Today at 11:01 A.M. (GMT+7), the share price of BCPG Public Company Limited (SET: BCPG) stood at THB 6.80 per share, up THB 1.50 or 28.30%, with a trading value of THB 240.42 million. This followed the company’s clarification that no business fundamentals had been adversely affected, while brokers viewed the shareholder issue linked to a money laundering case in Singapore as merely a short-term sentiment.
After a sharp decline in the stock price prior to the market close on March 9, the company addressed that it has not identified any fundamental factors or material events that would impact its business operations or financial position. All business activities, management processes, and project developments continue to progress as normal, supported by the company’s strong stability and operational resilience.
BCPG remains firmly committed to its core mission of developing and investing in clean energy, while continuing to advance future oriented energy infrastructure. These initiatives support the broader transition toward a sustainable energy system at both national and regional levels.
The company is dedicated to driving a low carbon economy and delivering long term sustainable value for society, the environment, shareholders, and all stakeholders. BCPG also upholds the principles of Good Corporate Governance and maintains a high standard of transparency across all operational processes.
According to a report from InnovestX Securities, the sharp decline of over 25% in BCPG stocks at the close yesterday was attributed to short-term negative sentiment following news that Singaporean regulators had launched a crackdown on a transnational money laundering network.
Capital Asia Investments (CAI), a licensed fund management company in Singapore, was investigated in relation to money laundering, leading to the arrest of two company directors and the freezing of assets in bank and securities accounts totaling more than SGD 160 million, or over THB 4 billion, for source-of-funds examination.
However, the securities company views this as merely short-term negative sentiment as CAI, previously the second-largest shareholder of BCPG, has gradually and significantly reduced its stake. As of March 6, 2025, after closing the shareholder register, CAI had decreased its holding from 168.4 million shares or 5.62% to only 21.2 million shares or 0.71%, reducing its position to the seventh-largest shareholder, while BIC still holds 10 million shares or 0.35%.
Additionally, BCPG’s performance outlook is considered robust, with projected earnings growth of approximately 24.9% in 2026 on the back of higher capacity payment revenue from its gas-fired power plant in the United States and the launch of several new commercial projects, including Monsoon Wind Power and Solar Power projects in Taiwan.
Overall, InnovestX Securities maintains an “Outperform” recommendation, seeing no fundamental impact from shareholder concerns. BCPG currently trades at a 2026 P/E ratio of about 6.8 times, with a dividend yield of around 7.2%. The mid-2026 target price is set at THB 11 per share.
