At the end of the morning session on Thursday, the share price of BCPG Public Company Limited (SET: BCPG) soared by 9.29% or THB 0.65 to THB 7.65, with a trading value of THB 231.07 million.
Land and Houses Securities (LH) reported in its analysis that BCPG posted a significant net loss of THB 651 million in the second quarter of 2025, primarily due to one-time impairment charges, provisions for doubtful accounts, and FX losses, which are within expectations.
However, the company’s normalized profit came in at THB 131 million, down 34% from the previous quarter but up 34% year-over-year, surpassing expectations thanks to higher-than-anticipated operating revenue. The quarter-on-quarter decline was mainly attributed to lower profit contributions from U.S. power plants, while the year-on-year increase was driven by improved performance from the hydropower segment in Laos, along with decreases in operating expenses and interest costs.
Looking ahead, the analyst expects BCPG’s normalized profit to rise by an impressive 20% year-on-year in the third quarter. Profit for the first half accounts for 25% of the full-year forecast, supported mainly by the recovery of hydropower plants in Laos, uninterrupted operations at U.S. natural gas power plants, seasonally improved power spreads, full-quarter capacity revenue recognition, and revenue recognition from solar rooftop projects in Thailand.
Additionally, fourth-quarter earnings are projected to receive further support from the commercial operations (COD) of the Monsoon wind project in Laos, as well as revenue recognition from wind power projects in Vietnam.
Following these, Land and Houses Securities has upgraded its recommendation on BCPG to ‘BUY,’ with a target price of THB 7.80 per share.
