S&P 500 could hit 8,000 in 2026 on more easing from Fed: JPMorgan
Investing.com - JPMorgan upgraded Bangchak Corp PCL (BKK:BCP) from Neutral to Overweight while lowering its price target to THB36.00 from THB40.00 following the company’s strong third-quarter performance.
The Thai energy company reported core earnings of THB3.2 billion in the third quarter of 2025, representing a 2.5-fold increase quarter-over-quarter and a 4.5-fold jump year-over-year, driven by strong performance across its Refining & Marketing, Power, and Natural Resources segments.
JPMorgan expects gross refining margins to remain robust due to supply disruptions and seasonal demand for mid-distillates, which should support Bangchak’s core earnings through the fourth quarter of 2025 and into early 2026.
The investment bank also highlighted positive developments in Bangchak’s capital allocation strategy, noting management has reduced capital expenditure plans while implementing a three-year share buyback program to enhance shareholder returns, alongside plans to delist BSRC.
Bangchak shares have underperformed the SET index by approximately 40% since late March 2025, now trading at what JPMorgan describes as "cheap valuations" of approximately 5x P/E, 0.6x P/BV, and around 6% yield based on fiscal year 2026 estimates.
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