BTG Gains Some Ground after Rough Start as CEO Expects 25% Revenue Growth in 2022

After a rough start on its first trading day, Betagro’s stocks made some recovery on Thursday with a gain of 4% in the morning session.

The share price of Betagro Public Company Limited (SET: BTG) closed THB3.75 or 9.38% lower on Wednesday, its first trading day in the Thai stock market, to settle at THB36.25 per share with a trading value of THB8.71 billion.

A gain of 4.14% in the morning session on the following day pushed BTG’s share price to THB37.75 per share, though still shy from its IPO price at THB40.00 per share.


Mr. Vasit Taepaisitphong, chief executive officer and managing director of BTG, stated that the operation should continue growing this year with an estimate of 25% revenue growth for the year. The company recorded 26% revenue growth in the first half, while earnings increased 233% to THB3,892 million from the same period in 2021.

The CEO noted that the company maintained strong performance in 3Q22 and should continue doing so in the fourth quarter.

The company expects to utilize parts of proceedings from the IPO to pay off its debt, which could bring its debt to equity ratio to lower than 1x and interest bearing debt should be around 1.1x.


Despite a rough start, analysts maintained bullish view on BTG, giving a target price as high as THB75.20 per share.

Brokers Recommendation Target Price
Asia Plus Sec. (ASPS) BUY THB48.00
Kasikorn Sec. (KS) BUY THB56.60 – 63.50
Innovest X BUY THB58.00 – 66.50
Maybank Sec. (MST) BUY THB63.10 – 71.58
Krungthai XSpring Sec. (KTX) BUY THB66.85 – 75.20