Kasikorn Securities holds a positive outlook on Banpu Public Company Limited (SET: BANPU), which may benefit from increased coal demand due to restricted LNG supply.
This has driven JKM LNG prices up by more than 43% from last week and may impact electricity tariff adjustments, thereby affecting the general public and businesses. Additionally, President Trump has supported the increased role of the United States as a major exporter of crude oil and liquefied natural gas (LNG), potentially generating positive sentiment toward the company.
BANPU settled 4% lower on Friday, March 6, 2026, at THB 5.95 per share following a two-day rise of 11% to THB 6.20 per share, which is equivalent to the target price set by Kasikorn.
Sinon Vongkusolkit, Chief Executive Officer of BANPU, disclosed that the company’s operating performance in 2026 is expected to improve from the previous year, as coal and natural gas prices as well as electricity tariffs are forecasted to be more favorable.
Following approval of the merger transaction at the extraordinary general shareholders’ meeting held on January 29 this year, BANPU and Banpu Power Public Company Limited (SET: BPP) will proceed with the merger under the Public Limited Companies Act. The company anticipates that there will be a share repurchase from dissenting shareholders, a new share allocation to existing shareholders, and a Joint Shareholders’ Meeting within the second quarter of 2026. The new company is set to list on the Stock Exchange of Thailand in the third quarter of 2026.
This restructuring divides BANPU into four core business groups, which play key roles in driving growth:
Next-Gen Mining: Focused on responsible resource utilization and efficiency improvements through AI technology.
U.S. Closed-Loop Gas: Growth is driven by a “Winning Formula”—integrating natural gas, power, and carbon capture, utilization and storage (CCUS) businesses to deliver low-carbon energy.
Power+: An integrated platform for the electricity business and infrastructure, fully supporting increasing energy demand from AI and Data Centers.
Future Tech: Accelerating the energy transition by increasing investments in digital technologies and new mega-trends, while offering energy solutions for retail customers.
The overall result for 2025 reflects BANPU’s continued execution of its Energy Symphonics strategy and the transition to BANPU (NewCo). This lays an important foundation for sustainable, long-term growth, enhancing operational efficiency through synergies among the four core business groups, supporting optimal capital allocation aligned with each segment’s growth direction, and unlocking asset value to maximize shareholder returns.
As AI and Data Center market expansions continually drive up fundamental energy demand, BANPU is ready to capture these opportunities with a more comprehensive and cleaner energy portfolio. The clear target is to grow EBITDA more than 1.5 times and achieve over 50% of revenue from non-coal businesses by 2030.
