The share price of Bangchak Corporation Public Company Limited (SET: BCP) rose as much as 5.2% to trade at THB 50.00 per share in the morning session on August 21, 2026, as investors eye a full-quarter contribution from Sustainable Aviation Fuel (SAF) in 3Q26.
Maybank Securities (Thailand) (MST) wrote in a note that the SAF project’s EBITDA reached up to THB 1 billion despite operating for only 40 days of COD in 2026. Meanwhile, a full-quarter contribution will be recognized starting from 3Q26 onwards. This, combined with an expected 2H26 GRM remaining above USD 10/bbl, will support earnings performance.
The brokerage firm stated that BCP has attractive valuation with 2027 PE at just 3.6x- the lowest in the refinery sector-along with a dividend yield of up to 7%. The target price for BCP is set at THB 65.00 per share.
