Stocks in the news (bcp, bem, bgrim, crc, delta) 16.09.26
Company news
Bangchak Corporation PCL is a Thai integrated refiner and marketer — Bangchak refinery and retail network, plus biofuels, power and an upstream/oil-trading book through BCPR and related platforms. Earnings swing with GRM, inventory gains and oil prices; the share has more than doubled from the December 2025 close after a 2026 crack-spread rerating and today gave back the morning session toward THB 54 after tagging a 52-week high of THB 60.75 earlier this month, still screening cheap on a mid-single-digit TTM multiple.
| Market Cap (THB): 79.00B | Market Cap (USD): ~$2.38B (at ~THB 33.26/USD) |
| Current Price: THB 54.00 (as of 16 September 2026 last sale) | 52-Week Range: THB 24.20-60.75 |
| P/E Ratio: 3.6 (TTM) | P/BV: 1.20x |
| Dividend Yield: 1.9% (latest indicated) | Avg Daily Value: THB 400M-1,800M |
BCP — Kaohoon newspaper on news that on 10-Apr BCP’s BOD proposed Agenda 7 to amend the company’s articles of association for stricter board qualification rules that disqualify anyone indicted or facing asset seizure by the Anti-Money Laundering Office (AMLO). This move directly targeted Alpha Charter Energy (ACE), a major shareholder holding ~16.82% equity in BCP, whose board representative was undergoing AMLO asset freeze procedures. BCP attempted to disenfranchise ACE from voting by declaring them an interested party. However, the motion failed (was voted down) because it only received 69.50% approval, falling short of the required 3/4 (75%) supermajority. Because the motion failed and AMLO has no final court verdict, ACE’s representative legally remains on BCP’s board. Shortly after, 7 minority shareholders appointed lawyers to sue and revoke the voting resolution. The article hints at escalating internal friction and factionalism (“old power vs. new power”) within BCP’s management structure, with further developments expected on Thursday.
Comment: Like I’ve said a million times in the past, we all know that it’s worth 60/share (before Iran) and the question was, would it get there? Now you’d argue its worth more so the punt up to 50-60 – great, but this governance overhang keeps it out of several portfolios.
Bangkok Expressway and Metro PCL operates Bangkok tollways and the Blue Line metro under long concessions, plus commercial development along stations and expressway corridors. Cash flow is contracted traffic and fare/toll collections with a leveraged concession balance sheet; the share has recovered from the December 2025 close toward the middle of its 52-week range on a mid-20s TTM multiple and a low-single-digit indicated yield, still below the August 2026 high of THB 7.35.
| Market Cap (THB): 102.41B | Market Cap (USD): ~$3.08B (at ~THB 33.26/USD) |
| Current Price: THB 6.70 (as of 16 September 2026 last sale) | 52-Week Range: THB 4.84-7.35 |
| P/E Ratio: 26.8 (TTM) | P/BV: 2.75x |
| Dividend Yield: 2.2% (latest indicated) | Avg Daily Value: THB 150M-400M |
BEM: toll rates on BKK’s Si Rat-Outer Ring road will increase by Bt15 to Bt35 starting Dec 15, 2026. Four wheel vehicles Bt80 (up from 65), 6 to 10-wheel vehicles Bt130 (up from 105), vehicles w/ more than 10 wheels Bt185 (up from 150), the adjustment follows terms in concession agreement which require rates to be revised every 5Y, the last increase was in Dec 2021.
Comment: Jebus….Well that’s great for BEM…still wondering and waiting for when they’ll do their own proper sized infrastructure fund.
B.Grimm Power PCL is a Thai independent power producer supplying electricity and steam from gas-fired SPP/IPP plants and a growing renewable book (solar, wind and hydro) in Thailand and overseas, with a developing data-centre power adjacency. Cash flow is driven by contracted capacity payments, industrial steam and Ft/gas spreads; the share has rerated from the December 2025 close but has slipped from the late-August/early-September 52-week high of THB 21.40 back toward the high-teens on a still-elevated TTM multiple.
| Market Cap (THB): 47.97B | Market Cap (USD): ~$1.44B (at ~THB 33.26/USD) |
| Current Price: THB 18.40 (as of 16 September 2026 last sale) | 52-Week Range: THB 10.30-21.40 |
| P/E Ratio: 32.3 (TTM) | P/BV: 1.41x |
| Dividend Yield: 2.2% (latest indicated) | Avg Daily Value: THB 200M-1,200M |
BGRIM: in talks M&A 2 IPP gas fired pp in VN & M’sia combined 3k mw, expects to finalize before eoy, 1st phase (47-mw capacity) of flagship BKK campus data center in Chonburi on track to cod in Nov, additional 47mw to cod next year brings total project to 94mw when fully completed, entire pj powered by its renewable portfolio.
Central Retail Corporation PCL is Thailand’s largest multi-format retailer, operating department stores, hardline and specialty formats, food and convenience, plus property and overseas retail under the Central umbrella. Earnings track same-store sales, tourist traffic and tenant income; the share has rerated sharply from the December 2025 close and is holding near the top of its 52-week range on a low-20s TTM multiple after a 2025 de-rating, with last sale unchanged versus the 10 September print.
| Market Cap (THB): 174.90B | Market Cap (USD): ~$5.26B (at ~THB 33.26/USD) |
| Current Price: THB 29.00 (as of 16 September 2026 last sale) | 52-Week Range: THB 16.50-30.75 |
| P/E Ratio: 20.9 (TTM) | P/BV: 2.51x |
| Dividend Yield: 1.8% (latest indicated) | Avg Daily Value: THB 120M-500M |
CRC: streets expect QoQ decline in core profit for 3Q26 due to seasonality, strong YoY profit growth is anticipated, driven by higher margins, reduced interest exp and absence of losses from the Nguyen Kim department store chain in Vietnam—which was divested in the 2Q26— expected sales jump in 4Q on holiday season.
Comment: A simple cleaning up of the books and passing the losses elsewhere within the group = magic profits. Now … what about those rumours that the Family needs to offload a stake to finance Italy?
Delta Electronics (Thailand) PCL manufactures power-electronics, thermal and infrastructure products — power supplies, DC fans, EV/powertrain components, data-centre and telecom power, and industrial automation — from Thai and overseas plants for global OEM customers. The share is the SET’s largest electronics weight and a high-beta AI/data-centre proxy; it bounced modestly today after yesterday’s 7.5% drop to THB 233, still well below the June 2026 peak of THB 372 on a near-100x TTM multiple after a still-large year-to-date gain from the December 2025 close.
| Market Cap (THB): 2.94T | Market Cap (USD): ~$88.5B (at ~THB 33.26/USD) |
| Current Price: THB 236.00 (as of 16 September 2026 last sale) | 52-Week Range: THB 155.50-372.00 |
| P/E Ratio: 98.3 (TTM) | P/BV: 28.0x |
| Dividend Yield: 0.3% (latest indicated) | Avg Daily Value: THB 2.5B-8.0B |
DELTA — Parent (via Delta International Holding) filed a plan for US$1.5bn zero-coupon exchangeable bonds, two tranches, target issue 21 Sep. Bonds exchange into *existing* DELTA shares the parent already holds, not new paper. Tranche A strike ฿266.80 (+15% to a ฿232 reference). Tranche B ฿301.60 (+30%). Stock was sold hard on the 15th. No change to the Thai listing’s share count.
Comment: So … when bottom? Hedgies will close their shorts…now? Is that what we’re seeing? Wouldn’t be surprised to see a +5-10% in 1 day with hediges close and HFT’s push it up on momentum for the day..oh yeah fundamentals…erm…well…it’s growing?
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| BCP.BK | $2.38B | 54.00 | 3.6 | 1.20x | 1.9% | ▲ +107.7% | View → |
| BEM.BK | $3.08B | 6.70 | 26.8 | 2.75x | 2.2% | ▲ +25.2% | View → |
| BGRIM.BK | $1.44B | 18.40 | 32.3 | 1.41x | 2.2% | ▲ +30.5% | View → |
| CRC.BK | $5.26B | 29.00 | 20.9 | 2.51x | 1.8% | ▲ +61.1% | View → |
| DELTA.BK | $88.5B | 236.00 | 98.3 | 28.0x | 0.3% | ▲ +36.4% | View → |
Corporate events
XD today — MBK ฿0.60.
Pays today — LHHOTEL ฿0.25; LHSC ฿0.20; QHHRREIT ฿0.17.
Books closed — SHR (14–16 Sep).
Still open — FMT tender at ฿18 through tomorrow. SPCG tender at ฿9.11 through 8 Oct.
Tomorrow — HPT XD ฿0.015; PRG XD ฿0.38.
Voted yesterday — CGD and BEM bondholder meetings. No result on the tape this morning.
Coming — KTB / KTB-P XD ฿0.48 on 22 Sep. FTSE rebalance prints on the 18 Sep close.
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