Global Power Synergy Public Company Limited produces and distributes electricity, steam, and water for industrial use to government and industrial customers in Thailand. It operates through three segments: Independent Power Producer, Small Power Producer, and Others. The company generates electricity from solar, wind, hydropower, and thermal power plants, and also provides maintenance, construction, installation, and technical consultancy services for the power sector. It owns and operates 4,027 MW of power generation, 3,294 tons of steam, 7,689 cubic meters of industrial water, and 10,184 refrigerated tons of chilled water. Founded in 2013, it is headquartered in Bangkok, Thailand.
GPSC advances solar and nuclear projects, but earnings estimates slip
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GPSC signs 2.5bn baht solar EPC contract GPSC signed a 2.5-billion-baht engineering, procurement and construction contract for its 148 MW Helios 1 and 2 solar farms, targeting commercial operation in 2028. This locks in long-term renewable revenue and supports the clean-energy growth story, pushing the share price up.
This is a concrete new project win that expands GPSC's renewable pipeline and directly supports future earnings.
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GPSC partners with KHNP on small nuclear reactors GPSC signed an MOU with South Korea's KHNP to study small modular nuclear power plants (SMRs) for clean electricity and steam, and explore joint investment and maintenance services. This opens a new long-term technology option, lifting sentiment and future growth prospects.
This is a new strategic move into advanced nuclear technology that could diversify GPSC's clean energy portfolio.
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Data centre rules and smart grid plans boost clean power demand New rules require large data centres to use at least 60% clean energy and secure their own power, while the government plans 10-20 billion baht for smart grid and expands solar purchases to 10,000 MW. GPSC is named a beneficiary in energy storage and clean power, supporting future demand.
These regulatory and infrastructure developments create a structural tailwind for GPSC's clean energy and energy storage businesses.
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GPSC earnings estimate cut 1% in September September earnings estimates for SET power plant groups were revised down, with GPSC slipping 1% and peers SPP and BGRIM down 2%. This shows near-term profit expectations are still being trimmed, a real counterweight to the positive project news.
This is a fresh negative data point showing analysts are lowering near-term profit forecasts for GPSC.
Q3 2026
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GPSC squeezed by frozen tariffs, but clean-energy and data-centre bets support long-term
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Frozen electricity tariffs squeeze margins Thailand's energy regulator froze electricity tariffs at 3.95 baht despite rising gas costs, squeezing margins for small power producers. GPSC is the second-most affected after BGRIM, adding near-term pressure.
This directly hurts GPSC's profitability and is a key negative driver this quarter.
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Q2 profit beat but fell year-on-year; Q3 to decline Q2 profit beat forecasts at 1.82bn baht with a 0.55 baht interim dividend, but still fell 10% year-on-year. Q3 earnings will decline after the AEPL stake sale, a mixed signal for investors.
Earnings are a core driver of stock performance, and this shows both positive and negative aspects.
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High gas and oil prices, Fed rate hikes weigh on debt-heavy balance sheet High gas and oil prices raise costs, while Fed rate hikes increase interest expenses on GPSC's debt-heavy balance sheet. A 1% cut to September estimates adds further pressure.
These external factors directly impact GPSC's costs and financial health, contributing to negative sentiment.
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Data-centre boom and clean-energy targets support long-term outlook The data-centre boom, PDP2026's clean-energy targets (potentially adding 2,000–3,000 MW and lifting 2028 earnings 25.8–37.5%), solar contracts, an SMR MOU, and a Yuanta Top Pick rating with a 66.50 baht target support the long-term outlook.
These factors provide a positive counterweight and are key to GPSC's future growth story.
News & notes movingGPSC.BK
ThailandIndia
Energy Transition & Power Demand▲2
Broker maintains Buy on GPSC with 60 baht target, expects Pool Gas to fall to 330 baht/MMBTU in 2027E
Daol Securities holds a positive view on GPSC after its group conference call, maintaining a Buy rating and a target price of 60.00 baht based on DCF at a WACC of 6.5% and a terminal growth rate of 2.0%. The company expects profit in the second half of 2026E to continue recovering on an EBITDA uplift and a smaller EP loss, along with still-strong profit contributions from XPCL, HHPC and NAMLIK1 on high water volumes. The SPP business continues to grow on industrial user demand that hit a four-year high, with power and steam demand in 2026E expected to grow 4% and 7% year on year respectively, plus a new pipeline from petrochemicals of 40 to 50 megawatts and data centers of up to 750 megawatts. Gas-linked exposure currently stands at 63%, with a target of 70% by 2030E. For 2027E, the company expects Pool Gas to fall to around 330 baht per MMBTU from an average of 380 baht per MMBTU expected in 2026E, supporting a margin recovery, and targets an EBITDA uplift of more than 900 million baht, matching its 2026E goal. PDP26 and data centers are long-term growth drivers, with a target of joining new capacity bidding of no less than 25% and a data center goal in India of 200 to 300 megawatts. The broker keeps its normal profit forecasts for 2026E and 2027E at 6.9 billion baht and 7.1 billion baht, down 4% and up 3% year on year respectively, and expects normal profit in the third quarter of 2026E to still grow both year on year and quarter on quarter on improved efficiency at GHECO-1, while new projects will begin to be reflected in forecasts from 2028E onward.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Pricing
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
GPSC.BK · Capital · Positive Daol Securities maintains Buy rating and 60 baht target price on GPSC after group conference call, citing profit recovery and margin improvement.
GPSC.BK · Demand · Positive SPP business grows on industrial user demand at a four-year high, with power and steam demand expected to grow 4% and 7% YoY in 2026E plus new petrochemical and data center pipeline.
Xayaburi Power Company Limited (XPCL) · Demand · Positive XPCL is cited as contributing strong profit on high water volumes, supporting GPSC's earnings recovery.
GPSC posts 1.82 billion baht profit in Q2 2026, targets 13.7 GW capacity by 2030
GPSC appears to be entering a period of earnings recovery, posting a net profit of 1.82 billion baht in the second quarter of 2026, up 6% QoQ but down 10% YoY. The main drivers were GHECO-One returning to operation after a planned outage, improved availability at Glow IPP, higher power sales volumes at HHPC, and a recovery in demand from industrial customers. SPP margins, however, remained under pressure as gas costs rose faster than the Ft tariff. First-half 2026 results overall reflected better operating efficiency, with EBITDA margin rising to 25% and net profit up 12% YoY to 3.54 billion baht. The second half of 2026 is expected to continue growing on the high season for hydropower plants in Laos and the peak season for the CFXD wind power plant in Taiwan in the fourth quarter of 2026. The EBITDA Uplift Program has already delivered 571 million baht of benefits in the first half of 2026 and targets around 1 billion baht for the full year 2026. The company aims to expand equity capacity from 7.4 GW to 13.7 GW by 2030, while raising the share of renewables and reducing SPP volatility by increasing gas-linked contracts to more than 70%. It targets winning more than 25% of the capacity up for auction under PDP2026, covering renewable, ESS and conventional power, alongside opportunities from direct PPAs, under which it aims to supply around 2 GW of renewable power to corporate customers by 2030. It currently has demand from data centers under discussion and study amounting to as much as 750 MW, and is studying sites with four partners totalling more than 1,000 MW.
Energy Transition & Power Demand › Firm Power & Transition Fuels Supply
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Supply
GPSC.BK · Capital · Positive GPSC posted Q2 2026 net profit of 1.82 billion baht with EBITDA margin rising to 25% and H1 profit up 12% YoY.
GPSC.BK · Demand · Positive Higher power sales volumes at HHPC and recovery in industrial customer demand drove earnings, plus 750 MW of data-center demand under discussion.
Changfang and Xidao Offshore Wind Farm (CFXD) · Demand · Positive CFXD wind power plant in Taiwan is expected to support H2 2026 growth on its peak season in Q4 2026.
IAA Expects SET to Close 2026 at 1,680 Points, Recommends 5 Standout Stocks: BDMS, KBANK, DELTA, GULF, CRC
The Investment Analysts Association, or IAA, estimates that the SET Index in the fourth quarter of 2026 will move within a range of 1,537 to 1,683 points and is expected to close the year 2026 at 1,680 points. Sombut Naravuttichai, secretary-general of the association, said the survey of analysts and fund managers from 25 companies has not yet incorporated the impact of the flood situation, and puts the SET Index target for the end of 2027 at 1,727 points. It also forecasts average market EPS of 103.38 baht for 2026 and 104.29 baht for 2027, representing average EPS growth of 16.41% in 2026. Five stocks are recommended by four or more research houses in agreement: BDMS, KBANK, DELTA, GULF and CRC. The association recommends increasing weighting in tourism, healthcare, banking, power plants, utilities, commerce and electronics, while most analysts advise avoiding energy and petrochemical stocks, airlines and property. Wichit Arayapisit, senior director of the securities analysis department at Kasikorn Securities, said the firm has raised its SET Index target for the end of 2027 to 1,680 points from 1,620 points, and estimates EPS this year at 110 baht per share, while next year it is expected to fall about 5% to 105 baht per share. It recommends a defensive strategy for the fourth quarter of 2026, favouring electronics such as DELTA, KCE and HANA, power plants such as GULF and GPSC, banks such as KTB and KKP, and hotels and tourism such as CENTEL and AWC.
GULF.BK · Capital · Positive IAA/Kasikorn recommend GULF as a standout power-plant/utility pick for Q4 2026 defensive strategy.
KBANK.BK · Capital · Positive KBANK is one of five stocks recommended by four or more research houses, with banking sector favored for increased weighting.
BDMS.BK · Capital · Positive BDMS is one of five stocks recommended by four or more research houses in the IAA survey.
DELTA.BK · Capital · Positive DELTA is recommended by the IAA survey and named by Kasikorn Securities as a favored electronics pick.
GPSC.BK · Capital · Positive GULF is one of five stocks recommended by four or more research houses and a favored power-plant pick.
HANA.BK · Capital · Positive Kasikorn Securities recommends HANA among favored electronics stocks for Q4 2026.
GPSC appoints Cherdchai Boonchuaychoo as new CEO, effective 1 October 2026
Global Power Synergy Public Company Limited, or GPSC, the power business innovation leader of the PTT Group, has appointed Cherdchai Boonchuaychoo as its new Chief Executive Officer, or CEO, effective from 1 October 2026 onwards. The company held a handover ceremony for Cherdchai Boonchuaychoo on 29 September 2026. Cherdchai succeeds Worawat Pitayasiri, who has completed his term and retired. This handover reflects GPSC's strategic continuity in driving the organisation towards strong growth amid the energy transition, while reaffirming its role as the country's energy innovation leader, alongside building energy security and developing clean energy to support sustainable growth in the future.
Energy Transition & Power Demand › Firm Power & Transition Fuels Talent
GPSC.BK · · Neutral GPSC appoints Cherdchai Boonchuaychoo as new CEO effective 1 October 2026, succeeding retiring Worawat Pitayasiri; a leadership change with no stated financial or operational driver.
Constitutional Court Rules Barcode Ballots Do Not Violate Constitution, Boosting Investor Confidence
The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.
BGRIM.BK · Regulation · Positive Ruling reduces political risk and supports continuity of government policy, a positive for power producer BGRIM.
CK.BK · Regulation · Positive Court decision avoids political/policy vacuum, benefiting construction contractor CK through continued government policy continuity.
DELTA.BK · Regulation · Positive Reduced political risk and continued normal government administration are positive for component maker DELTA.
GPSC.BK · Regulation · Positive Ruling removes feared election annulment, supporting policy continuity that benefits power producer GPSC.
GULF.BK · Regulation · Positive Constitutional Court ruling removes political-risk scenario, supporting policy continuity for power producers like GULF.
GPSC teams up with South Korea's KHNP to support 9,000-megawatt SMR portfolio under PDP 2026 plan
Global Power Synergy, or GPSC, has announced an expansion of its cooperation with South Korea's Korea Hydro & Nuclear Power, or KHNP, to exchange technical information and develop personnel capabilities for managing nuclear power plants, supporting investment in an SMR portfolio targeting a total of 9,000 megawatts by 2593 under the national Power Development Plan, or PDP 2026, which supports increasing clean energy use to 50,000 megawatts or more. The first phase of the plan will develop 300 megawatts of capacity in 2580, with the Electricity Generating Authority of Thailand, or EGAT, leading the pilot project. In the next phase, the government will consider permitting construction sites. KHNP is a company in the Korea Electric Power Corporation, or KEPCO, group, which holds 100% of its shares, and has expertise in engineering, procurement and construction, as well as full-service maintenance. KEPCO accounts for about 30% of total electricity generation in South Korea, equivalent to total generating capacity of approximately 31,000 megawatts. Previously, GPSC joined with Seaborg Technologies ApS, an SMR technology developer from Denmark, to study the feasibility of designing small modular units that are highly safe and emit no carbon dioxide, taking about four years between 2567 and 2570 and using a Technology Diversification approach that does not limit the study to any single technology or country, in order to assess technologies suited to Thailand's context and manage risks related to technology, regulation, cost and geopolitics.
Energy Transition & Power Demand › Advanced Nuclear — SMR & Microreactor ▲Technology
Energy Transition & Power Demand › Nuclear Generation & Utilities Technology
GPSC.BK · Technology · Positive GPSC expands cooperation with KHNP on technical information exchange and personnel development for nuclear/SMR capability, supporting its 9,000MW SMR portfolio under PDP 2026.
Korea Hydro & Nuclear Power · Technology · Positive KHNP is the partner providing nuclear EPC and maintenance expertise in the expanded cooperation with GPSC on SMR development.
Krungsri bullish on power plant M&A deals as GULF buys GUNKUL's 337 MWe project
Krungsri Securities Public Company Limited holds a positive view on the power plant sector after two power plant merger and acquisition deals were announced. In the first deal, GULF acquired a 50% stake in GUNKUL's renewable energy projects totaling 337 MWe for an investment of 467 million baht, excluding additional CAPEX. The portfolio comprises 88 MWe of solar, 17 MWe of solar with batteries, and 232 MWe of wind power, with commercial operation scheduled to phase in during 2027 to 2030. Krungsri expects the deal to generate incremental profit for GULF of approximately 450 to 500 million baht per year after all projects reach commercial operation in 2030, representing an upside of about 0.33 baht per share to the target price. On the GUNKUL side, profit after 2030 is expected to decline by approximately 100 million baht and to affect the target price by about 0.10 baht per share, but over the long term it will enhance debt capacity and open financial room for new investments under PDP26. For the second deal, EGCO invested 49% in the 166 MWe Pinnacle IV renewable energy project from APEX, with the transaction completed on 25 September 2026. The investment is estimated at approximately 4.3 billion baht, and full quarterly recognition of the profit share will begin from the fourth quarter of 2026 onward. Krungsri expects Pinnacle IV to generate incremental profit for EGCO of approximately 250 to 300 million baht per year and to add about 5 baht per share to the base valuation. Krungsri maintains a bullish view on the power plant sector, selecting GULF with a Buy rating and a 2027 target price of 77 baht, and GPSC with a Buy rating and a 2027 target price of 61 baht, as its top picks, and notes that current target prices do not yet reflect the upside from the latest renewable energy M&A deals or the opportunities from the PDP26 plan.
GULF.BK · Capital · Positive GULF's 467-million-baht acquisition of a 50% stake in GUNKUL's 337 MWe renewable portfolio is seen adding ~450-500 million baht annual profit and ~0.33 baht/share.
EGCO.BK · Capital · Positive EGCO's 49% investment in the 166 MWe Pinnacle IV project is expected to add ~250-300 million baht annual profit and ~5 baht/share to valuation.
GUNKUL.BK · Capital · Neutral GUNKUL sells a 50% stake in its 337 MWe renewable projects, cutting post-2030 profit ~100 million baht but improving debt capacity for PDP26 investments.
GPSC.BK · Capital · Positive Krungsri names GPSC a top pick with a Buy rating and 61 baht 2027 target price on a bullish power plant sector view.
Bualuang Securities Says Thai Stocks Clear Political Hurdle, Recommends Rotating into Power Producers BGRIM and GPSC and Petrochemicals IVL and PTTGC
Bualuang Securities stated that the Thai stock market has once again cleared the domestic political hurdle after the court ruled that the lawsuit over barcodes and QR codes on election ballots did not violate the constitution. It views that policies pursued over the past nine months can continue, and that the government's stable footing is a positive for the outlook of Thai equities going forward. It also noted that the market is beginning to see stocks rotate out of the banking group, in line with its recommendation to take profits for a trading round, and is starting to gradually take profits in the commodities group to rotate into the next group such as power producers. As for concerns over US bond yields approaching a peak, it assesses this as consistent with the statistical view, with the implication that a correction tends to follow after hitting a high for the month. It therefore maintains its recommendation to begin accumulating stocks that move inversely to bond yields, and has added power producers BGRIM and GPSC to the portfolio. Meanwhile, the average Dubai price last week fell 11.84 US dollars per barrel week-on-week to 113.06 US dollars per barrel, and Singapore refining margins recovered 3.17 US dollars per barrel week-on-week but remained negative at -1.44 US dollars per barrel. The highlight this week is the sharp recovery in petrochemical spreads across all products, with Ethylene up 34 US dollars per tonne to 278 US dollars per tonne, Propylene up 19 to 283 US dollars per tonne, HDPE up 94 to 423 US dollars per tonne, and PP up 164 to 523 US dollars per tonne, which outperformed the energy group this week. The NEX coal price rose 1% week-on-week to 143.92 US dollars per tonne, while the BDI gained 2% week-on-week to 3,432 points and Supramax rose 2% to 1,779 points. The World Container Index fell 1% week-on-week to 4,468 points. It also recommends switching from refinery stocks into petrochemicals, choosing IVL and PTTGC, while maintaining an equal weight in the energy group versus the market, an overweight in the petrochemical group, and an underweight in the shipping group.
BGRIM.BK · Monetary · Positive Bualuang added BGRIM to its portfolio as a power producer that moves inversely to bond yields, which it expects to correct after peaking.
GPSC.BK · Monetary · Positive Bualuang added GPSC to its portfolio as a power producer that moves inversely to bond yields, which it expects to correct after peaking.
IVL.BK · Pricing · Positive Petrochemical spreads recovered sharply across all products (HDPE, PP, ethylene, propylene), improving IVL's product margins.
PTTGC.BK · Pricing · Positive Petrochemical spreads recovered sharply across all products (HDPE, PP, ethylene, propylene), improving PTTGC's product margins.
DBS keeps Neutral weighting on energy sector, highlights 8 top picks on refining and petrochemical margin recovery
DBS Vickers Securities (Thailand) said in an analysis that it is maintaining its Neutral investment weighting on energy and petrochemical stocks, noting that the five business groups, namely upstream, refining, petrochemicals, power plants, and oil retail, each have different drivers. It highlighted eight top picks. The upstream group, which includes PTTEP and PTT, faces short-term pressure from lower oil prices, with Dubai crude falling 11.84 US dollars to 113.06 US dollars per barrel, though still well above the 2025 average of about 70 US dollars per barrel. The top pick in this group is PTTEP. The refining group, which includes BCP, IRPC, PTTGC, SPRC, and TOP, is supported by a recovery in Singapore refining margins of 3.17 US dollars to minus 1.44 US dollars per barrel. The top picks are BCP and SPRC. The petrochemical group, which includes IRPC, IVL, PTTGC, SCC, and TOP, benefits from a broad increase in price spreads after naphtha prices fell 33 US dollars per ton. The top picks are PTTGC and SCC. The power plant group, which includes BGRIM, GPSC, and GULF, has improved in the short term on weaker JKM gas prices, down 1.80 US dollars to about 26 US dollars per million British thermal units. The top picks are GULF and GPSC. The oil retail group, which includes OR and PTG, benefits from a 0.71 baht increase in diesel marketing margins to 2.00 baht per liter after pump retail prices were raised on September 24, 2026. The top pick is PTG.
Bualuang broker sees SET on the rise, eyeing 1,780 points in 2027
Piriyapol Kongwanich, Director of Investment Analysis for Wealth Management at Bualuang Securities, said the firm maintains a positive view on the Thai stock market, assessing that the SET still has an upward trend in the fourth quarter of 2026 through the first half of 2027 and could move close to its best-case index target of 1,780 points before shifting into a more range-bound movement. Under the base case, the SET is estimated at 1,710 points at the end of 2027, based on SET EPS of 106 baht, down 4% year on year, and a target PER of 16.0 times. Three key drivers are the global technology trend, the upcycle in global industry, and foreign capital inflows. Capital expenditure plans by major cloud service providers are expected to grow 93% in 2026 and another 41% in 2027, while Thailand's electronics exports are expected to grow 55% in 2026 and 40% in 2027. For the fourth-quarter 2026 strategy, a Barbell Strategy is recommended, focusing on energy and petrochemicals, namely PTT and PTTGC, alongside the power group GULF, GPSC and GUNKUL, before gradually shifting to sector rotation and stock selection in the first half of 2027 and increasing the weighting of dividend stocks as the core of the portfolio in the second half of 2027.
InnovestX Says Fitch's Upgrade of Thailand to Stable Boosts Fund Flows, Highlights 14 Top Picks
InnovestX Securities assesses that the Thai stock market is starting to gain supportive themes after Fitch Ratings revised its outlook on Thailand's creditworthiness from Negative to Stable, while affirming the sovereign rating at BBB+. As a result, Fitch Ratings, Moody's Ratings, and S&P Global Ratings all now hold a Stable outlook on Thailand. Fitch views the improved government stability as reducing political uncertainty, and expects Thailand's economy to expand 2.3% in 2026, close to 2.4% in 2025, supported by investment in AI and data centers as well as consumption stimulus measures. It also expects general government debt to stay below 63% of GDP in fiscal 2028, an improvement from the previous estimate of 65%. On the external front, Fitch sees Thailand's position as still strong, expecting the current account to post a temporary deficit of 0.5% of GDP in 2026 before returning to a surplus of 1.5% in 2027. InnovestX sees this as positive for the Thai stock market, particularly in spurring foreign capital to flow back into big-cap stocks, commercial banks such as Bangkok Bank, KTB, and Kasikornbank, and in lowering the financial costs of listed companies, especially the finance group such as Muangthai Capital, Srisawad, and TIDLOR, as well as attracting long-term investment into future industries, including industrial estates such as Amata and WHA, power plants such as Gulf, GPSC, BGRIM, and Gunkul, and electronics components such as Hana and KCE, for a total of 14 top picks. However, it views that although the Fitch news is positive, it may support the market only in the short term, given lingering external negatives including geopolitical tensions in the Middle East and risks in the Strait of Hormuz, as well as volatility from global trade policy. It therefore recommends a Buy on Dip strategy, waiting to accumulate rather than chasing prices.
BBL.BK · Monetary · Positive Fitch's outlook upgrade to Stable is expected to spur foreign capital flows back into Thai big-cap commercial banks like Bangkok Bank.
GPSC.BK · Monetary · Positive Named among InnovestX's top picks as a power plant benefiting from long-term investment inflows after the Fitch upgrade.
GULF.BK · Monetary · Positive Named among InnovestX's top picks as a power plant attracting long-term investment after Thailand's credit outlook upgrade.
HANA.BK · Monetary · Positive Named among InnovestX's top picks in electronics components expected to draw long-term investment following the Fitch upgrade.
KCE.BK · Monetary · Positive Named among InnovestX's top picks in electronics components expected to attract long-term investment after the Fitch upgrade.
WHA.BK · Capital · Positive Fitch's outlook upgrade to Stable is expected to spur foreign capital inflows and long-term investment into industrial estates like WHA.
Phillip Picks 17 Standout Stocks to Benefit from Thailand's August 2026 Exports Growing 24.3%
The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.
9105.TW · Demand · Positive Phillip Securities named CCET among standout industrial-product export stocks benefiting from Thailand's 24.3% export growth, with computers/electronics parts up 42.1%.
AAI.BK · Demand · Positive Named by Phillip Securities among standout stocks in the agro-industrial export group (pet food, canned/processed seafood) that grew in August 2026.
AMATA.BK · Demand · Positive Named among standout industrial estate stocks expected to benefit from Thailand's strong August 2026 export growth.
BGRIM.BK · Demand · Positive Named among standout utility stocks seen benefiting from Thailand's expanding exports and related industrial activity.
CPF.BK · Demand · Positive Named among standout stocks in the agricultural product export group (processed chicken, shrimp) that grew in August 2026.
DELTA.BK · Demand · Positive Named among standout industrial product export stocks (electronics/parts) that posted strong August 2026 growth.
Government to Invest in First Phase of Smart Grid, 10 to 20 Billion Baht, Highlighting Five Stock Groups Set to Benefit
The government is preparing to invest in a smart grid system, or intelligent power network, with short-term approval expected for a pilot project budget of approximately 10 billion to 20 billion baht, drawn from the 200 billion baht energy transition allocation under the 400 billion baht emergency loan decree. Concrete progress is expected to begin this year. Naphan Chaisaen, Deputy Managing Director of Research and a fundamental investment analyst covering the capital market at Bualuang Securities, told Than Hoon that the medium-term smart grid roadmap for 2022 to 2031 consists of five pillars. The first is Demand Response, which will replace household electricity meters with millions of smart meters, starting in high-usage areas such as Bangkok, its vicinity, major cities, and industrial estates in Rayong and Chachoengsao. Companies with potential in this area are FORTH, SKY, INSET, ALT, and PCC. Next is RE Forecasting, which involves system integrators such as TKC, SECURE, and SAMART. Then comes Microgrid and Prosumer, with GUNKUL and BGRIM. Next is ESS, or energy storage systems, with EA and GPSC. Finally, EV Integration involves FORTH and EA. Investment in the smart grid can also be accelerated without waiting for full clarity on the new Power Development Plan, and it will serve as key infrastructure to support the massive electricity consumption of data centers in the future without affecting electricity costs or the stability of power supply for the general public.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand
ALT.BK · Demand · Positive Named as a company with potential in the Demand Response pillar of the government's smart grid investment, which involves replacing millions of household meters with smart meters.
FORTH.BK · Demand · Positive Named as a company with potential in the Demand Response pillar and in EV Integration under the government's smart grid investment plan.
GUNKUL.BK · Demand · Positive Named as a beneficiary in the Microgrid and Prosumer pillar of the government's smart grid investment roadmap.
INSET.BK · Demand · Positive Named among companies with potential in the Demand Response pillar (smart meter rollout) of the smart grid plan.
PCC.BK · Demand · Positive Named among companies with potential in the Demand Response pillar (smart meter rollout) of the smart grid plan.
SAMART.BK · Demand · Positive Named as a system integrator for the RE Forecasting pillar of the smart grid roadmap.
Bualuang says Thailand's Smart Grid is nearing a turning point, unveils 5 pillars for investing in the new power system
Bualuang Securities released an analysis stating that the development of Thailand's smart grid is nearing a turning point, moving from a phase focused on long-term roadmaps toward rule-setting, pilot project implementation, and greater private-sector participation. The medium-term smart grid drive plan for 2022-2031 comprises 5 pillars: Demand Response and Energy Management Systems, or DR & EMS, which accounts for roughly 30% of the budget; Renewable Energy Forecasting, or RE Forecasting, about 10%; Microgrid and Prosumer, about 20%; Energy Storage Systems, or ESS, about 25%; and EV Integration, about 15%. The analysis states that stocks that could benefit under the DR & EMS pillar include SKY, PIS, FORTH, PCC and ALT, while the RE Forecasting pillar includes TKC and SAMART. The Microgrid & Prosumer pillar includes BGRIM, the ESS pillar includes EA, GPSC, GULF and EGCO, and the EV Integration pillar includes FORTH and EA. Bualuang Securities takes the view that heavy investment in ESS and Microgrid should not be rushed from the early stage, because committing large amounts of capital to batteries, hardware and EPC work before pricing mechanisms and service markets are clear carries the risk of assets being underutilized. Meanwhile, DR/EMS forecasting and EV Integration require less capital and open up opportunities to generate revenue from platforms, service fees and recurring income.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
SKY.BK · Demand · Positive Named among stocks that could benefit under the DR & EMS pillar of Thailand's smart grid plan, implying potential orders from pilot projects and private-sector participation.
TKC.BK · Demand · Positive Named among stocks that could benefit under the RE Forecasting pillar of Thailand's smart grid plan, implying potential demand from pilot project implementation.
ALT.BK · Demand · Positive Named among stocks that could benefit under the DR & EMS pillar of Thailand's smart grid plan.
BGRIM.BK · Demand · Positive Named in the Microgrid & Prosumer pillar as a potential beneficiary of the smart grid build-out.
EA.BK · Demand · Positive Named in both the ESS and EV Integration pillars as a potential smart grid beneficiary.
EGCO.BK · Demand · Positive Named in the ESS pillar as a potential beneficiary of the smart grid investment plan.
Krungsri Securities: Data Center Law Advances, Boosting 12 Infra Tech Theme Stocks
Krungsri Securities stated that the direction for operating Data Centers in Thailand is progressing continuously, with the draft Digital Infrastructure Services Business Act B.E. ...., the main law establishing the regulatory framework for data center, cloud service, and digital platform businesses. It requires operators to obtain licenses from the Ministry of Digital Economy and Society and to post collateral. Meanwhile, large data centers that use electricity up to the threshold must secure their own electricity and water sources, are prohibited from competing for water from public water sources, must use clean energy according to the proportion set by the state, must be located in urban planning areas permitted for factory operations, must conduct EIA/EHIA, and are required to store personal data of Thai individuals and Thai juristic persons within the country as a primary requirement. On the progress of subordinate legislation, the DC Board approved preliminary criteria requiring data centers using electricity from 0.5 megawatts and above to formally register with the Ministry of Digital Economy and Society, and instructed three subcommittees on infrastructure, urban planning, and environment to expedite the drafting of minimum standards for completion within February 2026. Meanwhile, the Bangkok Metropolitan Administration and the Department of Public Works and Town and Country Planning are reviewing a new urban planning draft designating zoning for large data centers in industrial zones in purple areas on the outskirts of the city, and acknowledged progress on the TH-DC Dashboard system by BDI in collaboration with the Ministry of Digital Economy and Society to serve as a national central database. The research department assesses this progress as overall positive and views it as positive sentiment for Infra Tech theme stocks, namely industrial estate developers AMATA and WHA, contractors STECON, PYLON, and INSET, power companies GPSC, BGRIM, WHAUP, and GUNKUL, as well as banks KBANK, KTB, and BBL.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand
AMATA.BK · Regulation · Positive New data center law and urban planning draft designating industrial purple zones for large data centers benefit Amata's industrial estate/zoning business.
BGRIM.BK · Regulation · Positive Data center operators must secure their own clean energy and power, boosting demand for B.Grimm Power's electricity supply.
GPSC.BK · Regulation · Positive Requirement that large data centers secure their own electricity and clean energy supports Global Power Synergy's power generation business.
GUNKUL.BK · Regulation · Positive Data centers needing self-supplied power and clean energy proportion boosts Gunkul's power and energy infrastructure business.
INSET.BK · Regulation · Positive Data center regulatory framework and infrastructure buildout supports Infraset's data center/infrastructure construction business.
Dao expects SET to trade sideways, recommends buying PTTEP with a target of 180 baht
Dao Securities (Thailand) expects the SET Index to trade sideways today after the investment mood came under pressure once again from bond yields, along with rising oil prices. It estimates support at 1,600-1,605 points and resistance at 1,614-1,618 points, and sees energy stocks potentially attracting buying back. Meanwhile, US stocks closed lower after bond yields surged again, while oil prices rebounded strongly after Trump's speech at the UN, in which he gave Iran a choice between negotiating or letting the US wipe it out completely. Iranian President Masoud Pezeshkian responded without backing down, but stressed that Iran is always ready for diplomatic talks if they are equal and do not use threatening language or force. As for the main strategy, Dao sees the market possibly pulling back but views it as an opportunity to gradually accumulate Mega Play Theme stocks such as Data Center and power plants, and still likes GPSC, BGRIM and ADVANC. Banking stocks also remain attractive, and it still likes KTB, KBANK and KKP. For the medium-to-long-term tourism recovery theme, it still likes AOT, CENTEL and ERW. The top pick today is PTTEP, supported by the short-term crude oil price outlook after Iran's president said at the UN that Iran will not allow free navigation through the Strait of Hormuz as long as US sanctions remain in effect. Brent crude closed up 3.9% yesterday at 103.1 US dollars per barrel. Buy, target price 180.00 baht. Also AOT, which will benefit from strong growth in flights and passengers during China's Golden Week. The Tourism Authority of Thailand expects that during China's long holiday from 25 September to 7 October 2026, which covers both the Mid-Autumn Festival and China's National Day holiday, 250,000 Chinese tourists will come to Thailand, up 24% YoY. It also estimates normal profit in 4QFY26E will grow well both YoY and QoQ from the gradual recovery in international passengers and the first full quarter of recognition of the new PSC rate. Buy, target price 72.00 baht. The top picks on technical signals are PTTEP and CCET.
PTTEP.BK · Capital · Positive Dao's top pick with a Buy rating and 180 baht target, backed by the short-term crude oil price outlook.
PTTEP.BK · Supply · Positive Iran's threat to block Strait of Hormuz navigation under US sanctions supports crude prices, lifting PTTEP's oil-linked prospects.
AOT.BK · Demand · Positive AOT expected to benefit from strong growth in flights and passengers during China's Golden Week, with 250,000 Chinese tourists forecast to visit Thailand.
KBANK.BK · Capital · Positive Dao Securities lists KBANK among banking stocks it still likes as attractive.
KKP.BK · Capital · Positive Dao Securities lists KKP among banking stocks it still likes as attractive.
KTB.BK · Capital · Positive Dao Securities lists KTB among banking stocks it still likes as attractive.
GPSC Joins Hands with KHNP to Sign MOU for SMR Nuclear Power Plant Study
Global Power Synergy Public Company Limited, or GPSC, has signed a memorandum of understanding with Korea Hydro & Nuclear Power, or KHNP, to study the feasibility of developing small modular reactor nuclear power plants, or SMRs. Sirimet Leepagorn, President and Acting Chief Operating Officer of GPSC, signed together with Il-kyoung Choi, Executive Vice President of KHNP, a company in the KEPCO group and South Korea's sole nuclear power plant operator, with more than 31 GW of generating capacity and full-cycle expertise in both EPC and O&M. This collaboration opens the way for GPSC to study SMR technology, the production of clean electricity and steam, as well as approaches to joint investment. Both parties plan to extend into the O&M business for SMRs and to develop personnel and knowledge through a technical working group, laying the groundwork to support the nuclear energy business over the long term. Meanwhile, SAWAD announced an interim dividend of 0.35 baht per share, totaling 581.53 million baht, from its first-half operating results, with an XD date of October 6, 2026, a record date of October 7, and dividend payment on October 21, 2026. Quick Transformation Public Company Limited, or QUICK, is preparing to hold the QUICK IPO Press Conference & Retail Investor Roadshow on September 28, 2026, to offer 32 million IPO shares for listing on the Market for Alternative Investment in the technology sector. And MPJ Logistics Public Company Limited, or MPJ, has opened a heavy container deposit service. Chief Executive Officer Jirasak Manatrakul said this is a strategy to increase the efficiency of using existing assets, supporting the revenue target for 2026 of 1.264 billion baht, a growth of 18%.
Energy Transition & Power Demand › Advanced Nuclear — SMR & Microreactor Technology
GPSC.BK · Technology · Positive GPSC signed an MOU with KHNP to study feasibility of developing SMR nuclear power plants, opening access to SMR technology and clean electricity/steam.
MPJ.BK · Demand · Positive MPJ Logistics opened a heavy container deposit service to improve asset efficiency and support its 2026 revenue growth target.
SAWAD.BK · Capital · Positive SAWAD announced an interim dividend of 0.35 baht per share totaling 581.53 million baht from first-half results.
Quick Transformation Public Company Limited · Capital · Positive QUICK is preparing an IPO press conference and retail investor roadshow to offer 32 million IPO shares for listing on the MAI.
KSS Sees Thai Stocks in Short-Term Consolidation, Awaits Trump-Xi Talks, Eyes BDMS, GULF, GPSC
Chaiyot Jiwangkul, Assistant Director of the Securities Analysis Department at Krungsri Securities Public Company Limited, or KSS, said the Thai stock market is likely to enter a short-term consolidation phase as it awaits clarity on external factors, particularly the situation between the United States and Iran, as well as the meeting between US President Donald Trump and Chinese President Xi Jinping on September 24, 2026, with the market focusing on trade, artificial intelligence, critical minerals, and supply chains. Most recently, Brent crude fell below 100 dollars per barrel amid expectations for US-Iran talks and Saudi Arabia's resumption of oil shipments through the East-West Pipeline, which has eased concerns about global oil supply and is seen as a positive factor for the investment climate. On investment strategy, KSS recommends focusing on individual securities and industry groups with specific positive factors. The first group it favors is hospitals, with Bangkok Dusit Medical Services Public Company Limited, or BDMS, as the top pick; KSS expects its third-quarter 2026 net profit to reach a record high of approximately 4.55 billion baht, with a target price of 25 baht. The power plant group is also attractive given falling oil prices and bond yields, with a recommendation on Gulf Development Public Company Limited, or GULF, with a target price of 77 baht, and Global Power Synergy Public Company Limited, or GPSC, with a target price of 61 baht.
GPSC signs EPC contract for 148 MW solar farm worth 2.5 billion baht, targeting COD in 2028
Global Power Synergy (GPSC) has signed an engineering, procurement and construction (EPC) contract for a ground-mounted solar power project, or solar farm, with a total installed capacity of 148 megawatts, between Helios 1 and Helios 2 as project owners and the Getz AKK Joint Venture. The contract is valued at more than 2.5 billion baht and sets completion and commercial operation (COD) within 2028. Worawat Pitayasiri, Chief Executive Officer of GPSC, the power business innovation leader of the PTT Group, along with the boards of directors of Helios 1 and 2 and Peerapon Ampaiwit, Managing Director of Getz Energy, attended the signing ceremony. The award of this EPC work reflects cooperation between companies in the GPSC Group and business partners to concretely expand the renewable energy business and build on Getz's potential to provide full-service EPC for solar power plants, from design and equipment procurement to construction and project delivery, in support of the country's energy transition, increasing the share of clean energy and reducing greenhouse gas emissions.
GPSC.BK · Demand · Positive GPSC signed a 2.5-billion-baht EPC contract for its 148 MW Helios 1 and 2 solar farm projects, expanding its renewable energy business.
Getz Energy · Demand · Positive Getz AKK Joint Venture, tied to Getz Energy, won the EPC contract for the 148 MW solar farm, reflecting its full-service solar EPC capability.
Asia Plus flags 3 power stocks GULF, BGRIM, GPSC as beneficiaries of data centers, falling oil, stronger baht
Asia Plus Securities says power plant stocks have regained investor attention on three main drivers. The first is a fresh wave of data center investment, with Prime Minister Anutin scheduled to meet Google executives on September 23, 2026 to discuss digital, technology and AI issues as well as digital infrastructure development. Google plans to invest 1 billion US dollars to develop data centers and cloud in Thailand, reflecting long-term growth in electricity demand from the digital economy. The second driver is the continued decline in crude oil prices, with Dubai and Brent falling about 3% and 8% over the past five trading days to around 115 and 100 dollars per barrel respectively, which could pass through to power plants' gas costs going forward. The third driver is the baht, recently around 33.45 baht per dollar, stronger than around 34.0 baht per dollar in July, supporting companies with high debt burdens and large overseas investment. The research team has a positive view on the power sector. GULF currently has 25 MW of data centers already commercialized, with another 38 MW under development and a further 100 MW expansion planned. BGRIM is building 48 MW in its first phase, expected to gradually come online from the fourth quarter of 2026. Falling oil prices are expected to be a short-term sentiment positive for BGRIM and GPSC, which sell roughly 20 to 35% of electricity revenue to industrial customers, while baht strength helps reduce USD-denominated debt, especially for EGCO, which has roughly 50 to 60% of its loans in USD, versus around 15% for GULF and BGRIM. On investment strategy, the firm recommends a selective buy, picking GULF with a fair value of 80 billion baht as a large-cap that benefits from fund inflows and the data center theme, while BGRIM, with a fair value of 22 billion baht, benefits from margin recovery amid falling oil prices, and GPSC, with a fair value of 56 billion baht, can still be traded on sector sentiment.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
GULF.BK · Demand · Positive GULF has 25 MW of data centers commercialized, 38 MW under development and 100 MW planned, and is the firm's top pick on the data center theme.
BGRIM.BK · Demand · Positive BGRIM is building 48 MW of data center-linked capacity coming online from Q4 2026, and falling oil prices are a short-term sentiment positive for its industrial power sales.
GPSC.BK · Supply · Positive Falling crude oil prices (Brent down ~8%) could pass through to lower gas costs for GPSC, a short-term sentiment positive.
EGCO.BK · Monetary · Positive Baht strength (33.45 vs 34.0 per dollar) reduces USD-denominated debt, and EGCO has roughly 50-60% of loans in USD.
BGRIM jumps 3.14% as broker sees margin recovery driving power sector on 3 factors
Shares of B.Grimm Power Public Company Limited, or BGRIM, rose 3.14% to 19.70 baht, up 0.60 baht, touching an intraday high of 20.00 baht on turnover of 630.73 million baht. Asia Plus Securities expects margins to recover in the third quarter of 2026 as oil prices decline, and sees the power sector regaining investor interest on three main drivers: a fresh wave of data center investment, crude oil prices that continue to fall and could feed through to power plants' gas costs, and the baht's appreciation to around 33.45 baht per dollar from roughly 34.0 baht per dollar in July. The research team set a target price of 22 baht for BGRIM, 80 baht for GULF and 56 baht for GPSC, noting that GULF currently has 25 megawatts of data center capacity already commercially operational, another 38 megawatts under development and plans to add a further 100 megawatts in the next phase. BGRIM, meanwhile, is building 48 megawatts in its Phase and expects gradual commercial operation starting in the fourth quarter of 2026. The baht's strength also reduces the value of US dollar debt, particularly at EGCO, where dollar-denominated loans make up roughly 50 to 60% of borrowings, while GULF and BGRIM are at around 15%.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
BGRIM.BK · Capital · Positive Asia Plus expects BGRIM's margins to recover in Q3 2026 on lower oil prices and sets a 22 baht target price.
GULF.BK · Capital · Positive Asia Plus sets an 80 baht target price for GULF and cites its 25MW of operational data center capacity plus 138MW in development.
EGCO.BK · Monetary · Positive Baht appreciation to ~33.45/USD reduces the value of EGCO's dollar-denominated debt, which is 50-60% of borrowings.
GPSC.BK · Capital · Positive Asia Plus sets an 80 baht target price for GPSC as part of its power-sector margin-recovery call.
DBS Vickers Securities Thailand expects SET to test a hold above 1,600 points on electronics buying
DBS Vickers Securities Thailand estimates that the SET index today has a chance to hold above the 1,600-point level, driven by buying in electronics stocks, while falling oil prices may pressure energy stocks into selling. It sees support at 1,584-1,592 points and resistance at 1,604-1,610 points. It also noted that investors are still watching the Trump-Xi meeting. In the U.S. market, stocks rose sharply led by AI names such as Meta, and WTI crude fell below 100 U.S. dollars, pushing bond yields to close below 5%, which is expected to support buying in beneficiary groups such as data centers and power plants. It continues to favor GPSC, BGRIM and ADVANC. Banks remain resilient given lingering uncertainty, so it still favors KTB, KBANK and KKP. Over the medium to long term, it still likes tourism stocks such as AOT, CENTEL and ERW. For today's top pick, it recommends CPALL, estimating 2026E profit at 33 billion baht, up 18% year on year, supported by 700 new branch openings and product mix, with a target price of 63.00 baht. Its technical picks are BGRIM and STECON.
Dao flags US bond yield below 5% as catalyst for nine top picks: GPSC, BGRIM, ADVANC, KTB, KBANK, KKP, AOT, CENTEL, ERW
Dao Securities expects the Thai stock market on September 22, 2026, to see the SET Index attempt to hold above 1,600 points, helped by buying in electronics stocks, while falling oil prices could pressure energy shares with selling. The investment mood has improved again, and investors are watching the meeting between Trump and Xi. In the US market, stocks rose sharply, especially AI-related names led by META, and with WTI oil falling below 100 dollars per barrel, the US bond yield closed below 5%, supporting the investment climate. Fitch Ratings announced on September 18 that it had revised Thailand's credit outlook from Negative to Stable while affirming the rating at BBB+, a supportive factor for the market. The SET opened the morning up more than 9 to 13 points, testing 1,600 points, with buying concentrated mainly in banking and financial stocks. Dao Securities' main strategy states that a US bond yield closing below 5% will draw buying into stocks that benefit from lower bond yields under the Mega Play theme, such as data centers and power plants, and it still likes GPSC, BGRIM and ADVANC. Banking stocks should be resilient amid lingering uncertainty, and it still likes KTB, KBANK and KKP. For the medium to long term, it still likes tourism stocks, namely AOT, CENTEL and ERW.
SET September earnings estimates revised up 0.7%, boosted by energy and petrochemicals
September earnings estimates for the SET were revised up a further 0.7% month on month and 15.6% since the start of the year, driven mainly by sectors benefiting from higher energy and commodity prices. Petrochemicals led the way with a 6.2% month-on-month increase, as PTTGC rose 13% and IVL gained 7%. The energy sector rose 1.8%, led by refiners BCP up 26%, TOP up 10% and SPRC up 9%, which lifted the estimate for sector heavyweight PTT by a further 2%. The agricultural sector rose 2.1% on higher rubber prices, with STA's earnings estimate revised up 26%. However, the upward revisions are no longer as broad-based as before: fuel station operators PTG fell 26% and OR dropped 4%, while power plant groups SPP, BGRIM and GPSC slipped 2% and 1% respectively. In real estate, LH fell 1% and ORI dropped 13%, reflecting a growing divergence in earnings estimate trends between sectors and individual companies. Stocks still seeing upward revisions included AWC up 8%, CENTEL up 5%, BJC up 4%, CRC up 3%, AMATA up 8% and GUNKUL up 2%.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
Energy Transition & Power Demand › Nuclear Generation & Utilities ▼Pricing
PTTGC.BK · Pricing · Positive PTTGC's September earnings estimate was revised up 13% on higher energy and commodity prices, boosting petrochemical margins.
SPRC.BK · Pricing · Positive SPRC's earnings estimate rose 9% as a refiner benefiting from higher energy prices.
STA.BK · Pricing · Positive STA's earnings estimate was revised up 26% on higher rubber prices.
LH.BK · Capital · Negative LH's September earnings estimate was revised down 1%, reflecting divergence in earnings trends.
OR.BK · Capital · Negative OR's earnings estimate was revised down 4% as upward revisions became less broad-based.
ORI.BK · Capital · Negative ORI's earnings estimate dropped 13% in real estate, showing sector divergence.
Brokers bullish on power stocks after state expands solar rooftop quota to 10,000 MW
Two brokers hold a positive view on power-plant stocks after the Energy Minister prepares to expand the buyback quota for electricity from public solar rooftops to 10,000 MW from 500 MW previously, under a feed-in tariff of 2.2 baht per unit, along with an extension of the power purchase agreement buyback term to 20 years from 10 years. Krungsri Securities said it sees positive sentiment, especially for GUNKUL, even though the solar rooftop business accounts for only about 6-7% of total revenue, but it still gets a boost from the policy of installing solar rooftops with tax deductions of up to 200,000 baht per household and installation subsidies of 30,000 baht per household from the 400-billion-baht loan emergency decree. It also recommends buying GULF with a 2027 target price of 77 baht and GPSC with a 2027 target price of 61 baht as top picks on the data center investment theme. Asia Plus Securities is bullish on the renewable energy group, seeing the expansion of the framework to 10,000 MW as reflecting a significant upgrade of the public solar market, and the extension of the purchase term from 10 years to 20 years as increasing the attractiveness and incentive for household investment. This is therefore a positive factor for solar EPC operators and related equipment distributors such as GUNKUL, SOLAR, SPCG and SSP. Its research team picks GUNKUL as top pick with a target price of 6.4 baht, and sees the medium- to long-term investment theme extending from the solar group to smart grid and battery energy storage systems, where BGRIM and GPSC have strengths in smart grid and BESS, while GULF has both solar rooftop and solar-plus-BESS businesses.
Energy Transition & Power Demand › Solar ▲Regulation
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
GUNKUL.BK · Demand · Positive Top pick of both brokers, boosted by the expanded 10,000 MW solar rooftop buyback quota, tax deductions and installation subsidies.
SOLAR.BK · Demand · Positive Listed among solar EPC operators and equipment distributors seen benefiting from the significant upgrade of the public solar market.
GPSC.BK · Demand · Positive Named as a top pick on the data center investment theme and cited for smart grid/BESS strengths amid the solar policy expansion.
GULF.BK · Demand · Positive Recommended buy with 77 baht target as top pick on data center theme and noted for solar rooftop and solar-plus-BESS businesses.
SPCG.BK · Regulation · Positive Expansion of solar rooftop buyback quota to 10,000 MW and 20-year purchase term is a positive policy upgrade for solar EPC operators like SPCG.
BGRIM.BK · Demand · Positive Broker notes BGRIM has strengths in smart grid and BESS, a medium- to long-term theme extending from the expanded solar rooftop policy.
Bualuang raises Thai stock market profit target, highlights 8 standout stocks CRC, AMATA, GUNKUL as energy beneficiaries
Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.
NEPC expands public solar framework to 10,000 MW with 20-year purchase agreements
The National Energy Policy Council, or NEPC, approved expanding the framework for promoting electricity generation from public solar to 10,000 megawatts, up from the previous 5,000 megawatts, covering the period 2026–2028. The total already includes 500 megawatts of existing purchase projects. The council set the buyback rate under the Net Billing scheme at 2.20 baht per unit, capped at no more than 5 kilowatts per meter, and extended the purchase period to 20 years from 10 years, covering rooftop installations, ground-mounted systems, and floating solar. The NEPC also tasked agencies with preparing supporting plans within one month, covering real-time electricity generation forecasting, control of transmission and distribution systems, installation of smart meters and smart grids, and battery energy storage systems, or BESS, to accommodate distributed generation. The research team at Asia Plus Securities views this as positive for the renewable energy group, noting that the expansion from 5,000 megawatts to 10,000 megawatts reflects a significant upgrade of the public solar market, and that extending power purchases from 10 years to 20 years will improve the returns and investment incentives for households. This is therefore a positive factor for contractors installing rooftop solar power systems, or Solar EPC, and for distributors of related equipment such as GUNKUL, SOLAR, SPCG, and SSP. At the same time, the increase in distributed generation will give energy management systems, smart grids, and battery energy storage systems a key role in the next phase, in line with the direction of the PDP2026 plan. BGRIM and GPSC have strengths in smart grids, energy management systems, and BESS, while GULF has related businesses in both Solar Rooftop and Solar plus BESS. In the short term, this is expected to be positive sentiment for stocks in the solar business chain, and the research team has chosen GUNKUL as its Top Pick on the strength of its Solar EPC business and comprehensive equipment distribution.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand
SPCG.BK · Demand · Positive NEPC expanded public solar framework to 10,000 MW and extended purchase period to 20 years, boosting demand for Solar EPC contractors like SPCG.
GUNKUL.BK · Demand · Positive GUNKUL is named as a Solar EPC contractor and equipment distributor that gains from the expanded public solar market and improved household returns.
BGRIM.BK · Demand · Positive NEPC's expanded 10,000 MW solar framework and 20-year buyback period boost demand for BGRIM's smart grid, energy management, and BESS businesses.
GPSC.BK · Demand · Positive Expanded public solar framework and longer purchase period increase demand for GPSC's smart grid, energy management, and BESS strengths.
GULF.BK · Demand · Positive GULF's Solar Rooftop and Solar plus BESS businesses benefit from the larger 10,000 MW framework and 20-year purchase agreements.
INVX Says Clearer Data Center Rules to Lift Clean Energy and Industrial Estate Stocks, Recommends Selective Buy
The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
AMATA.BK · Demand · Positive Classifying data centers as industrial businesses will draw FDI into leading industrial estates, benefiting Amata as an estate operator.
BGRIM.BK · Demand · Positive The 60% minimum clean energy requirement turns clean power into a necessity, sharply driving real demand for clean energy producers like B.Grimm.
GPSC.BK · Demand · Positive Mandatory 60% clean energy share for data centers sharply drives real demand for clean power, benefiting Global Power Synergy.
GULF.BK · Demand · Positive Clearer data center policy and the 60% clean energy mandate drive real demand for clean power, benefiting Gulf Energy Development.
GUNKUL.BK · Demand · Positive The 60% clean energy requirement for data centers sharply drives real demand for clean power, benefiting Gunkul Engineering.
WHA.BK · Demand · Positive Clearer data center policy classifying data centers as industrial businesses is expected to draw FDI into leading industrial estates, benefiting WHA as a major estate operator.
GULF and GPSC Join Forces with IEAT to Launch Renenergy, Developing a 17.5-Megawatt Solar Farm in Map Ta Phut
The Industrial Estate Authority of Thailand, or IEAT, Gulf 1 Company Limited under the GULF group, and Global Power Synergy Public Company Limited, or GPSC, have signed an agreement to establish a joint venture named Renenergy Company Limited to develop a solar farm on a 92-rai silt pond area within the Map Ta Phut Industrial Port Development Project Phase 3. The solar power plant has a total installed capacity of 17.50 megawatts. The shareholding structure consists of Gulf 1 holding 37.5 percent, GPSC holding 37.5 percent, and IEAT holding 25.0 percent. Sumet Tangprasert, Governor of IEAT, said this collaboration will help drive the industrial sector toward its Carbon Neutrality goal by 2050 and Net Zero by 2065. Chansak Chuenchom, Chief Executive Officer of GPSC, stated that this project will supply clean energy electricity to the industrial sector and support the company's Net Zero goal by 2050. Meanwhile, Amnuayporn Prakobnopkaew, Managing Director of Gulf 1, said that GULF1 will bring its clean energy experience to oversee the project from design, development, and construction through to long-term operations. The project will also help operators in the Map Ta Phut Industrial Estate access green energy to reduce greenhouse gas emissions in line with ESG criteria and generate sustainable income for IEAT through dividends, compensation for the use of water surface rights, and utility service fees throughout the project period.
GPSC wins PPA contracts for 6 solar projects with combined capacity of 105 MW
Global Power Synergy Public Company Limited, or GPSC, has been selected and has signed power purchase agreements, or PPAs, for six ground-mounted solar power projects with the Electricity Generating Authority of Thailand and the Provincial Electricity Authority, with contracted capacity and capacity based on its shareholding totaling 105 megawatts. The projects fall under the Energy Regulatory Commission's regulations on the procurement of electricity from renewable energy under the Feed-in Tariff scheme for 2022–2030 for the group without fuel costs. Mr. Manatchai Kongrakkawin, Senior Executive Vice President for Renewable Energy and Decarbonization Project Development at GPSC, disclosed that the six projects are divided into two groups. The first group has a scheduled commercial operation date, or SCOD, in 2028, comprising the Helios 1 project with a capacity of 24 megawatts, the Helios 2 project with a capacity of 31 megawatts, the Nathaap Solar Power Project, Project 1 of IRPC Clean Power Company Limited, with a capacity of 38 megawatts, which will sell electricity to the Provincial Electricity Authority, and the Helios 4.2 project with a capacity of 4 megawatts. The second group has an SCOD in 2030 and will sell electricity to the Provincial Electricity Authority, comprising the Helios 3 project with a capacity of 4 megawatts and the Helios 4.1 project with a capacity of 4 megawatts. This success is in line with GPSC's strategic plan to expand investment in clean energy, with the goal of increasing the proportion of generating capacity to more than 50% to support its Net Zero Emissions target by 2050.
GPSC.BK · Demand · Positive GPSC signed PPAs for six solar projects totaling 105 MW, securing contracted electricity sales under the FiT scheme.
IRPC Clean Power Co., Ltd. (IRPC-CP) · Demand · Positive IRPC Clean Power's Project 1, a 38 MW solar project, is among the six GPSC-affiliated projects awarded PPAs.
Yuanta raises GPSC target to 66.50 baht, names it top power-sector pick for the fourth quarter
Yuanta Securities (Thailand) has raised its 2027 price target for Global Power Synergy Public Company Limited, or GPSC, to 66.50 baht from 60.00 baht, while maintaining a buy rating and selecting GPSC as its top pick in the power plant sector for the fourth quarter of 2026, compared with the closing price of 48.25 baht on September 15, 2026, implying upside of about 37.8%. The brokerage views the company as a beneficiary of the draft of the country's new national power development plan, whose first 11 years, from 2027 to 2037, include plans to add roughly 50.6 gigawatts of new generating capacity. GPSC aims to capture about 5.2 gigawatts of that new capacity, or roughly 10% of the total, split between about 2.4 gigawatts of gas-fired plants and 2.7 gigawatts of renewable energy, comprising 2.2 gigawatts of solar and 0.5 gigawatts of wind. Meanwhile, existing gas-fired plants such as the 713-megawatt Glow IPP, in which GPSC holds 95%, and the 1,400-megawatt RPCL, in which it holds 24%, have a chance to extend contracts that expire in 2028 and 2033 respectively. In addition, selling electricity to data center operators is another option that could generate higher returns. On the financial front, as of the end of the second quarter of 2026, GPSC had a net debt-to-equity ratio of just 0.72 times, against a financial covenant of 2.5 times. Yuanta also raised its 2027 normalized profit forecast by 2% to 6.865 billion baht, or an 11% increase from the previous year, on full-year revenue recognition from the GHECO-One power plant, and lifted its gross margin assumption to 14.9%, even as it raised its natural gas price assumption to 360 baht per million BTU.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
Energy Transition & Power Demand › Solar ▲Demand
Energy Transition & Power Demand › Wind ▲Demand
GPSC.BK · Capital · Positive Yuanta raised its 2027 price target for GPSC to 66.50 baht from 60.00 baht, maintained buy, and named it top power-sector pick.
GPSC.BK · Demand · Positive GPSC aims to capture about 5.2 GW of the roughly 50.6 GW of new capacity in the draft national power development plan, plus potential data-center power sales.
Glow IPP · Demand · Positive GPSC's 95%-held 713-MW Glow IPP has a chance to extend its contract expiring in 2028.
Brokers: Fed's 0.25% Rate Hike Favors Bank, Export and Value Play Stocks
The Federal Reserve's monetary policy committee voted unanimously to raise the policy interest rate by 0.25% to a range of 3.75–4.00%, as the market expected, while its Dot Plot signaled one more 25 basis point hike to 4.00–4.25% by the end of this year, even as the overall picture reflects a High for Longer stance. Efinancethai gathered the views of analysts from four houses. Krungsri Securities expects the SET to rebound today, with resistance at 1,575 and 1,583 points and support at 1,550 and 1,545 points. Finansia Syrus Securities expects the SET Index to move Sideways to Sideways Up in a range of 1,555–1,572 points. Pi Securities assesses a range of 1,550–1,580 points, and Aira Securities says the market has already priced in the concerns. Sectors seen benefiting include commercial banks, with standout picks KBANK, BBL, KTB, SCB and KKP; exporters and electronic components, DELTA, HANA, TU and ITC; Value Play and medical stocks, BDMS, BCH and BH; groups that get a psychological boost from softer crude oil prices, such as airlines AOT, THAI and BA, construction materials and contractors TASCO, STECON and PYLON, power and utilities GULF, GPSC and BGRIM, and hotels AWC and ERW. Stocks seen under pressure include groups carrying high financial costs, such as utilities and power, and industries tied to falling oil prices, such as oil and refineries, amid psychological pressure after Brent crude fell sharply to US$105 a barrel.
KTB.BK · Monetary · Positive Fed's 0.25% rate hike is seen favoring commercial banks, with KBANK, BBL, KTB, SCB and KKP named as standout picks.
SCB.BK · Monetary · Positive SCB is named among commercial banks expected to benefit from the Fed's 0.25% rate hike.
KBANK.BK · Monetary · Positive Named as a standout commercial-bank pick expected to benefit from the Fed's 0.25% rate hike.
KKP.BK · Monetary · Positive Named as a standout commercial-bank pick expected to benefit from the Fed's 0.25% rate hike.
PYLON.BK · Monetary · Positive PYLON is listed among construction materials and contractors benefiting from the rate-hike environment and softer crude oil prices.
STECON.BK · Monetary · Positive STECON is listed among construction materials and contractors seen benefiting from the rate-hike backdrop and softer crude oil prices.
5 Power Plant Stocks GULF RATCH EGCO GPSC BGRIM Set for Highest Dividends in 2026
Analysts have released dividend estimates for 2026 covering five power plant stocks. InnovestX Securities expects GULF to pay a dividend of 1.79 baht per share, maintaining an OUTPERFORM rating with a target price of 78 baht. KGI Securities (Thailand) expects RATCH to pay a dividend of 1.50 baht, upgrading its recommendation to Buy with a new target price of 43 baht, up from 29 baht, and expects EGCO to pay a dividend of 6.50 baht, upgrading its recommendation to Buy from Hold with a new target price of 145 baht, up from 125 baht. Yuanta Securities (Thailand) expects GPSC to pay a dividend of 1.31 baht with a target price of 66.50 baht, maintaining a Buy rating and naming it a Top pick in the power plant sector for the fourth quarter of 2026. DAOL Securities (Thailand) expects BGRIM to pay a dividend of 0.58 baht with a Buy recommendation and a new target price of 25 baht, up from 20 baht. The main supporting factor comes from the Power Development Plan 2026, or PDP 2026, which will add new generating capacity including solar, wind, and gas power plants, as well as Direct PPA and the data center business.
Asia Plus says tighter data center rules will boost power stocks, highlights GULF and BGRIM
The research team at Asia Plus Securities said that on September 11 the government discussed and prepared to tighten data center criteria, aiming to reach a conclusion within September 2026. Under the plan, data center operators will bear higher electricity rates, and the state will consider using the revenue difference to help reduce the public's power bills. It may also set conditions requiring operators to invest in or procure clean energy alongside their data center investment, review new site locations with greater emphasis on safety and suitability of the area, and close past legal loopholes that allowed BOI applications for projects developed in urban areas. The research team views this as structurally positive for the power plant sector, expecting it to add incentive for large electricity users in the data center group to manage long-term costs by procuring clean power through Direct PPA mechanisms directly with power plant operators. Meanwhile, stricter measures against building data centers in city centers will help push data center operators to move into industrial estates such as the EEC, which benefits SPP power plant operators that have expanded networks and provide full utility services in those areas. The research team recommends a Selective Buy strategy in the power plant group with large renewable energy portfolios and readiness in terms of land or networks in industrial estates, naming GULF with a fair value of 80 baht and BGRIM with a fair value of 22 baht as top picks. Related stocks or those with plans to invest in the data center business, such as GPSC, EGCO, RATCH and GUNLUL, are expected to receive positive sentiment from the growth opportunities in the clean power market going forward.
BGRIM.BK · Regulation · Positive Named as a top pick with fair value 22 baht; tighter data center rules push operators to procure clean power via Direct PPA, benefiting its renewable portfolio.
GULF.BK · Regulation · Positive Named as a top pick with fair value 80 baht; tighter data center rules favor power plant operators with large renewable portfolios and readiness in industrial estates.
EGCO.BK · Regulation · Positive Listed among related stocks expected to receive positive sentiment from clean power market growth opportunities under the stricter data center criteria.
GPSC.BK · Regulation · Positive Listed among related stocks expected to benefit from growth opportunities in the clean power market as data center rules tighten.
RATCH.BK · Regulation · Positive Listed among related stocks expected to receive positive sentiment from clean power market growth opportunities under the stricter data center criteria.
Brokerage Picks TOP to Benefit from CFP Project, Fair Value 84–87 Baht
Yuanta Securities stated that the CFP project is one of the key elements of TOP's long-term strategy to strengthen its core business. Once fully operational, it will raise refining capacity from 275 kbd to 400 kbd and increase the ability to process heavy crude to 40–50%, while reducing the use of light crude to 40–50%. Construction progress as of July under the EPCM contract stands at 34.87%. The company is confident it can begin commercial operation of CDU#4 with a capacity of 220 kbd within the second quarter of 2027 and reach full commercial operation of the entire project in the third quarter of 2028. The Energy Recovery Unit, or ERU, part of the CFP project, has a power generation capacity of 250 MW and 175 tonnes of steam per hour. On September 1, TOP and GPSC informed the market that they are in negotiations over a purchase agreement for the ERU, with a conclusion expected by October 30. If the transaction does not materialize and TOP invests in the ERU unit itself at a value of 757 million dollars, the brokerage views TOP's financial position as strong enough, supported by a Net Debt to EBITDA ratio of 1.4 times in the second quarter of 2026, compared with 3.7 times in the fourth quarter of 2025. It maintains a TRADING recommendation, rolling over to a fair value at the end of 2027 of 74.00 baht, and if referencing an average PBV of 1 time, it preliminarily expects a fair value in the range of 84–87 baht per share.
TOP.BK · Capital · Positive Yuanta highlights TOP's CFP project progress and strong balance sheet, maintaining a TRADING call with fair value of 84–87 baht.
GPSC.BK · Capital · Neutral GPSC is in negotiations with TOP over a purchase agreement for the ERU unit, with conclusion expected by October 30; outcome and terms unclear.
PDP 2026 Opens 25-Year Investment Round with 50,900 MW of New Power Generation, Spotlighting GULF, GUNKUL, GPSC and BGRIM
The draft national power development plan, or PDP 2026, is entering the public consultation process, setting out a 25-year long-term framework aimed at reaching the Net Zero target by 2050. The highlight is the first 12 years, from 2026 to 2037, which sets total new generating capacity of approximately 50,900 MW, comprising 9,100 MW of combined-cycle power plants, 300 MW of small nuclear power, 24,300 MW of solar, 2,700 MW of wind, and 14,500 MW of large-scale battery energy storage systems, or BESS. If the plan proceeds as laid out, cumulative generating capacity in 2037 will rise to approximately 115,635 MW, with investment across the various projects in a range of roughly 360 billion to 700 billion baht. Yuanta Securities (Thailand) sees the new PDP draft as aiming to raise the share of renewable energy from about 15% of generating capacity at present to approximately 60–70%, and possibly as high as 80% when other zero-carbon energy sources are included. InnovestX, meanwhile, has picked GULF as its top stock in the group and sees GUNKUL as having the potential to surprise on both its renewable power plant business and its power transmission system construction work. Asia Plus Securities assigns GULF a fundamental value of 80 baht and GUNKUL 6.40 baht, with brokers favouring the group of GULF, GUNKUL, GPSC and BGRIM. GPSC is currently studying the development of small modular nuclear reactors, or SMRs, together with Denmark's Seaborg Technologies. Power plant stocks have risen sharply since the start of the year, and as of 9 September 2026, GUNKUL stood at 5.20 baht, up 173.68%; TSE at 0.92 baht, up 95.74%; SSP at 6.05 baht, up 86.73%; BGRIM at 21.00 baht, up 48.94%; and GPSC at 51.25 baht, up 42.36%.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand
Energy Transition & Power Demand › Solar ▲Demand
Energy Transition & Power Demand › Wind ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Energy Transition & Power Demand › Advanced Nuclear — SMR & Microreactor ▲Demand
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
GULF.BK · Regulation · Positive PDP 2026 draft's 50,900 MW new capacity plan makes GULF the brokers' top pick with an 80 baht fundamental value.
GUNKUL.BK · Regulation · Positive PDP 2026 draft's renewable and transmission buildout is seen as a potential surprise driver for GUNKUL, valued at 6.40 baht.
GPSC.BK · Regulation · Positive PDP 2026 draft's 50,900 MW expansion and BESS/solar targets benefit GPSC, which is also studying SMRs with Seaborg.
BGRIM.BK · Regulation · Positive PDP 2026 draft sets 50,900 MW of new capacity and brokers favour BGRIM among the beneficiary power plant group.
Krungsri tips GULF and GPSC as top picks on data centre and PDP2026 themes
Krungsri Securities has a positive view on the power plant sector, naming Gulf Development (GULF) and Global Power Synergy (GPSC) as top picks, with 2027 target prices of 77 baht and 61 baht respectively. Following a public hearing on the new draft Power Development Plan for Thailand (PDP2026) on 10 September 2026, Krungsri Securities sees a mix of positive and negative factors. On the positive side, the Energy Policy and Planning Office is considering extending the operating life of gas-fired IPP power plants in the first five years of the plan. Expected beneficiaries include GPSC through the 677-megawatt Glow IPP plant and Ratch Group (RATCH) through the 3,645-megawatt RG plant. On the negative side, the Direct PPA policy allowing direct power trading between producers and users still lacks regulatory clarity, and investors must keep watching the rules for third-party access to the transmission network and the wheeling charge rate from the Energy Regulatory Commission. The research team maintains a positive investment weighting on the power plant sector, citing the opportunity to benefit from the expansion of the data centre business and new power generation capacity under PDP2026 that is not yet included in its forecasts. It favours operators with strong capital bases, ready land, and a proven track record in project development.
Stocks to Watch Today: ICHI, VIH, KTMS, OSP, BAM Lead Positive News
Today's stocks to watch include several companies announcing plans and earnings outlooks. ICHI is confident of standout growth in the second half, with revenue this year reaching 9,000 million baht. It is pushing ahead into the fertilizer business, with a three-year plan to lift revenue to 1,500 million baht, and is teaming up with COCOCO to launch a coconut water jelly drink, targeting sales of 15 million baht this year. Meanwhile, GPSC and RATCH received positive news as the Energy Policy and Planning Office is set to extend the operating life of gas-fired power plants in the first five years of the PDP 2026 plan, with hopes for extensions for the 677-megawatt GLOW IPP plant and for Ratch Group's 3,645-megawatt Ratchaburi plant to qualify. Target prices were set at 61 baht per share for GPSC and 41.40 baht per share for RATCH. VIH hinted at standout growth in the third quarter of 2026, benefiting from treatment of complex diseases, which supports higher margins, with cash reserves of more than 1,400 million baht and a push toward medical excellence by 2028. KTMS signaled a strong showing in the third quarter of 2026, accelerating the opening of 11 new dialysis branches and installing 36 to 64 additional dialysis machines, supporting a 2026 revenue target of 800 million baht. OSP said the third quarter of 2026 will grow in line with plan, highlighting premium beverages as the main driver, with its automation system in Ayutthaya having already cut costs by more than 300 million baht, and it is confident revenue this year will grow at a single-digit rate. BAM is adjusting its business model toward asset management, focusing on net profit and cost control, driving an asset-light model with assets of 100,000 to 120,000 million baht and eyeing profit of 2,000 million baht.
BAM.BK · Capital · Positive BAM is shifting to an asset-light asset-management model targeting net profit of 2,000 million baht and cost control.
KTMS.BK · Demand · Positive KTMS is accelerating 11 new dialysis branches and 36-64 additional machines, supporting a 2026 revenue target of 800 million baht.
OSP.BK · Demand · Positive OSP expects Q3 2026 growth driven by premium beverages, with automation cutting costs over 300 million baht.
GPSC.BK · Regulation · Positive Energy Policy and Planning Office set to extend operating life of gas-fired power plants, potentially benefiting GPSC's GLOW IPP plant; target price set at 61 baht.
RATCH.BK · Regulation · Positive RATCH's 3,645-MW Ratchaburi plant may qualify for operating-life extension under the PDP 2026 plan; target price set at 41.40 baht.
InnovestX Says Thai Stocks at Risk of Pullback, Brent Crude Hits 100 Dollars, Recommends Selective Buy
InnovestX Securities assesses that the Thai stock index on September 10, 2026, may pull back and consolidate after the investment atmosphere returned to a risk-off stance, driven by the rise in the 10-year US government bond yield and continuously climbing oil prices, which brought the market back to worrying about inflation trends and the direction of US interest rates. It estimates support at 1,605 and 1,600 points, with resistance at 1,625 and 1,630 points. The key pressure comes from Brent crude oil, which rose 3.4% to reach 100 dollars per barrel, the highest since May 22, amid supply concerns after heightened tensions in the Middle East, while demand from China has begun to recover. This is seen as a short-term positive for energy stocks PTTEP, BCP, TOP, SPRC and IRPC, as well as petrochemical stocks PTTGC and IVL, but a negative factor for SPP power plants such as GPSC and BGRIM due to rising fuel cost risks. Meanwhile, the US bond market has resumed creating pressure after the US Treasury's buyback of long-term bonds came in at 6 billion dollars, which, although double the previous amount, was still below the market's expectation of 7 to 8 billion dollars. As a result, 2-year and 10-year US bond yields rose 0.04%, and the market assigns more than 60% weight to the possibility that the Fed may raise rates to curb inflation. This high bond yield environment is seen as a positive factor for insurance stocks such as BLA and TLI. Meanwhile, foreign fund flows still show positive signals: on September 9, foreign investors net bought 3,137 million baht of Thai stocks, with cumulative net buying of 10,038 million baht since the start of September and 61,407 million baht since the start of the year, in contrast to domestic institutional investors who net sold 960 million baht, securities company accounts which net sold 1,260 million baht, and retail investors who net sold 917 million baht. On September 9, the SET closed at 1,617.89 points, down 4 points or 0.25%, with trading value of 81,330.74 million baht. For investment strategy, InnovestX recommends Selective Buy, focusing on stocks with specific positive factors, divided into three main themes: Policy and Domestic Play, Global Macro & Bond Yield Play, and Laggard Play. For the Global Macro & Bond Yield Play group, it gives weight to energy stocks PTTEP, BCP, TOP, shipping stocks PSL, TTA, as well as banking stocks KTB, BBL, KBANK and life insurers BLA, TLI. The Laggard Play group includes AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
Energy Transition & Power Demand › Firm Power & Transition Fuels Pricing
BCP.BK · Demand · Positive Brent crude at $100 on Middle East supply concerns and recovering China demand is seen as a short-term positive for energy stocks including BCP.
BGRIM.BK · Supply · Negative Rising fuel cost risk from climbing oil prices is a negative factor for SPP power plants such as BGRIM.
BLA.BK · Monetary · Positive High US bond yield environment is seen as a positive factor for insurance stocks such as BLA.
GPSC.BK · Supply · Negative Rising fuel cost risk from climbing oil prices is a negative factor for SPP power plants such as GPSC.
IRPC.BK · Demand · Positive Brent crude at $100 on Middle East supply concerns and recovering China demand is seen as a short-term positive for energy stocks including IRPC.
PTTEP.BK · Supply · Positive Named as an energy stock benefiting from Brent crude hitting $100 on Middle East supply concerns.
Krungsri Securities Expects SET to Move Sideways/Up Today, Oil Surge Supports Energy Sector
Krungsri Securities (KSS) expects the SET to move within a Sideways/Up range today, with resistance at 1,626 and 1,632 points and support at 1,610 and 1,605 points. Meanwhile, Brent crude oil prices this morning are hovering near the psychological resistance of 100 US dollars, following the prolonged war, which may pressure De-escalation-themed stocks and increase caution towards risk assets due to inflation and interest rate concerns. However, the average crude oil price this year at 87 dollars remains positive for SET market earnings if the full-year assumption stays below 95 dollars. The energy and energy security sectors are the standout themes, while fund flows have been net buyers of Thai stocks for 5 out of the last 6 trading days. The baht has strengthened to 32.9 baht per dollar, supported by the upcoming ECB meeting tomorrow, which is expected to raise interest rates, and the PDP2026 plan, which is expected to proceed, as well as the Thai Tiew Thai Plus project, which has reached a conclusion. Recommended stocks include DELTA, GPSC, and SCC.
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