Betagro Public Company Limited (SET: BTG) announced via the Stock Exchange of Thailand (SET) that the Board of Directors has approved its first-ever share repurchase program, with a maximum budget of THB 2 billion, targeting up to 85 million shares or 4.39% of paid-up capital. The buyback will take place from 29 September 2025 to 27 March 2026, with the method of distribution to be announced later.
CGS International Securities (Thailand) (CGSI) noted that this buyback aims to utilize excess liquidity, boost return on equity (ROE) and earnings per share (EPS), and reinforce investor confidence in the company’s strong financial position. BTG appears well-equipped financially, supported by THB 3.2 billion in unappropriated retained earnings and expected net operating cash flows of THB 4.3 billion over July 2025 to March 2026, against short-term liabilities of only THB 2 billion.
The maximum repurchase price will not exceed 115% of the average closing price of the previous five business days. Based on consensus net profit estimates for 2025, CGSI believes the buyback could enhance EPS by 4.6%.
BTG has never executed a share repurchase before and will have the distribution period for repurchased shares at a later date, within three years of program completion. As of 16 July 2025, the company’s free float stood at 32.92% of paid-up capital.
Bualuang Securities (BLS) added that the program’s capped amount and number of shares suggest an average buyback price around THB 23.5 per share—above the current market price of THB 17.5. BLS views the move as a smart use of surplus liquidity that will not affect BTG’s debt repayment ability and also reflects management’s confidence in future operations.
The stock trades at a 2025 PER of only 4.4 times, while BLS maintains a ‘Trading Buy’ recommendation with a target price of THB 20 per share, citing inexpensive valuation and positive sentiment from the buyback plan.
As of 10:02 AM (Bangkok time) on Wednesday, the share price of BTG increased by 2.86% or THB 0.50 to THB 18.00, with a trading value of THB 47.29 million.
