On Tuesday at 10:37 AM (Bangkok time), the share price of Bluebik Group Public Company Limited (SET: BBIK) soared by 10.90% or THB 1.70 to THB 17.30, with a trading value of THB 29.90 million.
Finansia Syrus Securities (FSS) has issued a positive outlook for BBIK, expecting the company’s profit trend to outperform previous estimates due to strong revenue expansion.
For the fourth quarter of 2025, FSS projects BBIK’s normalized profit at 99 million baht, which represents a 6.9% year-on-year decline but a substantial 46.7% increase quarter-on-quarter, driven by seasonal factors.
The year-on-year pressure on profit mainly results from a decrease in gross profit margin (GPM) and lower profit sharing, yet the earnings outlook still surpasses previous forecasts by 5–10% following positive prospects for revenue growth.
Total revenue for 4Q25 is forecasted to grow by 10% year-on-year and 17.6% quarter-on-quarter, thanks to a solid base of key clients in the telecom, technology, and virtual banking sectors, as well as government clients.
The GPM for 4Q25 is expected at 48.4%, down from 53.8% in the same period last year but up from 44.9% in the previous quarter. The year-on-year decline in GPM reflects a higher proportion of revenue from corporate training (Sauce Skill segment), while improved SG&A to sales ratios, both year-on-year and quarter-on-quarter, are supported by expanding sales volumes.
If the 4Q25 earnings come in as expected, BBIK’s full-year 2025 profit should reach 311 million baht, up 2.5% year-on-year.
Looking ahead, profit is projected to grow by another 14% in 2026. Management targets a 20% year-on-year increase in total revenue for 2026, excluding potential mergers and acquisitions, supported by ongoing core banking transformation projects and new revenue streams from virtual banking in the first half of 2026, along with increased adoption of cloud-based solutions following the company’s ‘Cloud First’ policy.
On potential M&A activity, BBIK’s management is currently in negotiation stages, eyeing a transaction value of approximately 1.5 billion baht, with a preliminary timeline within the first half of 2026.
FSS anticipates profit to begin rebounding in 1H26, fueled by rising virtual bank projects and sustained government sector work following the installation of the new government. The analyst maintains a ‘Buy’ recommendation for BBIK.
