Globlex Securities wrote in its analysis that BCPG Public Company Limited (SET: BCPG) has seen its share price trading range-bound between THB 6.60 and THB 7.60 over the last six months. This followed investor concerns regarding the company’s next strategic move after announcing a 25% divestment of two gas-fired power plants, Hamilton Liberty (212MW) and Hamilton Patriot (214MW), which netted THB 11.5 billion in cash proceeds, influenced by a major shareholder exercising Drag-Along Rights.
Despite present uncertainties over growth prospects, Globlex highlights BCPG’s proven track record in asset acquisition and divestment. Since 2017, BCPG has completed four major asset transactions, generating THB 6.1 billion in profits and THB 13.9 billion in cash from three out of four deals.
The only loss was from the sale of the Philippines wind farm Nabas 1, which resulted in a loss of THB 561 million, while other transactions delivered significant gains, including a THB 2.1 billion gain from the Hamilton asset sales expected to complete by 4Q26.
Currently, BCPG has THB 16 billion in capital—THB 11.5 billion from recent divestments and THB 5.5 billion from debt raising—earmarked for new growth initiatives. The company is focusing primarily on M&A opportunities rather than greenfield projects.
Identified growth drivers include electricity demand from direct PPAs and private sectors, data centers, Battery Energy Storage Systems (BESS), energy infrastructure such as port and storage expansions, and new ventures in the U.S. power market, SMRs, and smart storage batteries.
As a result, Globlex maintains a ‘Buy’ rating on BCPG with a sum-of-the-parts target price of THB 8.80 per share. The brokerage expects BCPG to secure new growth projects through the new PDP 2026, in existing overseas markets, or in new frontier regions, supported by the company’s seasoned management team.
