Fact based stock research
Bangkok Airways Public (SET:BA)

TH4403010002

How to read the free ranks

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Bangkok Airways Public stock research in summary

bangkokair.com

ANALYSIS: With an Obermatt Combined Rank of 76 (better than 76% compared with investment alternatives), Bangkok Airways Public (Airlines, Thailand) shares have much better financial characteristics than comparable stocks. Shares of Bangkok Airways Public are a good value (attractively priced) with a consolidated Value Rank of 99 (better than 99% of alternatives), are safely financed (Safety Rank of 76, which means low debt burdens), but show below-average growth (Growth Rank of 6). ...read more

RECOMMENDATION: A Combined Rank of 76, is a strong buy recommendation based on Bangkok Airways Public's financial characteristics. As the company Bangkok Airways Public's key financial metrics exhibit good value (Obermatt Value Rank of 99) but low growth (Obermatt Growth Rank of 6) while being safely financed (Obermatt Safety Rank of 76), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 99% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	99
Growth Rank	6
Safety Rank	76
Combined Rank	76

Country	Thailand
Industry	Airlines
Index
Size class	Medium

This stock has achievements: Gold Winner CEO.

26-Jun-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Bangkok Airways Public

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	51	69	67	99
GROWTH
GROWTH	69	87	79	6
SAFETY
SAFETY	18	50	52	76
SENTIMENT
SENTIMENT	25	55	100	^new
360° VIEW
360° VIEW	27	80	96	^new

Most recent update of the stock research: 26-Jun-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Bangkok Airways Public is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	51	69	67	99
GROWTH
GROWTH	69	87	79	6
SAFETY
SAFETY	18	50	52	76
COMBINED
COMBINED	36	86	84	76

Last update of combined financial performance: 26-Jun-2025. Stock analysis on combined financial performance: The higher the rank of Bangkok Airways Public the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 99 (better than 99% compared with alternatives) for 2025, Bangkok Airways Public shares are significantly less expensive than comparable stocks. The Value Rank is based on consolidating four value indicators that are all above average for Bangkok Airways Public. Price-to-Sales is 72 which means that the stock price compared with what market professionals expect for future sales is lower than for 72% of comparable companies, indicating a good value for Bangkok Airways Public's revenue size. The same is valid for expected Price-to-Profits, more favorable than for 89% of alternatives, and this is also true for the Price-to-Book capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 65. Compared with other companies in the same industry, dividend yields of Bangkok Airways Public are expected to be higher than for 98% of all competitors (a Dividend Yield rank of 98). ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 99, is a buy recommendation based on Bangkok Airways Public's stock price compared with the company's operational size and dividend yields. Since all value metrics are above the industry average, there is no objection to investing in Bangkok Airways Public based on its detailed value metrics. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	70	55	42	72
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	9	49	63	89
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	67	62	38	65
DIVIDEND YIELD
DIVIDEND YIELD	1	74	86	98
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	51	69	67	99

Last update of Value Rank: 26-Jun-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Bangkok Airways Public; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 6 (better than 6% compared with alternatives), Bangkok Airways Public shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below average for Bangkok Airways Public. Only Capital Growth has a good rank of 51, which means that currently professionals expect the company to grow its invested capital more than 19% of its competitors. The other three indicators are pointing South: Sales Growth has a rank of 21 which means that currently professionals expect the company to grow less than 79% of its competitors. Profit Growth with a rank of 19 and Stock Returns with a rank of 9 are also low (below 91% of alternative investments). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 6, is a sell recommendation for growth and momentum investors. The good news from the invested capital side is surprising. A company with disappointing revenues, profits, and disappointed shareholders typically doesn't invest above average. Overall, the growth momentum for Bangkok Airways Public is thus negative. As it is intriguing to see that company executives are optimistic about their investment policy, it is worthwhile looking into the details of the capital investment projects. They may indicate future growth and profits and thus if accompanied by a good value, a sign of good timing to invest in the stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	100	57	18	21
PROFIT GROWTH
PROFIT GROWTH	3	96	60	19
CAPITAL GROWTH
CAPITAL GROWTH	70	79	90	51
STOCK RETURNS
STOCK RETURNS	73	47	91	9
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	69	87	79	6

Last update of Growth Rank: 26-Jun-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Bangkok Airways Public.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 76 (better than 76% compared with alternatives) for 2025, the company Bangkok Airways Public has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of Bangkok Airways Public is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, where all three are above average for Bangkok Airways Public. Leverage is at 56, meaning the company has a below-average debt-to-equity ratio. It has less debt than 56% of its competitors. Refinancing is at a rank of 63, meaning that the portion of the debt about to be refinanced is below average. It has less debt in the refinancing stage than 63% of its competitors. Finally, Liquidity is also good at a rank of 66, which means that the company generates more profit to service its debt than 66% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 76 (better than 76% compared with alternatives), Bangkok Airways Public has a financing structure that is significantly safer than that of its competitors. These three positive financing indicators signal that the company is less likely to default on its debt obligations. However, it also means that its shareholder returns will be more modest if things go well. A low safety means fewer troubles in downtimes and less upside in good times. Investors may not have a debt issue with Bangkok Airways Public but they should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	44	52	56	56
REFINANCING
REFINANCING	5	81	65	63
LIQUIDITY
LIQUIDITY	14	8	27	66
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	18	50	52	76

Last update of Safety Rank: 26-Jun-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Bangkok Airways Public and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	16	93	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	83	^new
PRO HOLDINGS
PRO HOLDINGS	52	78	100	^new
MARKET PULSE
MARKET PULSE	47	70	100	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	25	55	100	^new

Last update of Sentiment Rank: 26-Jun-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Bangkok Airways Public.
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