Bloomberg News

Bangchak Climbs to Five-Month High on Profit: Bangkok Mover

February 15, 2012

Feb. 15 (Bloomberg) -- Bangchak Petroleum Pcl, a Thai state-controlled refiner, rose to a five-month high in Bangkok stock trading after the company reported better-than-estimated profit and raised its dividend payout.

Bangchak, the nation’s smallest publicly traded refiner, climbed 3.9 percent to 21.60 baht as of 11:29 a.m. local time. It was set for the highest close since Sept. 9 and was the second-best performer in the SET 50 Index. The stock gauge, which tracks the nation’s 50 largest publicly traded companies, gained 1.6 percent.

Bangchak’s net income in 2011 doubled to 5.61 billion baht ($182 million), topping the median estimate of 5.5 billion baht in a Bloomberg analyst survey. The company will pay a dividend of 1 baht a share from its second-half operations, compared with 0.55 baht a year earlier.

“Both profit and dividend payment beat our forecast even as the company had a very difficult year with the floods,” Charnvut Taecha-amorntanakij, an analyst at Krungsri Securities Co. Ltd. in Bangkok, said by phone today. “The company may raise its dividend payout this year on expectations its core earnings will remain strong.”

Thailand’s worst floods in almost 70 years shuttered more than 16,000 factories last year, reducing Thailand’s economic growth last year to about 1.5 percent, compared with estimates of as high as 4.5 percent before the deluge, Finance Minister Kittiratt Na-Ranong said in January.

Bangchak Petroleum halted a biodiesel plant in Thailand’s Ayutthaya province on concern flooding may disrupt the transportation of raw materials, the company’s President Anusorn Sangnimnaun said on Oct. 13. Flooding across the nation may cost 300 million baht in fourth-quarter revenue, Anusorn said on Nov. 28.

The company’s shares have advanced 14 percent this year compared with a 9.5 percent gain in the benchmark SET Index.

-- Editors: Darren Boey, Matthew Oakley

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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