BTS Gains Nearly 8% in 4 Days as Analyst Expects Strong Earnings Visibility in FY25

The share price of BTS Group Holdings Public Company Limited (SET: BTS) rose for the fourth consecutive day on Thursday as the market expected the business to bottom out this year after exiting investment in Kerry Thailand.

The share price of BTS rose 0.80% to THB6.30 per share, the highest level since late January this year. The company gained 7.7% in these past four days.


Krungsri Securities wrote in its research paper, recommending a BUY rating at a target price of THB7.20 per share for BTS on recovery themes. First theme on earnings, expecting it to bottom-out in FY24 and grow at 56% CAGR over FY25F-26F with the exit of loss-making KEX and improving performance at SINGER. Second, regulatory risk is turning in favor of BTS. It started to receive payment for E&M works, worth Bt23b in early April 2024. It is now awaiting payment for O&M works worth Bt33.6b (Bt2.55 per BTS share).

In the latest development, BTS has established Mammapazza Company Limited, a new subsidiary to engage in the food and beverage business.