture, utilisation and storage (CCUS) business), Power Plus (electricity generation, renewables energy, and power trading), and Future Tech (data centers, energy storage system (ESS), and emerging energy). This approach aims to diversify the company’s portfolio beyond coal, in line with long-term Net Zero objectives.
The merger is expected to streamline the company’s structure, reduce organizational complexity, and create synergies between operations, while reducing non-controlling interests in financial reporting.
Yuanta Securities (Thailand) noted that BANPU disclosed additional details on its pro forma financials and relisting timeline. The stock’s initial theoretical market price is estimated at THB 15, with a target price post-merger of THB 19 – 20 per share.
As part of its shareholder returns, BANPU will pay an interim dividend of THB 0.40 per share from retained earnings, translating to a yield of around 2.6%. The ex-dividend (XD) date is set for September 11, with the payment scheduled for September 25.
According to Asia Plus Securities, the amalgamation sees BANPU retaining its ticker and a registered and paid-up capital of THB 4,049.62 million, amounting to 4,049.6 million common shares at a par value of THB 10 each. In the share allocation, existing BANPU shareholders will receive 0.38242 BANPU NewCo shares per existing share, and former BPP shareholders will be granted 0.80208 shares per BPP share held.
The Board has also proposed shareholder approval for the interim dividend and the issuance of bonds up to THB 80 billion to support future business, investment, and funding needs.
Asia Plus projects that BANPU’s net profit for 2026-2027 could rise by 19-22% over prior estimates, reaching THB 3.6 billion and THB 4.7 billion respectively, while keeping the D/E ratio close to 1.8 times.
The post-merger target price is set at THB 14.50 per share, with near-term performance buoyed by stronger energy prices in 2Q26 due to geopolitical tensions.
Krungsri Securities highlighted BANPU’s ongoing shift from coal to clean energy since 2021, with capital increases and warrant issues doubling its share count and raising nearly THB 30 billion, largely for investment in U.S. power plants and natural gas assets. Recent years have seen Banpu invest over THB 67 billion in U.S. power operations and gas expansions.
As of 1Q26, Banpu holds THB 67 billion in cash and has borrowing potential for an additional THB 150 billion, backed by an IBD/E ratio of 1.5 times. Looking ahead, Banpu plans over $3 billion in CAPEX for integrated gas business expansion and is evaluating investment in a new 1,200 MW gas power plant in the U.S. The company is also seeking broader prospects in gas resources and battery storage systems to further its expansion into future energy sectors.
