Bangchak Corporation Public Company Limited (SET: BCP) is expected to offer the final price for Esso (Thailand) Public Company Limited (SET: ESSO) between the range of THB9.30-9.70 per share, analysts estimated.
Kasikorn Securities (KS) wrote that the Board of Directors of BCP have concluded the final price for purchasing ESSO from ExxonMobil Asia Holdings Pte., but the actual offering price has yet to be publicly announced. The brokerage firm estimated that the price should be between THB9.30-9.60 a piece.
KS gave a ‘BUY’ recommendation on ESSO with a target price at THB10.30 per share as earnings are expected to bounce back to 2.5-3 billion baht in the third quarter after recording a net loss of 1.3 billion baht in the second quarter, following a recovery in refining margin and limited impact from scheduled plant shutdown for maintenance in September.
Meanwhile, Finansia Syrus Securities (FSS) expected the offering range to be between THB9.40-9.70 per share, seeing this a win-win deal for both BCP and ExxonMobil. FSS gave a “BUY” recommendation on BCP with a target price at THB42.70 per share.
Mr. Chaiwat Kovavisarach, Chief Executive Officer and President of BCP, told ‘Kaohoon’ that the company is expected to conclude the purchasing price of ESSO by this month.