Stocks in the news (bcp, erw, gfpt, kgen) 03.04.26
Bangchak Corporation Public Company Limited is a leading Thai energy conglomerate involved in petroleum refining, marketing of petroleum products through its extensive service station network, and strategic investments in green energy, bio-based products, and natural resources exploration.
BCP has produced its first batch of 35K litres of B20 diesel, currently being distributed through depots and expected to be available at gas stations within April. This B20 diesel, which contains 20% biodiesel primarily derived from palm oil, serves as an alternative fuel for the transport, fisheries, and industrial sectors. The state oil fund continues to subsidize B20 prices to keep them below regular diesel.
The Erawan Group Public Company Limited is a prominent hotel developer and operator in Thailand and Southeast Asia, managing a diverse portfolio that includes luxury properties, mid-scale hotels, and its proprietary “Hop Inn” budget network to serve various traveler segments.
ERW: The company anticipates a slowdown in luxury and midscale hotel bookings but is supported by extended stays from existing customers. It is adjusting its strategy to target nearby and long-stay tourists, while controlling costs and maintaining EBITDA. It reiterates its 9% revenue growth target and continues to aggressively expand its Hop Inn program, expecting 14% growth.
Comment: I look forward to subsidised travel by the government for domestic tourists should this continue.
GFPT Public Company Limited operates a vertically integrated poultry business in Thailand, encompassing everything from animal feed production and breeding to broiler farming and the processing and export of fresh and frozen chicken meat products.
GFPT: Management aims to maintain average overseas sales of 8,000 tons per quarter throughout the year, while negotiating price increases in parts of Europe, the UK, and Japan starting in 2H26. This comes as rising transportation costs slightly pressure margins to 15–16%. Feed costs remain stable, but transportation costs are expected to increase.
Comment: These players are making bank…but I’m surprised that GFPT has been able to maintain margins despite the continuing weakening yen versus the THB. Then again….why aren’t lexus cars cheaper in Thailand?
King Gen Public Company Limited (formerly Kingsmen Creatives) specializes in the design and construction of exhibition stands, retail interiors, and corporate environments, while also providing event management and branding solutions for commercial clients.
KGEN: Management is benefiting from EV momentum, driving demand for the FARIZON electric van. The company reported bookings of 6,838 units across five brands within the first seven days of the Motor Show, signaling strong revenue growth in 2Q26 and pointing to a J-curve recovery ahead of a full-scale ramp-up.
Comment: I am curious to see how well EV sales hold up this year as government subsidies are lower than 2025.
Summary Table
| Ticker | Price (THB) | YTD (%) | Trend (3M) | Consensus | Deep Dive |
|---|---|---|---|---|---|
| BCP | 36.50 | +40.4% | 📈 | Buy | Analysis → |
| ERW | 2.64 | +8.2% | 📈 | Buy | Analysis → |
| GFPT | 9.60 | -9.4% | 📉 | Hold | Analysis → |
| KGEN | 1.28 | +6.7% | 📈 | Hold | Analysis → |
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