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BTS Group Holdings Public Company Limited (BTS-R.BK)

THB2.18 -0.04 (-1.80%)
TH SET Industrials Railroads
Address TST Tower 21 Soi Choei Phuang 10900
Bangkok, TH
CEO Kavin Kanjanapas
IPO 2007-12-28
ISIN TH0221010R10

Explore sections of this company profile

Also trades on Other OTC · BTGRF (USD) Other OTC · BTSGY (USD) Stock Exchange of Thailand · BTS-R.BK (THB) Stock Exchange of Thailand · BTS.BK (THB)
Description

Based in Bangkok, Thailand, BTS Group Holdings Public Company Limited operates as a diversified enterprise with extensive interests across mass transit, property, media, and various service sectors. The company organizes its operations into three primary segments: Move, Mix, and Match. Within the "Move" segment, BTS Group is instrumental in Thailand's urban transportation, managing and maintaining the renowned BTS SkyTrain system, undertaking the construction, operation, installation, and upkeep of electric rail infrastructure, offering train procurement, and providing bus rapid transit services. The "Mix" segment focuses on media and marketing, delivering comprehensive solutions encompassing both traditional and digital channels, including advertising, digital services, sales support, and system installation and integration. Under the "Match" segment and broader service offerings, BTS Group provides a wide array of services such as insurance brokerage via both online and offline platforms, alongside services related to the popular Rabbit card. Furthermore, the company strategically invests in various ventures, including restaurant management, construction services, golf course operations, and other service-oriented businesses. It also holds stakes in the securities of other corporations, offers architectural and engineering consulting, manages food and beverage establishments, and facilitates electronic payment, e-money, and bill payment services. Its technology arm develops software, provides system integration, and runs CRM loyalty programs and coupon kiosk services. Founded in 1968, the company was originally known as Tanayong Public Company Limited before officially adopting its current name, BTS Group Holdings Public Company Limited, in May 2010.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
THB2.18 -0.04 (-1.80%)
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Volume Profile
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Liquidity & share structure
Average Volume
74M
Beta
0.09
Float Shares
8.17B
Free Float %
50.8%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+0.00% -2.86% -0.97% -2.86% -19.05% -29.17% -53.21% -73.19% -79.08% -77.46% -64.15%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
2.18
DCF (Unlevered) 11.29 +417.9%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Quality scores
Altman Z-Score
0.28
Distress
Piotroski F-Score
5 / 9
Average
MOAT Score
1 / 10
No MOAT
Composite Rating
C
Overall Score
2 / 5
Medium
DCF Score
1 / 5
Low
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
1 / 5
Low
P/E Score
1 / 5
Low
P/Book Score
5 / 5
High
Operational MOAT
✗ Below peers
  • Revenue growth Railroads: +4.4%
    +27.2% Q1'26: +4.6% (vs Q1'25)
  • EPS growth Railroads: +13.1%
    -147.7% Q1'26: +22.2% (vs Q1'25)
  • FCF margin FCF growth · Railroads: +40.4%
    +116.6% Q1'26: +36.3% (vs Q1'25)
  • EBIT margin Railroads: +14.1%
    +3.9% Q1'26: -4.8% (vs Q1'25)
  • ROIC Railroads: +5.9%
    +0.4% Q1'26: -0.5% (vs Q1'25)
  • Share dilution Railroads: +0.4%
    +12.3% Q1'26: +0.0% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Railroads: 1.34×
    44.10× Q1'26: 68.28× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.09) × ERP
WACC = 15% × Ke + 85% × Kd (4.2%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 10.95 Current price: 2.18
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Mar 2015
actual
Mar 2016
actual
Mar 2017
actual
Mar 2018
actual
Mar 2019
actual
Mar 2020
actual
Mar 2021
actual
Mar 2022
actual
Mar 2023
actual
Mar 2024
actual
Mar 2025
actual
Mar 2026
6 Rev. Ana.
1 EPS Ana.
Mar 2027
6 Rev. Ana.
1 EPS Ana.
Mar 2028
6 Rev. Ana.
1 EPS Ana.
Revenue
6.14B
est: 6.41B (-4.3%)
5.26B
est: 5.47B (-3.7%)
7.59B
est: 5.87B (+29.2%)
12.17B
est: 13.74B (-11.4%)
45.89B
est: 38.54B (+19.1%)
34.95B
est: 40.86B (-14.5%)
34.72B
est: 33.37B (+4.0%)
25.76B
est: 26.30B (-2.0%)
18.02B
est: 18.10B (-0.5%)
18.17B
est: 18.30B (-0.7%)
18.11B
est: 17.01B (+6.5%)
24.80B
21.33B – 26.87B
+45.9% YoY
26.30B
23.61B – 28.24B
+6.0% YoY
28.97B
26.09B – 31.28B
+10.1% YoY
EBITDA
4.39B
est: 2.61B (+68.0%)
2.24B
est: 2.23B (+0.8%)
3.63B
est: 2.39B (+51.6%)
4.39B
est: 5.60B (-21.6%)
3.12B
est: 15.71B (-80.1%)
10.17B
est: 16.65B (-38.9%)
12.24B
est: 13.60B (-10.0%)
9.29B
est: 10.72B (-13.3%)
7.60B
est: 7.38B (+3.0%)
3.85B
est: 7.46B (-48.3%)
12.51B
est: 6.37B (+96.5%)
9.29B
7.99B – 10.06B
+45.9% YoY
9.85B
8.84B – 10.58B
+6.0% YoY
10.85B
9.77B – 11.71B
+10.1% YoY
EBIT
4.53B
est: 2.22B (+103.7%)
5.80B
est: 1.90B (+206.1%)
3.13B
est: 2.04B (+53.7%)
4.31B
est: 4.76B (-9.5%)
2.51B
est: 13.37B (-81.2%)
9.48B
est: 14.17B (-33.1%)
11.43B
est: 11.57B (-1.3%)
8.42B
est: 9.12B (-7.7%)
6.63B
est: 6.28B (+5.6%)
2.54B
est: 12.61B (-79.8%)
10.33B
est: 4.91B (+110.3%)
7.16B
6.16B – 7.76B
+45.9% YoY
7.60B
6.82B – 8.16B
+6.0% YoY
8.37B
7.54B – 9.03B
+10.1% YoY
Net Income
2.94B
est: 3.81B (-22.8%)
4.14B
est: 5.38B (-23.1%)
2.00B
est: 2.26B (-11.2%)
4.42B
est: 2.55B (+73.3%)
2.87B
est: 3.07B (-6.4%)
8.16B
est: 5.41B (+50.9%)
4.58B
est: 2.85B (+60.4%)
3.83B
est: 3.18B (+20.3%)
1.84B
est: 2.55B (-28.0%)
-5.24B
est: -2.21B (-137.2%)
2.12B
est: 2.18B (-2.9%)
-483.37M
-531.63M – -420.03M
-122.2% YoY
297.90M
258.86M – 327.64M
+161.6% YoY
841.31M
731.07M – 925.31M
+182.4% YoY
SGA
1.14B
est: 1.21B (-6.0%)
1.53B
est: 1.03B (+48.0%)
2.17B
est: 1.11B (+95.2%)
2.28B
est: 2.60B (-12.1%)
3.18B
est: 7.28B (-56.3%)
3.16B
est: 7.72B (-59.1%)
2.60B
est: 6.30B (-58.8%)
2.62B
est: 4.97B (-47.2%)
4.14B
est: 3.42B (+21.0%)
4.63B
est: 3.46B (+33.9%)
5.13B
est: 4.01B (+28.1%)
5.85B
5.03B – 6.33B
+45.9% YoY
6.20B
5.57B – 6.66B
+6.0% YoY
6.83B
6.15B – 7.37B
+10.1% YoY
EPS
0.25
est: 0.27 (-6.0%)
0.35
est: 0.38 (-6.8%)
0.17
est: 0.16 (+8.0%)
0.37
est: 0.18 (+108.2%)
0.24
est: 0.21 (+12.1%)
0.56
est: 0.38 (+48.4%)
0.35
est: 0.20 (+75.9%)
0.29
est: 0.22 (+30.8%)
0.14
est: 0.18 (-21.3%)
-0.40
est: -0.15 (-159.5%)
0.15
est: 0.14 (+10.8%)
-0.03
-0.03 – -0.03
-122.2% YoY
0.02
0.02 – 0.02
+161.6% YoY
0.05
0.05 – 0.06
+182.4% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-06-12 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-11 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-10 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-09 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-08 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-05 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-04 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-06-02 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-29 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-28 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-27 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-26 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-25 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-22 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-21 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-20 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-19 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-18 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-15 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-14 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-13 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-12 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-11 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-08 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-07 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-06 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-05-05 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-30 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-29 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-28 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-27 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-24 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-23 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-22 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-21 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-20 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-17 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-16 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
73.32B
OE per share TTM
4.56
Owner's Yield
223.33%
Maintenance CapEx ratio
Maint CapEx / Avg PPE
48.1%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 49 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 iShares MSCI Thailand ETF THD 0.30% 1.09M 0.59%
2 iShares MSCI AC Far East ex-Japan Small Cap UCITS ETF ISFE.L 0.05% 33.3K 0.74%
3 iShares MSCI Emerging Markets Small-Cap ETF EEMS 0.04% 137.9K 0.72%
4 iShares MSCI EM Small Cap UCITS ETF IEMS.L 0.03% 101.3K 0.74%
5 State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF EMSD.L 0.02% 141.4K 0.55%
6 iShares Global Infrastructure UCITS ETF IDIN.L 0.01% 321.9K 0.65%
7 iShares Global Infrastructure UCITS ETF Accum USD CBUX.DE 0.01% 23.3K 0.65%
8 State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (Dist) MAGI.L 0.01% 90.6K 0.40%
9 Franklin FTSE Asia ex China ex Japan UCITS ETF FLQA.L 0.01% 33.7K 0.14%
10 iShares MSCI EM IMI Screened UCITS ETF SEDM.L 0.01% 78.4K 0.18%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
178.1K
Shares Outstanding
16.09B

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Chi Keung Kong Deputy Chief Executive Officer & Executive Director 504.0K male
Rangsin Kritalug Chief Operating Officer & Executive Director 504.0K male
Kavin Kanjanapas Chief Executive Officer & Executive Director 504.0K male
Surapong Laoha-Unya Chief Officer of MOVE Business & Executive Director 504.0K male
Pipop Intaratut Head of Internal Audit & Data Protection Officer male
Sayam Siwarapornskul Chief Legal Officer male
Nuanphan Ougchim Accounting Director female
Daniel Ross Chief Investment Officer, Head of Investor Relations & Head of Sustainability male
Lap Shun Leung Chief Officer of MIX Business male
Chawadee Rungruang Chief Financial Officer female
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits