On Tuesday, the share price of Bluebik Group Public Company Limited (SET: BBIK) at the time of 11.17 a.m. was at THB 23.60, a THB 1.90 or 8.76% increase with a total trading value of THB 83.99 million.
Maybank Securities (Thailand) has maintained its “BUY” recommendation on BBIK, based on forecasts for core profit growth of 10% in 2025 and 14% in 2026, driven by: 1) the Virtual Bank project and AI-related services, and 2) higher staff utilisation rates.
BBIK is currently trading at a 2025/2026 P/E ratio of just 13x / 11x, the lowest among technology service peers. The target price, based on the DCF method at the end of 2026, remains at THB 28.20, equivalent to a 2026 P/E ratio of 15x (about 1.5 SD below the 4-year historical average of 33x).
Additionally, core profit is expected to show quarter-on-quarter growth during 3-4Q25, driven by new project contracts. 4Q25 profit should be stronger than that of 3Q25, primarily owing to the Virtual Bank project.
Furthermore, the Chief Financial Officer expects BBIK to sign more Virtual Bank contracts in early 4Q.
For 2025, core profit is forecasted to grow 10%, supported by 4% revenue growth and higher gross margin. Core profit will outpace revenue due to higher staff utilisation rates and strict cost controls, especially outsourcing and overseas team expenses.
Profit growth is expected to accelerate from 10% in 2025 to 14% in 2026, in line with higher revenue growth (4% in 2025 compared to 9% in 2026) and a slight increase in gross margin (from 49.5% in 2025 to 50.4% in 2026).
Meanwhile, revenue is projected to recover in 2026, after being impacted in 2025 by uncertainties from the global trade war (April–July) and delays in government projects (since mid-June).
However, as the U.S. tariff issue becomes clearer and the government stabilises, it will favor the launch of new project tenders in 2026.
