BTS Group Holdings Public Company Limited (BTGRF) Stock Analysis
Educational signal · not a buy or sell recommendation · How to read this
Market cap $1.19B is the value of all shares combined. Beta 0.06: the stock has moved about 94% less than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 16, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerBTS Group Holdings Public Company Limited (BTGRF) trades at $0.0741. BTS Group Holdings Public Company Limited operates mass transit, property, media, and service businesses in Thailand. Market cap: $1.19B, Sector: Industrials.
Price as of Sep 11, 2026 · Last analyzed: Mar 16, 2026Analyst Coverage for BTGRF: BTGRF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates BTGRF against Industrials peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
These figures come from statements filed 12 months ago — the most recent this company has published.
No score published: this stock trades under $10,000 on a typical day, so the price beside it is not one you could reliably act on.
BTGRF: the 2 scored disciplines are evenly split. Dominant signal: Seth Klarman bullish.
How is this calculated? →AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
BTS Group Holdings Public Company Limited (BTGRF) Industrial Operations Profile
BTS Group Holdings Public Company Limited, based in Thailand, operates the BTS Skytrain and engages in property development, media, and diverse service businesses. With a focus on the Bangkok metropolitan area, the company leverages its transportation infrastructure to expand into complementary sectors, facing competition and regulatory factors in the Thai market.
What Is the Investment Thesis for BTGRF?
BTS Group Holdings presents a mixed investment case. Its established position in Bangkok's mass transit system provides a stable revenue base, but the company's negative P/E ratio of -28.29 and a negative profit margin of -5.4% raise concerns about profitability. Growth catalysts include expansion of the Skytrain network and related property development projects. The company's diversification into media and service businesses offers additional revenue streams. Investors should monitor the company's ability to improve profitability and manage its debt levels. Key risks include regulatory changes, competition from other transportation providers, and economic fluctuations in Thailand. The beta of 0.06 suggests low volatility relative to the market.
Based on FMP financials and quantitative analysis
BTGRF Key Highlights
Operates the BTS SkyTrain system, a critical mass transit infrastructure in Bangkok.
- Engages in property development, leveraging transit-oriented development opportunities.
- Diversified into media and service businesses, including advertising and digital solutions.
- Offers the Rabbit Card system for electronic payments, integrating various services.
- Market capitalization of $1.19B reflects its significant presence in the Thai market.
Who Are BTGRF's Competitors?
BTGRF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| CHRHF Chervon Holdings Limited | $2.52 | 0.00% | $1.29B | — |
| FGROF FirstGroup plc | $2.40 | 0.00% | $1.28B | — |
| GRPOF Grupo Traxión, S.A.B. de C.V. | $0.69 | 0.00% | $385M | 499-signal |
| HAZAF Hazama Ando Corporation | $7.77 | 0.00% | $1.22B | — |
| JFBHF Jungfraubahn Holding AG | $313.00 | 0.00% | $1.83B | — |
| GBX The Greenbrier Companies, Inc. | $43.06 | +0.95% | $1.33B | 515-pillar |
| TRN Trinity Industries, Inc. | $28.36 | +0.75% | $2.26B | 495-pillar |
| FSTR L.B. Foster Company | $37.39 | -1.27% | $391M | 715-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance This table mixes two scoring engines — compare a number only with others carrying the same tag.
What Are BTGRF's Key Strengths?
Established presence in Bangkok's mass transit market.
- Diversified revenue streams from transportation, property, media, and services.
- Integrated business model leveraging the SkyTrain network.
- Strong brand recognition in Bangkok.
What Are BTGRF's Weaknesses?
Negative profit margin and P/E ratio.
- Dependence on the Bangkok metropolitan area.
- Exposure to regulatory risks and economic fluctuations in Thailand.
- High debt levels.
What Could Drive BTGRF Stock Higher?
Expansion of the BTS SkyTrain network, which will increase ridership and revenue.
- Transit-oriented development projects, which will generate revenue from property sales and rentals.
- Growth of the Rabbit Card ecosystem, which will increase transaction volume and revenue.
- Increasing demand for digital advertising in Thailand, which will boost the company's media and advertising segment.
- Investments in related businesses, such as restaurants and construction, which will provide diversification and growth opportunities.
What Are the Key Risks for BTGRF?
Financial-distress signal — its Altman Z-Score of 0.25 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-2.0%) — the business is not currently generating profit on shareholder capital.
- Competition from other transportation providers, which could reduce ridership and revenue.
- Regulatory changes affecting transportation and property development, which could increase costs and limit growth.
- Economic downturns in Thailand, which could reduce demand for transportation and property.
- Geopolitical risks, which could disrupt business operations and economic activity.
- Negative profit margin and P/E ratio, which raise concerns about profitability.
What Are the Growth Opportunities for BTGRF?
- Expansion of the BTS SkyTrain Network: Ongoing expansion of the SkyTrain network in Bangkok and surrounding areas represents a significant growth opportunity. New lines and extensions will increase ridership and generate additional revenue from fares and advertising. The Bangkok Metropolitan Administration's long-term transportation plans include further expansion of the rail network, providing BTS Group with opportunities to bid on new projects. This expansion is projected to increase ridership by 10-15% annually over the next five years.
- Transit-Oriented Development (TOD) Projects: Leveraging its existing SkyTrain stations, BTS Group can develop commercial and residential properties in close proximity. These TOD projects generate revenue from property sales, rentals, and related services. The company's expertise in integrating transportation and property development provides a competitive advantage. The TOD market in Bangkok is expected to grow as urbanization increases and demand for convenient living spaces rises. These projects are expected to contribute significantly to revenue growth over the next decade.
- Digital Payment Solutions with Rabbit Card: Expanding the Rabbit Card system's functionality and adoption rate offers a growth opportunity in the digital payment sector. Integrating the card with more merchants and services, both online and offline, will increase transaction volume and generate revenue from transaction fees. The growing adoption of digital payments in Thailand, driven by government initiatives and consumer preferences, supports this growth. The company aims to increase Rabbit Card usage by 20% annually over the next three years.
- Media and Advertising Services: The company's media and advertising segment can capitalize on the growing digital advertising market in Thailand. Offering innovative advertising solutions and leveraging its transportation network for outdoor advertising will attract advertisers and generate revenue. The increasing adoption of digital media and the growing advertising spending in Thailand support this growth. The company projects a 15% annual growth rate in its media and advertising revenue over the next five years.
- Investment in Related Businesses: BTS Group's investments in restaurant operations, construction services, and other related businesses provide diversification and growth opportunities. These ventures complement the company's core transportation and property development businesses. The company can leverage its expertise and resources to expand these businesses and generate additional revenue. The growth of these businesses is dependent on the overall economic conditions in Thailand and the specific market dynamics of each sector.
What Are BTGRF's Competitive Advantages?
- Established infrastructure: The BTS SkyTrain system is a critical transportation asset in Bangkok, providing a significant barrier to entry for competitors.
- Integrated business model: Combining transportation, property development, and service businesses creates synergies and diversifies revenue streams.
- Rabbit Card ecosystem: The Rabbit Card system provides a platform for integrated services and customer loyalty.
- Brand recognition: The BTS brand is well-known and trusted in Bangkok.
What Does BTGRF Do?
Founded in 1968 as Tanayong Public Company Limited and rebranded as BTS Group Holdings in 2010, the company has evolved from its initial focus to become a diversified conglomerate. Its core business revolves around the 'Move' segment, operating and maintaining the BTS SkyTrain system in Bangkok, a critical component of the city's transportation infrastructure. This segment also includes constructing and maintaining electric rails, procuring trains, and providing bus rapid transit services. The 'Mix' segment focuses on property development, leveraging the company's transit-oriented development strategy. The 'Match' segment encompasses media and service businesses, including marketing solutions, advertising, digital services, and insurance brokerage. BTS Group also invests in various ventures such as restaurant operations, construction, and golf courses, further diversifying its revenue streams. The company's Rabbit Card system provides electronic payment solutions, enhancing its integrated service offerings. BTS Group's strategic focus on expanding its ecosystem around its core transportation business positions it as a key player in Thailand's infrastructure and service sectors.
What Products and Services Does BTGRF Offer?
- Operates and maintains the BTS SkyTrain system in Bangkok.
- Constructs and maintains electric rails and provides train procurement services.
- Offers bus rapid transit services.
- Provides marketing solutions through offline and online media.
- Offers advertising, digital, and sales services.
- Provides system installation and integration services.
- Offers insurance brokerage services for offline and online distribution channels.
- Provides services related to the Rabbit Card electronic payment system.
How Does BTGRF Make Money?
- Generates revenue from fares collected on the BTS SkyTrain system.
- Earns revenue from property development projects near SkyTrain stations.
- Generates revenue from advertising and media services.
- Collects fees from Rabbit Card transactions.
- Earns revenue from investments in various businesses, such as restaurants and construction.
What Industry Does BTGRF Operate In?
BTS Group Holdings operates within Thailand's growing infrastructure and transportation sector. The industry is characterized by increasing urbanization and demand for efficient mass transit solutions. Competition includes other transportation providers and infrastructure developers. The company's integrated approach, combining transportation with property development and service businesses, differentiates it from competitors. Market trends include government investments in infrastructure projects and increasing adoption of digital payment solutions. The company's success depends on its ability to secure and execute new projects, manage costs, and adapt to changing market dynamics.
Who Are BTGRF's Key Customers?
- Commuters in Bangkok who use the BTS SkyTrain for daily transportation.
- Residents and businesses in areas near SkyTrain stations.
- Advertisers who use BTS Group's media platforms to reach consumers.
- Users of the Rabbit Card for electronic payments.
- Consumers who patronize BTS Group's restaurant and other service businesses.
Research confidence
Enough evidence to be useful, with gaps worth knowing about.
- ● Scoring coverage unknown
- ● Price is current
- ● Latest filing 73 days ago
- ● No analyst coverage
- ● Reported in THB, converted to USD
MoonshotScore History
Recorded daily since 2026-08-23 · 19 snapshots
| 2026-08-23 | 44 |
| 2026-08-26 | 44 |
| 2026-08-29 | 44 |
| 2026-09-01 | 44 |
| 2026-09-04 | 44 |
| 2026-09-07 | 44 |
| 2026-09-10 | 44 |
What changed?
The score has stayed at 44.
Over the same 18 days the stock moved +0.0%.
BTS Group Holdings Public Company Limited (BTGRF) Valuation Context
Valued at $1.19B, BTGRF is classified as a small-cap stock.
BTGRF Revenue & Earnings Trend
In Q1 FY2027, BTGRF generated $182.1M in top-line revenue, marking a sequential increase of 6.1%. The company recorded a net loss of $11.8M, with diluted EPS of $-0.00. Quarter-over-quarter revenue has been mixed, typical for a small-cap company operating in Industrials. Across the four most recent quarters, BTGRF averaged $-0.00 in diluted EPS.
Company Profile
BTS Group Holdings Public Company Limited operates in the Railroads industry within the Industrials sector. It is headquartered in Bangkok, TH. The company is led by CEO Kavin Kanjanapas. BTGRF has traded publicly since 2020.
Key Financial Metrics
Return on equity for BTS Group Holdings Public Company Limited stands at -2.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -0.4%, showing how much profit it generates from its asset base. Its free cash flow yield is 92.2%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.24 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -3.4%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
BTS Group Holdings Public Company Limited's Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 0.25 places it in the distress zone, a signal of elevated financial risk.
BTGRF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2026
Bull Case vs Bear Case
Bull Case
- Established presence in Bangkok's mass transit market.
- Diversified revenue streams from transportation, property, media, and services.
- Integrated business model leveraging the SkyTrain network.
- Strong brand recognition in Bangkok.
Bear Case
- Negative profit margin and P/E ratio.
- Dependence on the Bangkok metropolitan area.
- Exposure to regulatory risks and economic fluctuations in Thailand.
- High debt levels.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 FY2027 | $182M | -$12M | -$0.0007 |
| Q4 FY2026 | $172M | -$2M | -$0.0001 |
| Q3 FY2026 | $181M | -$29M | -$0.0018 |
| Q2 FY2026 | $157M | $3M | $0.0002 |
Q1 FY2027 · filed 30 Jun 2026 · SEC EDGAR →
Based on FMP financials and quantitative analysis · Converted to USD from THB at today's rate
BTGRF Latest News
No recent news available for BTGRF.
BTGRF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations collected by Financial Modeling Prep for BTGRF.
Price Targets
Wall Street price target analysis for BTGRF.
BTGRF MoonshotScore
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. No MoonshotScore is published for BTGRF; grades run from A+ (80-100) to F (below 30).
Leadership: Kavin Kanjanapas
CEO
Kavin Kanjanapas serves as the Chief Executive Officer of BTS Group Holdings Public Company Limited. His career reflects a deep involvement in the company's strategic direction and growth initiatives. He has been instrumental in expanding the company's presence in mass transit, property development, and related sectors. Kanjanapas's leadership is focused on leveraging BTS Group's core strengths to capitalize on emerging opportunities in Thailand's dynamic market.
Track Record: Under Kavin Kanjanapas's leadership, BTS Group Holdings has continued to expand its SkyTrain network and diversify its business operations. Key achievements include securing new contracts for SkyTrain extensions and developing transit-oriented property projects. Strategic decisions have focused on integrating transportation, property, and service businesses to create a comprehensive ecosystem. The company has also invested in digital payment solutions and media services to enhance its revenue streams.
BTGRF OTC Market Information
The OTC Other tier, where BTGRF trades, represents the lowest tier of over-the-counter (OTC) markets. Companies in this tier often have limited financial disclosure and may not meet the minimum listing requirements of major exchanges like the NYSE or NASDAQ. This tier is characterized by higher risk and less regulatory oversight compared to listed exchanges. Investors should be aware that companies in the OTC Other tier may not be subject to the same level of scrutiny and reporting requirements as those on major exchanges.
- OTC Tier: OTC Other
- Limited financial disclosure: The lack of publicly available financial information increases the risk of investing in BTGRF.
- Low liquidity: The limited trading volume and wide bid-ask spread can make it difficult to buy or sell the stock.
- Potential for fraud or manipulation: The OTC market is subject to less regulatory oversight, increasing the risk of fraud or manipulation.
- Delisting risk: BTGRF could be delisted from the OTC market if it fails to meet certain requirements.
- Valuation uncertainty: The lack of reliable financial information makes it difficult to accurately value the company.
- Verify the company's financial information through independent sources.
- Research the company's management team and their track record.
- Assess the company's business model and competitive landscape.
- Understand the risks associated with investing in the OTC market.
- Monitor the company's news and regulatory filings.
- Consult with a financial advisor before making any investment decisions.
- Established presence in the Thai market.
- Operation of the BTS SkyTrain system.
- Diversified business operations.
- Presence of a CEO (Kavin Kanjanapas).
BTS Group Holdings Public Company Limited Industrials Stock: Key Questions Answered
Is BTGRF a good stock?
Stock Expert AI does not rate BTGRF buy, sell or hold. BTS Group Holdings Public Company Limited has no MoonshotScore yet; read the financial checkup, analyst consensus and risks directly. Whether it fits is your call: check what it sells, whether it earns, what the price assumes, and what would prove you wrong.
What does BTS Group Holdings Public Company Limited do?
BTS Group Holdings Public Company Limited operates in mass transit, property, media, and service businesses, primarily in Thailand. Its core operation is the BTS SkyTrain system in Bangkok, a critical component of the city's transportation infrastructure. It also develops properties near its train stations and offers media and advertising services.
What are the key factors to evaluate for BTGRF?
Evaluate BTGRF on fundamentals, analyst consensus, and risk factors. BTS Group Holdings presents a mixed investment case. Not financial advice.
How frequently does BTGRF data refresh on this page?
BTGRF's price was last updated on Sep 11, 2026 and refreshes on page view during U.S. market hours; the quote is a provider snapshot, not an exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven BTGRF's recent stock price performance?
BTS Group Holdings Public Company Limited (BTGRF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Established presence in Bangkok's mass transit market. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider BTGRF overvalued or undervalued right now?
BTS Group Holdings Public Company Limited (BTGRF) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Can I buy fractional shares of BTGRF?
Yes, most major brokerages offer fractional shares of BTS Group Holdings Public Company Limited (BTGRF) with no minimum purchase requirement. This means you can invest any dollar amount regardless of the share price. Check your brokerage platform for specific terms, fees, and fractional share availability.
How can I track BTGRF's earnings and financial reports?
BTS Group Holdings Public Company Limited (BTGRF) reports quarterly earnings approximately 4-6 weeks after each fiscal quarter ends. You can track earnings dates, revenue and EPS estimates, and actual results on this page's Financials tab. Earnings surprises (beats or misses) often cause significant short-term price moves. Your brokerage can send alerts for BTGRF earnings announcements.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data is limited and may not be fully up-to-date.
- OTC market investments carry higher risk than exchange-listed stocks.