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BANPU PUBLIC COMPANY LIMITED NON-VOTING

BANPU PUBLIC COMPANY LIMITED NON-VOTING

14.50
THB
+0.10
(+0.69%)
2.57EPS
2.64P/E
18.44BMarket Cap
Dec 02Next Earn
BANPU PUBLIC COMPANY LIMITED NON-VOTING
SET:BANPU.R
(Stock Exchange of Thailand)

Recent

price

14.50

P/E

ratio

2.64

div

yld

3.18%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
39.61
68.85
70.65
3.67
3.35
3.63
3.36
2.78
2.7
2.44
2.4
2.86
8.93
8.4
6.74
7.27
7.11
Revenue per Share
15.09
12.29
5.08
1.15
1.35
1.34
2.51
1.8
1.63
1.27
1.62
1.32
2.09
1.57
0.46
0.79
2.29
Basic EPS, GAAP
-1.22
8.56
-0.64
0.74
0.22
0.98
-1.13
-0.83
-0.89
-0.72
-0.02
-0.26
0.08
0.81
-0.22
0.03
0.16
Free Cash Flow per Basic Share
3.43
3.65
3.47
1.73
1.22
4.34
0.97
0.72
0.78
0.85
0.8
0.84
0.83
0.63
0.56
0.44
0.46
Dividend per Share
36.73
50.98
49.37
1.9
1.81
3.56
12.2
12.8
13.24
12.81
13.49
14.97
15.91
16.47
16.28
15.88
18.44
Book Value per Share
0.72
40.84
39.56
1.89
1.79
3.54
12.14
12.71
13.16
12.73
13.48
14.96
15.89
16.45
16.27
15.87
18.43
Tangible Book Value per Share
1,633
1,633
1,633
1,551
1,551
1,551
1,649
2,313
2,343
2,334
2,291
2,368
2,743
3,379
3,831
3,831
3,636
Basic Weighted Avg Shares
64,672
112,432
115,356
5,689
5,200
5,630
5,542
6,419
6,322
5,687
5,506
6,784
24,501
28,380
25,827
27,850
25,837
Sales/Revenue/Turnover
16.05
20.1
12.83
11.67
12.64
21.66
15.09
5.78
0.66
-11.8
3
-16.85
2.14
21.15
-0.11
8.93
10.83
Operating Margin (%)
2,550
6,232
7,148
448
546
546
428
510
625
613
402
581
1,246
1,582
1,798
1,692
1,468
Depreciation Expense
24,646
20,065
8,303
1,787
2,092
2,075
4,138
4,155
3,813
2,969
3,702
3,127
5,739
5,319
1,746
3,026
8,329
Net Income, GAAP
12.21
25.09
28.37
12.79
12.05
15.95
8.45
7.86
7.06
6.36
7.36
1.77
0.72
5.88
16.24
9.24
17.73
Effective Tax Rate (%)
38.11
17.85
7.2
31.41
40.23
36.85
74.67
64.72
60.31
52.21
67.25
46.09
23.42
18.74
6.76
10.87
32.24
Profit Margin (%)
18,604
27,334
25,447
-744
-802
-11,143
974
-847
-562
5,055
3,452
-1,086
2,285
3,955
2,076
-875
5,885
Working Capital
75,437
84,515
88,490
2,731
204
173
107
2,550
5,465
5,029
3,489
13,983
15,357
34,233
32,310
27,341
13,118
LT Debt
68,410
96,392
91,567
13,129
13,766
11,470
37,881
39,785
41,181
39,816
41,978
49,579
52,792
54,677
54,490
53,446
57,230
Total Equity
7.86
13.48
5.5
0.56
3.67
4.88
2.26
0.8
-0.09
-1.31
-0.8
-1.88
0.71
6.74
-1.47
2.43
8.5
Return on Invested Capital (%)
20.83
10.09
3.22
0.96
7.74
6.76
13
9.73
8.47
6.67
8.11
5.56
8.53
7.34
4.58
5.12
10.49
Return on Capital (%)
45.6
28.02
10.13
4.14
37.04
25.38
17.24
10.91
9.6
7.47
9.23
7.21
12.19
10.78
3.5
6.17
15.63
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
8,448
10,867
9,268
LT Borrowings
28,562
27,338
12,995
LT Finance Leases
6
3
123
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,048
3,048
3,048
Market Capitalization
13,837
14,995
18,439

Working Capital

THB

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
12,725
12,507
17,573
Cash, Cash Equivalents & STI
6,228
7,319
11,853
Accounts Receivable, Net
2,347
2,177
1,520
Inventories
1,480
1,329
210
Total Current Liabilities
12,499
13,382
11,688
Payables & Accruals
2,513
1,932
2,351
ST Debt
8,448
10,867
9,268
Deferred Revenue
17
275
38

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
26.68%
5.18%
-1.91%
Free Cash Flow
196.19%
458.28%
-111.52%
Net Income, GAAP
16.1%
13.36%
73.29%
Sales/Revenue/Turnover
29.86%
59.81%
7.83%
Total Cash Common Dividend
- -
- -
-21.43%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,746
7,021
6,882
5,178
25,827
2025
7,106
6,557
7,450
6,737
27,850
2026
5,093
- -
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.26
0.3
-0.34
0.46
2025
0.15
0.33
0.3
0.01
0.79
2026
1.53
- -
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.32
0.24
- -
0.56
2025
- -
0.24
0.2
- -
0.44
2026
- -
- -
- -
- -
- -
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Business
Banpu Public Company Limited is a Thailand-based integrated energy company focused on energy resources, power generation, and energy technology solutions. Founded in 1983 and headquartered in Bangkok, the company operates across Thailand, Indonesia, China, Australia, Lao PDR, Mongolia, Japan, the United States, and Vietnam; its core businesses encompass coal and natural gas mining, thermal and renewable power generation including solar, wind, and battery energy storage systems (BESS), energy trading, net zero solutions such as rooftop solar installations, energy storage, electric vehicle fleet management, and consultation services; additional offerings include carbon capture utilization and storage (CCUS), battery manufacturing with 3.2 GWh capacity, AI-integrated mining operations, and emerging technologies in data centers and digital energy platforms. Banpu generates power through subsidiaries like Banpu Power Public Company Limited (BPP), with total capacity exceeding 4,900 MW from gas-fired, coal-fired, and renewables plants; it trades electricity serving thousands of customers in Japan; and advances closed-loop gas strategies via its NYSE-listed subsidiary BKV Corporation, integrating upstream gas production, power generation, and CCUS projects like Barnett Zero. In late 2025, Banpu advanced its Energy Symphonics strategy with a major restructuring, including the amalgamation of Banpu and BPP into a new listed entity (NewCo) by Q3 2026, a general offer for BPP shares at THB 13.00, and consolidation of 75% of its 1.5 GW U.S. gas-fired power assets under BKV for a strengthened closed-loop gas pillar; recent initiatives feature partnerships like Banpu NEXT's collaboration with enspired for AI-optimized BESS in Japan, a joint venture with Copenhagen Infrastructure Partners for U.S. CCUS development, 227 MW rooftop solar projects at Amata Industrial Parks in Vietnam, and ongoing construction of solar farms in China and large-scale BESS in Australia targeting commercial operation by 2026-2027. The realignment organizes operations into four pillars—Next-Gen Mining with AI modernization and strategic minerals, U.S. Closed-Loop Gas, Power+ encompassing thermal/renewables/BESS/trading/gas infrastructure, and Future Tech for data center-linked innovations—aiming to triple renewables capacity growth, achieve Net Zero by 2050, reduce Scope 1/2 emissions over 20% and coal earnings below 50% of EBITDA by 2030, while capitalizing on AI-driven energy demand.