CK Power Public Company Limited, through its subsidiaries, generates and sells electricity and steam in Thailand and Lao PDR. It operates in three segments: hydroelectric power, solar power, and thermal power. The company operates 3 hydro power plants with a total capacity of 3,360 MW, 13 solar power plants with a capacity of 42 MW, and 2 cogeneration power plants with an installed capacity of 238 MW. It also invests in electricity generation companies and provides consulting, project management, and other services related to power projects domestically and internationally. CK Power was incorporated in 2011 and is based in Bangkok, Thailand.
Asia Plus backs CKP and BCPG as heavy rain boosts hydropower plants
Asia Plus Securities said that between 23 and 27 September 2026 heavy rain fell across many parts of Thailand, especially the central region, Bangkok and the eastern region, causing flooding in many areas and prompting warnings for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its vigilance level for industrial estates in at-risk areas, particularly Bang Pu and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in and Ban Wa (Hi-Tech), though no widespread suspension of estate operations has been seen and there have been no reports of large power plants halting operations or stopping electricity supply. The research team sees no direct impact on the power plant group, because core revenue is underpinned by long-term power purchase agreements, and expects the rain to ease within three to five days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, Laos saw heavy rain in the Mekong basin and in the central and northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25% and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A-3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with higher rainfall. The research team recommends Selective Buy, picking CKP as its Top Pick with a fair value of 2.90 baht, given the highest share of hydropower business in its portfolio, and expects normalised profit for the third quarter of 2026 to grow quarter on quarter and reach its highest level of the year. BCPG has a fair value of 8.00 baht and remains attractive thanks to a profit base with a high proportion of hydropower plants in Laos, supported by power projects in the United States entering the summer peak season, with third-quarter 2026 profit also expected to reach its highest level of the year. It therefore sees this as an opportunity for short-term trading in line with the seasonal cycle.
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Supply
CKP.BK · Supply · Positive Heavy Mekong-basin rain lifts output at CKP's Xayaburi and Nam Ngum 2 hydropower projects, and it is named Top Pick on its high hydropower share.
BCPG.BK · Supply · Positive Heavy rain in Laos boosts generation at BCPG's wholly owned Nam San 3A-3B hydropower project, supporting its high-hydropower profit base.
Yuanta rates CK a Buy with 27 baht target, eyes 770.9 billion baht in bids
Yuanta Securities issued an analysis stating that Ch. Karnchang Public Company Limited, or CK, plans to bid on several government projects in 2026–27 with a combined value of as much as 770.9 billion baht. Of that total, the SRT High Speed Train Phase 2 project is worth 285.3 billion baht and the SRT Double Track: 6 Routes project is worth 237 billion baht. These two projects account for more than 68% of the total value of all projects the company currently plans to bid on. The SRT High Speed Train Phase 2 project covers six routes in total, of which the Cabinet has already approved three, worth more than 100 billion baht, with bidding expected to open in the first quarter of 2027, as is the case for the SRT Double Track: 6 Routes project. CK currently has a backlog as of the end of the second quarter of 2026 of 146.305 billion baht, supporting revenue for roughly four to five years, and the backlog is expected to reach a new peak in 2027. As for the normal profit trend in the second half of 2026, it is expected to continue growing half on half, driven by the profit share from CKP, which is entering its high season, and from BEM, which is expected to post a record-high profit in the third quarter of 2026. The gross profit margin is expected to hold at 7–8% thanks to forward locking of material prices; although oil prices have risen, the impact on cost of goods sold is less than 1%. Following the revision of estimates, normal profit for 2026 is raised 13% to 2.483 billion baht and for 2027 is raised 4% to 2.603 billion baht, lifting the fair value to 27.00 baht based on the sum-of-the-parts method, implying a 2027 price-to-earnings ratio of 18 times, below the 10-year historical average of 20 times. With the current share price offering upside gain of as much as 53%, the recommendation remains Buy.
CK.BK · Capital · Positive Yuanta rates CK a Buy with a 27 baht target, raises 2026-27 profit estimates, and cites a 770.9 billion baht bid pipeline and 146.3 billion baht backlog.
BEM.BK · Capital · Positive Article notes BEM is expected to post a record-high profit in Q3 2026, boosting CK's profit share.
CKP.BK · Capital · Positive CKP's high season is cited as driving CK's expected H2 2026 profit growth via profit share.
Kasikorn Securities flags ESG as turning point for Thai stock profits, names 10 beneficiaries
Kasikorn Securities, or KS, said in a research note that ESG is entering an era in which it genuinely affects financial outcomes, and unveiled 10 stocks set to benefit from the ESG transition. The Stock Exchange of Thailand is preparing to move from SET ESG Ratings to the FTSE Russell ESG Scores framework, with listed companies due to learn their own scores in 2026 and public disclosure beginning in 2027. Preliminary statistics from the 2025 FTSE Russell ESG Scores assessment show that 222 Thai listed companies averaged 3.6 out of 5, placing them at a Good practice level, with the utilities, healthcare, and oil and gas sectors scoring most strongly. KS said ESG development is reaching a regulatory level that will affect profits and ROIC through a carbon pricing mechanism with a pilot price of 200 baht per tonne of carbon equivalent, a planned emissions trading system trial in 2029-2030, the EU CBAM measure, and the IFRS S1/S2 standards and Thailand Taxonomy. A study of SET100 stocks found that high ESG-rated shares do not always trade at more expensive PER or PBV multiples or post higher EPS growth, but that good ESG enhances investability through liquidity and the shareholding of foreign and institutional investors. The case of DELTA, which was removed from the SETESG index, reflects how money from ESG-linked funds affects short-term price volatility. The 10 standout stocks span five themes: renewable energy business expansion, GULF, BCPG and CKP; green industrial infrastructure, WHA and AMATA; ESG data services and carbon management, DITTO and BBIK; sustainable finance, BAY and TTB; and the circular economy, SCGP.
Energy Transition & Power Demand › Nuclear Generation & Utilities Regulation
Energy Transition & Power Demand › Solar ▲Regulation
Energy Transition & Power Demand › Grid, Transmission & Power Equipment Regulation
AMATA.BK · Regulation · Positive Named among 10 ESG beneficiaries under the green industrial infrastructure theme as Thailand moves to FTSE Russell ESG Scores and carbon pricing.
BAY.BK · Regulation · Positive Named among 10 ESG beneficiaries under the sustainable finance theme as ESG regulation increasingly affects profits and ROIC.
BBIK.BK · Regulation · Positive Named among 10 ESG beneficiaries under the ESG data services and carbon management theme tied to new ESG disclosure and carbon rules.
BCPG.BK · Regulation · Positive Named among 10 ESG beneficiaries under the renewable energy business expansion theme as carbon pricing and CBAM favor clean energy.
CKP.BK · Regulation · Positive Named among 10 ESG beneficiaries under the renewable energy business expansion theme as carbon pricing and CBAM favor clean energy.
DITTO.BK · Demand · Positive Named among KS's 10 ESG beneficiaries in the ESG data services and carbon management theme.
Pi Securities maintains Buy on CK with 23.1 baht target after cabinet approves three double-track rail routes worth 106 billion baht
Pi Securities assesses that CK is starting to see signs of new bidding activity, after the early part of this year saw only 870 million baht in new contracts signed, causing its backlog to fall from over 168 billion baht at the start of 2026 to 146 billion baht at the end of the first half of 2026. Most recently, on September 1, the cabinet approved proceeding with three double-track railway projects with a combined value of over 106 billion baht, comprising the Chumphon-Surat Thani route at 36.892 billion baht, the Surat Thani-Hat Yai Junction route at 61.534 billion baht, and the Hat Yai Junction-Padang Besar route at 8.371 billion baht. Bidding is expected to be held in early 2027. These three double-track rail routes are part of Phase 2 of the double-track railway programme, which comprises six projects in total, so moving forward on three of them is a good signal that other projects will follow. The research team views that with the contracts expected to be split into five packages across the three projects, CK will have a chance to win some of the bids, which would help support 2027 revenue above the research team's forecast of 42.134 billion baht, since new work had not previously been included. As for the earnings outlook for the third quarter of 2026, it is expected to remain at a high level, continuing from the second quarter of 2026, driven by the high season for CKP. In addition, there are two other large projects that CK has a high chance of winning because they are projects involving its subsidiary BEM: the electrical and signalling system works for the southern section of the Purple Line, valued at approximately 30 billion baht, and the Double Deck expressway works, valued at 35 billion baht. The research team therefore maintains its Buy recommendation with a fair value estimate of 23.1 baht.
CK.BK · Demand · Positive Cabinet approved three double-track rail projects worth 106 billion baht, giving CK a chance to win bids and lift 2027 revenue above forecast.
BEM.BK · Demand · Positive CK's subsidiary BEM is linked to two large projects (Purple Line electrical/signalling and Double Deck expressway) that CK has a high chance of winning.
CKP.BK · Demand · Positive CKP's high season is cited as driving CK's expected strong Q3 2026 earnings.
CKP says Mekong water levels to boost XPCL in H2 2026 after solar phase 2 with BEM starts commercial operation
CK Power Public Company Limited, or CKP, disclosed that rising water levels in the Mekong River basin will support the operating performance of the Xayaburi hydropower project, or XPCL, in the second half of 2026. It expects water releases from upstream areas in China to be at high levels during October to November 2026 and possibly increase at times in December. Meanwhile, the Nam Ngum 2 power plant, or NN2, is managing power generation cautiously, with the reservoir level at 368 metres above sea level in August 2026, close to normal levels. The Bang Pa-in Cogeneration power plant, or BIC, returned to normal operation from July 2026 after a maintenance shutdown in the first quarter. The fuel adjustment charge, or Ft, for September to December is around 0.16 baht per kilowatt-hour, slightly higher than the same period last year. For its clean energy business expansion, the solar farm project with BEM in phase 2 comprises two sites with total installed capacity of about 6.71 megawatts and began commercial operation, or COD, in early September 2026. As for the new Power Development Plan, or PDP 2026, CKP is mainly interested in participating in hydropower plant auctions, and is studying and seeking project development areas in Laos or Vietnam to transmit electricity back for sale in Thailand. Meanwhile, the Luang Prabang hydropower project, or LPCL, had construction progress of 77% as of June 2026 and remains scheduled to start commercial operation, or SCOD, in early 2030. Currently, CKP has invested 13,344 million baht in equity out of a total investment obligation of 20,934 million baht, leaving 7,590 million baht of investment during 2026 to 2029.
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Supply
Energy Transition & Power Demand › Solar ▲Supply
CKP.BK · Supply · Positive Rising Mekong water levels are expected to boost XPCL hydropower output in H2 2026, supporting CKP's operating performance.
Xayaburi Power Company Limited (XPCL) · Supply · Positive High upstream water releases from China are expected to lift Xayaburi hydropower generation in H2 2026.
Nam Ngum 2 Power Company Limited (NN2) · Supply · Neutral NN2 is managing generation cautiously with reservoir near normal levels; no clear positive or negative driver stated.
CKP Eyes H2 Profit Recovery as Xayaburi Runs at Full Capacity; Broker Sets Target at 3 Baht
Kasikorn Securities stated in its analysis that CK Power (CKP) is likely to receive support from the performance of the Xayaburi hydropower plant (XPCL) in the second half of 2026, following high water flow, no planned shutdowns, and lower financial costs. Meanwhile, the Nam Ngum 2 hydropower plant (NN2) remains weak due to low water inflow. CKP reported normal profit of 210 million baht in Q2/2026, down 41% year-on-year but up 81% quarter-on-quarter, missing the research department's estimate by 17% due to lower-than-expected total revenue and higher-than-expected financial costs. The profit decline was mainly due to weaker performance from NN2 (46% owned by CKP) and Bang Pa-in Cogeneration (BIC) (65% owned by CKP), while the quarter-on-quarter recovery was driven by higher electricity sales from SPP plants and improved profit sharing from XPCL. The research department has a neutral view on the data, with management expecting XPCL to remain a key profit driver in H2/2026, while NN2 is expected to gradually return to normal from an exceptionally high base last year. For the Luang Prabang hydropower project (LPCL), construction progress reached 77% as of June 2026, with commercial operation still targeted for early 2030. CKP has invested 13,344 million baht out of its total equity investment commitment of 20,934 million baht. Kasikorn Securities maintains a "Buy" recommendation with a target price of 3.00 baht, based on the sum-of-the-parts (SOTP) valuation method under a weighted average cost of capital of 6.7%. Key risks include a severe or prolonged super El Niño event.
CKP.BK · Capital · Positive Kasikorn Securities maintains Buy with 3.00 baht target, expecting H2/2026 profit recovery led by XPCL running at full capacity.
SUPER first-half profit surges 246% on COD of Vietnam wind farm
SUPER reported a net profit of 859.73 million baht in the first six months of 2026, up 246.64%, and expects continued growth in the second half, driven by the commercial operation of an additional 102 MW from its wind power projects in Vietnam, bringing the total PPA capacity of the two projects to 129 MW. The collection of overdue electricity payments from Vietnam Electricity (EVN) amounting to 3.5 billion baht will also bolster liquidity. Meanwhile, CKP unveiled its second-half plan, which includes the commercial operation of a 5 MW solar project with BEM, and a 11.2% increase in electricity sales volume from the Xayaburi hydropower plant in the first half. Separately, SNNP clarified that a warehouse fire on September 7, 2026, resulted in no injuries or fatalities and had no impact on the community, adding that the company has sufficient inventory and can accommodate additional production.
SUPER.BK · Capital · Positive SUPER reported net profit surge of 246% in first half and expects continued growth from additional wind capacity in Vietnam
CKP.BK · Demand · Positive CKP's second-half plan includes COD of 5 MW solar project with BEM and 11.2% increase in electricity sales volume from Xayaburi hydropower plant
CGSI expects CKP's Q3/69 profit to grow, supported by hydropower plants
CGS International (Thailand) or CGSI has maintained a "Buy" recommendation on CKP or CK Power Public Company Limited with a target price of 3.30 baht, expecting Q3/69 profit to grow quarter-on-quarter and be the strongest performance this year. This is due to the peak production season for hydropower plants, with no maintenance shutdowns at some plants as seen in the first half, lower exchange rate volatility than Q2/69, reduced maintenance expenses and financial costs of subsidiaries, and increased electricity demand from industrial customers. In particular, Nam Ngum 2 or NN2 and Xayaburi or XPCL will enter their peak production period, with water inflow and reservoir levels close to the 10-year average, and are expected to run at full capacity. Meanwhile, Bang Pa-in Cogeneration (BIC, unlisted) will see improved performance after major maintenance was completed in Q1/69, and gradual debt repayment will reduce interest burden, which should offset higher financial costs from the issuance of 5 billion baht in debentures in April 2026. However, risks from the El Nino phenomenon should be closely monitored until 2027.
CKP.BK · Capital · Positive CGSI maintains Buy with 3.30 baht target, expecting Q3/69 profit to grow QoQ and be the strongest this year on hydropower peak season and lower costs.
CK Unveils New 65 Billion Baht Plan, Broker Raises Target by 5%
CK, or Ch. Karnchang Public Company Limited, has announced success from its flexible cost management strategy, leading to growth in gross profit margin despite flat total revenue. As of the end of Q2 2026, the company had a backlog worth 140 billion baht and plans to add another 65 billion baht in new work by early 2027, including electrical and train operation works for the Purple Line, civil works for the Thai-Chinese Railway Phase 2 project, and the Suvarnabhumi Airport terminal expansion project. Meanwhile, the company also recognizes profit shares from BEM and CKP, as well as dividends from TTW, to diversify income, and has strengthened its financial position, with Net D/E decreasing to 1.0 times from 1.3 times at the end of 2025. Kasikorn Securities has raised its 2026 normal profit estimate by 28% to 2.249 billion baht and its 2027 estimate by 31% to 2.518 billion baht, while maintaining a "Buy" recommendation and increasing the target price by 5% to 29.27 baht.
CKP expects Q3 high season, super El Nino not yet impacting
CK Power Public Company Limited (CKP) disclosed during an analyst meeting that water volume in the third quarter of 2026 remains in the normal high season for its hydropower projects in Laos, and has not been affected by the super El Nino phenomenon. It expects to start seeing significant impacts in the fourth quarter of 2026 (from November-December 2026 onwards). Meanwhile, the Luang Prabang project (LPCL) in Laos, in which CKP holds a 50% stake, is about 77% complete and is expected to commence commercial operations as planned in 2030, with additional capital injections totaling 7.59 billion baht to be made gradually during 2026-2029. As for the two solar projects for BEM, they are expected to be operational within the third quarter of 2026. Regarding the new PDP plan, the company is mainly interested in participating in hydropower plant auctions in Laos or Vietnam, with additional interest in solar, as well as opportunities in Direct PPA projects for both hydropower and solar. Research expects normal profit for the third quarter of 2026 to be 800-900 million baht, growing from the previous quarter but declining from the same period last year, due to lower water volume and higher natural gas costs. It maintains a year-end 2026 fair price of 2.90 baht per share and maintains a TRADING recommendation.
CKP.BK · Demand · Positive Q3 high season for hydropower projects and expected operational solar projects for BEM indicate stable demand for CKP's power generation.
CKP Advances Luang Prabang Dam, Targets 95% Renewable Energy by 2043
CK Power Public Company Limited (CKP) is moving forward with the Luang Prabang hydropower plant project, expected to commence commercial operations in early 2030. The company aims to increase its renewable energy share to no less than 95% by 2043. Currently, its investment portfolio includes 18 power plants with a total capacity of 3,640 megawatts, comprising 3 hydropower plants, 2 combined-cycle thermal power plants, and 13 solar power plants. The current renewable energy share stands at 93%, with natural gas accounting for 7%. For the Luang Prabang project, CKP holds a 50% stake, with an investment commitment of approximately 21 billion baht. About 10 billion baht has already been paid, leaving 7.5 billion baht to be funded in the second half of 2026 through 2029, which will be raised through additional bond issuances over the next 2-3 years. The company expects its long-term return on equity to improve, driven by new revenue from the Luang Prabang project after 2030 and the gradual repayment of loans for its major projects, including Xayaburi, Nam Ngum 2, and Bang Pa-in Cogeneration, which will significantly reduce interest expenses.
CK eyes 2026 revenue above 40 billion baht on Orange Line, with 198 billion baht of state tenders ahead
Finansia Syrus Securities says Ch. Karnchang, or CK, has a chance to deliver 2026 revenue above its 40 billion baht target, helped by progress on the Orange Line rail project, while a pipeline of large state projects worth about 198 billion baht is expected to open for bidding from late this year into early next year. Third-quarter 2026 profit is expected to recover from the previous quarter, supported by profit contributions from BEM and CKP entering their high season, though it should still fall from a year earlier because of a high base. The broker keeps its 2026 normalized profit forecast at 9 percent below last year and maintains a buy rating with a target price of 23 baht.
CK profit beats forecasts; Dao keeps target at 23 baht
Dao Securities stated that Ch. Karnchang Public Company Limited, or CK, reported second-quarter 2026 net profit of 800 million baht, down 7% from a year earlier but up 143% from the previous quarter, exceeding market and Dao forecasts by 17-18%. The result was supported by construction revenue rising 6% year-on-year, with gross margin expanding more than expected by 20 basis points from a year earlier and 70 basis points from the previous quarter, thanks to internal cost management efficiency. Other income slowed 25% year-on-year, mainly because CK Power posted foreign exchange losses, but rose 87% from the previous quarter on higher TTW dividends and a larger share of profit from BEM. Interest expenses fell more than expected as loans were gradually repaid. Dao maintained its 2026 normalized profit forecast at 2.5 billion baht, up 2% from a year earlier, and expects third-quarter 2026 normalized profit to grow both year-on-year and quarter-on-quarter, driven by continued construction revenue growth, easing interest expenses, and the peak season for CK Power. Dao kept its buy recommendation and target price of 23.00 baht, based on a sum-of-the-parts valuation comprising 3.6 baht for the construction business and 19.4 baht for the combined value of its stakes in BEM, CK Power, and TTW. Although the backlog is gradually declining, it still helps secure revenue for the next three years, and there are additional catalysts from the Double Deck project worth 35 billion baht and the government's push for new projects.
BEM Q2 profit near forecast, broker keeps target at 9 baht
Dao Securities stated that Bangkok Expressway and Metro Public Company Limited, or BEM, reported second-quarter 2569 net profit of 1 billion baht, up 2 percent from a year earlier and 16 percent from the previous quarter, close to market expectations. Supporting factors included lower interest expenses and dividends from TTW and CKP totaling 341 million baht. Revenue softened 0.4 percent from a year earlier and 7 percent from the previous quarter, in line with lower traffic volumes during the low season, while gross margin slowed because of higher amortization of rights. The broker maintained its 2569 net profit forecast at 3.9 billion baht, up 3 percent from a year earlier, and kept a buy recommendation with a target price of 9.00 baht based on a sum-of-the-parts valuation. Positive factors include progress on new projects and the common ticketing policy for electric trains, which is expected to begin in early 2570.
CKP says lower average interest rates than last year to support second-half performance
CK Power Public Company Limited, or CKP, reported first-half 2026 operating results with net operating profit of 326 million baht, down 22 percent from the same period last year. Second-quarter profit was 210 million baht, down 40 percent, mainly due to lower electricity sales revenue at Bangpa-in Cogeneration Company Limited and Nam Ngum 2 Power Company Limited in line with lower electricity sales volumes, together with higher fuel costs at BIC. However, the company recognized a net operating profit share from XPCL in the first half of 517 million baht, up 134 percent, driven by higher water inflows at the Xayaburi hydroelectric power plant and lower financial costs. The company is preparing for the El Niño phenomenon by developing water monitoring and forecasting systems, while the Luang Prabang hydropower project has reached 77 percent construction progress, and the FiT project under Bang Khen Chai Company Limited with capacity of 6 megawatts is scheduled to begin commercial operation in 2027. The trend of lower average interest rates than last year is expected to help reduce XPCL's financial costs and support performance in the second half of 2026.
Energy Transition & Power Demand › Hydropower & Pumped Storage Demand
CKP.BK · Monetary · Positive Lower average interest rates expected to reduce financial costs and support second-half performance.
Bangpa-in Cogeneration Company Limited (BIC) · Demand · Negative Lower electricity sales volumes and higher fuel costs reduced revenue at BIC.
Bang Khen Chai Co., Ltd. (BKC) · Technology · Neutral FiT project under Bang Khen Chai scheduled for commercial operation in 2027, but no current impact.
CKP's 3Q26 profit set to peak, boosted by Lao hydropower, target 2.90 baht
Yuanta Securities stated that CKP's normalized profit in the third quarter of 2026 is likely to surge to 800 to 900 million baht, marking the year's peak, supported by the high season for its Lao hydropower projects and the expectation of no maintenance shutdown at the BIC gas-fired power plant as occurred in the previous second quarter. Meanwhile, normalized profit in the second quarter of 2026 came in at 210 million baht, growing 81 percent quarter-on-quarter but declining 41 percent year-on-year, roughly in line with market expectations. The analyst maintained a year-end 2026 target price of 2.90 baht per share and kept a trading recommendation, viewing the potential intensification of the super El Niño phenomenon later in the year as a medium- to long-term headwind for the share price.
Spotlight on 4 CH. Karnchang Group stocks ahead of Q2 results — CK construction stands out
Analysts assess the second-quarter 2026 earnings outlook for four companies in the CH. Karnchang Group. CK is expected to post a normalised profit of 725.7 million baht, down 1% from a year earlier but up 120.5% from the previous quarter, supported by construction operating profit accelerating 11.5% year-on-year. BEM is forecast to report a normalised profit of 1.01 billion baht, up 1.5% from a year earlier and 15.2% from the previous quarter, thanks to lower financial costs. CKP is seen posting a normalised profit of 202 million baht, down 43% from a year earlier but up 74% from the previous quarter, as it enters the high season in the third quarter. Meanwhile, TTW is expected to report a net profit of 686 million baht, down 14% from a year earlier but up 2% from the previous quarter, standing out as a defensive stock with steady cash flow and high dividend payouts.
CKP expected to post strong core profit in 2Q26 on higher water flow at Xayaburi
ASL Securities expects CK Power's core profit in the second quarter of 2026 to grow strongly, driven by higher electricity sales at the Xayaburi hydropower plant as water flow increases. In May, average water flow was over 70 percent higher than the same period last year, despite some planned maintenance shutdowns. Meanwhile, the Bang Pa-in Cogeneration plant is benefiting from a retail Ft rate hike to 0.1623 baht per unit from May to August 2026, helping offset unplanned maintenance early in the quarter and about two weeks in June. Year-on-year, growth slows due to maintenance shutdowns, higher natural gas costs pressuring margins, and lower output at the Nam Ngum 2 hydropower plant as water inflow into the dam in April and May was lower than a year earlier. Results are expected to be announced on August 10. Earnings are entering the high season in the third quarter of 2026, the peak of the year, as there are no maintenance shutdowns, water flow increases, and the situation in the Middle East is beginning to ease positively, supporting lower natural gas prices and reducing margin pressure. The fourth quarter of 2026 is expected to slow quarter-on-quarter due to El Niño risks that may impact from the fourth quarter of 2026 through the second quarter of 2027. Additionally, the company will start recognizing revenue from solar projects with BEM that are gradually reaching commercial operation this year, and is preparing to construct the Pak Thong Chai 2 solar project for revenue recognition in 2027. Financially, CKP was able to issue green bonds worth 5 billion baht at an average cost of only 3.26 percent to invest in the Luang Prabang project, helping keep financial costs low. The analyst recommends buying. On the technical side, the stock has corrected to a low of 2.46 baht and rebounded to close at a high with a bullish candlestick signal. Key resistance is the 5-day SMA at 2.54 baht; if it breaks and holds with rising volume, it is a buy signal, suggesting the downtrend is ending. The next resistance test is at 2.60 baht, with major resistance at the previous double-top high of 2.70 baht.
Dao Securities expects CK's Q2 profit to reach 678 million baht as construction progresses
Dao Securities Thailand forecasts that Ch. Karnchang, or CK, will post a net profit of approximately 678 million baht in the second quarter of 2026, down 21 percent from the same period last year but up 106 percent from the previous quarter, reflecting a recovery driven by progress on large-scale construction projects and lower financial costs. Construction revenue is expected to rise 13 percent year-on-year, supported by the Orange Line electric train project and the Luang Prabang hydropower plant project. The backlog awaiting revenue recognition is estimated at around 140 billion baht, down from 190 billion baht in the second quarter of 2025 and 160 billion baht in the first quarter of 2026, but remains a key future revenue base. Gross margin is forecast at 7.4 percent, down from 7.9 percent a year earlier, while selling and administrative expenses to sales are expected at 4.8 percent, down from 5 percent a year ago. Other income is projected to decline 29 percent year-on-year due to lower profit contributions from CK Power, or CKP, but increase 77 percent from the prior quarter, thanks to dividend income from TTW and seasonally stronger profit contributions from CKP, as well as dividends from Bangkok Expressway and Metro, or BEM. Interest expenses are expected to fall 26 percent year-on-year and 3 percent quarter-on-quarter after the company gradually repaid loans. Dao Securities maintains its 2026 normalized profit forecast at 2.5 billion baht, up 2 percent from the previous year, and expects third-quarter 2026 profit to grow both year-on-year and quarter-on-quarter, driven by higher construction revenue, a lower interest base, and a favorable seasonal pattern for CKP. Near-term catalysts include progress on the Double Deck project, mechanical and electrical systems work for the Purple Line South project, and the opening of new government project bids. Dao Securities reiterates a buy rating on CK with a target price of 23.00 baht per share.
CK's Q2 2026 profit surges 101.6% quarter-on-quarter, supporting new target of 21.60 baht
Phillip Securities Thailand forecasts CK's Q2 2026 profit at 663 million baht, up 101.6% from the previous quarter, driven by a seasonal recovery in profit sharing from BEM and dividends from TTW, but down 23.1% year-on-year due to lower foreign exchange gains at CKP. Construction revenue was stable at around 12 billion baht from the prior quarter and grew from a year earlier, supported by progress on the Orange Line West rail project, the Luang Prabang power plant project, and the Den Chai–Chiang Khong double-track railway. The construction gross margin is expected at 7.5%, still within the 7-8% target range despite higher oil prices, reflecting effective cost management, while interest expenses declined due to gradual debt repayment. The profit trend has potential for continued growth into Q3 2026, following CKP's seasonal factors. Phillip Securities upgraded CK from accumulate to buy, with a target price of 21.60 baht, viewing that earnings have passed their trough and are likely to recover steadily through the rest of the year.
BEM expected to post second-quarter profit of 1.007 billion baht, up 15% from the previous quarter
Dao Securities Thailand forecasts that Bangkok Expressway and Metro, or BEM, will report a net profit of 1.007 billion baht for the second quarter of 2026, up 1% from the same period last year and up 15% from the previous quarter, slightly above its preliminary estimate range of 950 million to 1 billion baht. Total revenue is expected to decline 1% year-on-year and 8% quarter-on-quarter due to a seasonal slowdown in travel and weaker commercial development income. Meanwhile, gross margin is projected to fall 0.50 percentage points from a year earlier and 2.70 percentage points from the prior quarter, reflecting higher amortization charges and seasonally softer ridership. However, earnings will be supported by dividend income from TTW and CK Power totaling about 341 million baht, and interest expenses are expected to drop 9% year-on-year and 5% quarter-on-quarter as the average interest cost on new bonds and loans declines. Dao Securities maintains its 2026 net profit forecast for BEM at 3.9 billion baht, up 3% from the previous year, and keeps a buy rating with a target price of 9 baht. Key catalysts include progress on the double-deck expressway project, which is expected to reach a conclusion in the second half of 2026, and the common ticketing policy anticipated to begin in 2027, which will help boost overall rail passenger volumes.
BEM expects second-quarter profit of 2 billion baht, boosted by joint-ticket policy driving passenger numbers
Dao Securities estimates BEM's net profit in the second quarter of 2026 at 1.007 billion baht, up 1% year-on-year and 15% quarter-on-quarter, slightly above the preliminary forecast range of 950 million to 1 billion baht. The result was supported by dividend income from TTW and CKP totaling 341 million baht and a 9% year-on-year decline in interest expenses, while total revenue slowed due to seasonal tourism and weaker commercial development business. The analyst maintains the full-year 2026 net profit forecast at 3.9 billion baht and keeps a buy recommendation with a target price of 9.00 baht. Key catalysts include the progress of the double-deck expressway project and the joint-ticket policy in early 2027, which will boost overall rail passenger volumes.
CKP expects Q3 profit peak on water high season, target 2.90 baht
Yuanta Securities expects CK Power's normalised profit in the third quarter of 2026 to be 800 to 900 million baht, growing from the previous quarter and marking the year's high, supported by the high season for hydropower plants in Laos and no major maintenance shutdowns expected at the BIC plant. Normalised profit for the second quarter of 2026 is estimated at 202 million baht, up 74 percent from the prior quarter but down 43 percent from a year earlier. The research unit maintains a fair value of 2.90 baht per share and downgrades its recommendation to trading from buy, noting that the 8 percent share price rise since the start of the year has partly priced in progress on the new power development plan. It expects the share price may face pressure from the impact of a super El Niño phenomenon that is forecast to intensify from late 2026 through the second quarter of 2027.
CK rated Buy with target of 22.50 baht, earnings seen growing 9% on average in 2027–2029
TTB Wealth Securities maintains a Buy rating on Ch. Karnchang Public Company Limited, or CK, but lowers its target price to 22.50 baht from 23.00 baht after trimming the sum-of-the-parts valuation of its investment in CKP. This reduces CK’s earnings estimates for 2026–2028 by 1–4 percent. However, the firm still views CK as one of the key beneficiaries of Thailand’s new infrastructure investment cycle, with earnings expected to grow at an average of 9 percent per year during 2027–2029 and upside of 20.3 percent from the target price. The research team notes that although earnings estimates have been cut due to the impact on CKP, in which CK holds a 30 percent stake, the fundamentals of the construction business remain strong, supported by a backlog of 157 billion baht at the end of the first quarter of 2026, equivalent to about 3.4 times 2026 revenue. This is coupled with opportunities to win new work from the double-deck expressway project worth 35 billion baht and the southern Purple Line rail system worth 27 billion baht, as well as dividend income and profit sharing from CKP, BEM, and TTW of around 2.7 to 2.9 billion baht per year. The company expects to maintain a gross margin of 8.3 percent through advance procurement of construction materials. In addition, TTB Wealth sees CK as one of the biggest beneficiaries from the bidding for government infrastructure projects during 2026–2028, with a combined value of approximately 775 billion baht, covering highways, double-track railways, high-speed rail, and airports. Although some projects may be delayed by government processes, bidding is still expected to begin gradually from late 2026 onwards. For near-term performance, the research team expects CK to post a net profit of 843 million baht in the second quarter of 2026, down 2 percent year-on-year but up 156 percent quarter-on-quarter. The sequential growth is driven by higher dividend income from TTW and increased profit sharing from associates, while the construction margin is expected to remain stable from the previous year. TTB Wealth forecasts CK’s revenue at 45.823 billion baht and net profit at 2.606 billion baht in 2026, rising to 2.738 billion baht in 2027 and 2.973 billion baht in 2028, reflecting the gradual recognition of revenue from the backlog and new projects expected in the coming years.
CK expected to grow further in Q2 2026, major projects surge, target price 23 baht
SBI Thai Online Securities stated that Ch. Karnchang Public Company Limited, or CK, is likely to see earnings growth in the second quarter of 2026, both quarter-on-quarter and year-on-year. Construction revenue remains at a high level from the gradual recognition of its backlog, with key projects including the MRT Orange Line West, the Luang Prabang hydropower plant, and the Den Chai–Chiang Rai–Chiang Khong double-track railway. Meanwhile, gross margin is expected to stay within the 7.5 to 7.7 percent range. Share of profit and dividends from associates are also growing, with BEM supported by rising passenger numbers and expressway usage driven by economic activity and tourism. CK Power is expected to see a profit recovery from the first quarter as it enters the high season for hydropower plants, and TTW will begin booking dividend income to provide additional support. The research team forecasts full-year 2026 total revenue at 80 billion baht, up 5 percent from the previous year, and net profit of 2.1 billion baht, up about 4 percent year-on-year. The average target price stands at 23 baht.
CKP Wins Two AREA Awards for Fifth Consecutive Year with Firefly Project
CK Power, or CKP, has won two awards at the Asia Responsible Enterprise Awards 2026 for the fifth consecutive year, reflecting the success of the Firefly project that leverages renewable energy expertise to uplift communities around its power plants. The awards include the Social Empowerment award for the Firefly project on renewable energy for better quality of life and Firefly innovation creating opportunities for communities, and the Green Leadership award for the Waste to Value project under Firefly for conservation, protection, and restoration of natural resources and the environment. The Firefly renewable energy for better quality of life project has expanded access to renewable energy totaling 163,100 watts and educated over 16,000 children and youth. Meanwhile, the Firefly innovation creating opportunities for communities project developed six community products, generating total income of over 2.8 million baht. The Waste to Value project from the Xayaburi hydropower plant managed over 31,333 kilograms of organic waste and produced over 8,472 kilograms of soil conditioner, reducing cumulative greenhouse gas emissions by approximately 10,000 kilograms of carbon dioxide equivalent. Managing Director Thanawat Trivisvavet said the awards encourage CKP to continue expanding the project to create ongoing positive impact.
CKP.BK · Demand · Positive Winning awards and expanding community projects enhances CKP's reputation and stakeholder relations, potentially supporting future demand for its renewable energy services.
CKP makes ESG100 for fifth straight year, reinforcing clean energy leadership
CK Power Public Company Limited, or CKP, has been selected by the Thaipat Institute as one of the 100 companies in the ESG100 group for 2026, marking the fifth consecutive year from 2022 to 2026 out of 931 listed securities. This reflects outstanding and consistent performance in environmental, social, and governance areas. This year, CKP is one of seven companies in the energy and utilities sector chosen from a pool of 72 securities. Managing Director Thanawat Trivisvavet stated that the continued selection underscores the commitment to driving business alongside systematic sustainability management under the C-K-P strategy, which aims to use electricity entirely from renewable sources by 2043 and increase the installed capacity share from renewables to more than 95 percent within the same year, with a target of net-zero greenhouse gas emissions by 2050.
Thailand
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