The stock price of BTS Group Holdings Public Company Limited (SET: BTS) settled at 5.50 baht on Wednesday, showing an increase of 0.20 baht or 3.77%. The stock reached a high of 5.60 baht and a low of 5.15 baht, with a trading value of 980 million baht.
Krungsri Securities noted in the analysis that BTS has completed a 13 billion baht capital increase process, using the funds to acquire shares in ROCTEC and RABBIT. The integration of ROCTEC accounts is expected to bolster BTS’s annual profit by 300-320 million baht. Although RABBIT remains volatile, it is currently undergoing asset sales to reduce debts, supporting a business turnaround. The remaining funds from the capital increase are anticipated to be used to repay debts under new estimates, and BTS is expected to return to profitability in the fiscal year 2025/2026 (ending March 2026).
Additionally, BTS is likely to continue receiving overdue payments for train operations from the Bangkok Metropolitan Administration (BMA), estimated at 30 billion baht. The government’s push for a 20 baht fare on all lines is expected to benefit BTS by increasing both revenue and reducing reported losses on the Yellow and Pink lines. The funds received will be used to repay debts incurred from supporting train operations for BMA. There is also speculation of using these funds for investments in new projects, such as an Entertainment Complex, representing new growth opportunities for BTS.
Krungsri Securities recommends a “BUY” for BTS, with a target price of 5.59 baht for 2025.
