SPCG Public Company Limited

Solar stocks moved higher after the Energy Ministry prepared to include 10,000 MW of residential rooftop solar in the new Power Development Plan. At 11:23 a.m., GUNKUL rose 3.00% to 5.15 baht on turnover of 368.99 million baht, SPCG gained 1.83% to 11.10 baht, and GULF added 0.41% to 61.50 baht. The plan sets a size of about 5 kW per household, allows excess power to be sold to offset electricity bills, and supports funding while cutting permitting steps, with a goal of raising the clean energy share to nearly 50% within 10 years. Kasikorn Securities views the plan as positive for solar distributors and installers such as GUNKUL, SPCG and GULF, but sees rising long-term risk for conventional power plants. Krungsri Securities views it as positive sentiment for GUNKUL even though rooftop solar accounts for only about 6-7% of total revenue, and keeps its earnings estimate and target price for GUNKUL at 5.4 baht per share, supported by a current backlog of about 4.5 billion baht, with large project bidding expected to gradually open from 2027 onward.

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.

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.

Asia Plus Securities said the Ministry of Finance is preparing to open registration for household Solar Rooftop installation subsidies in mid-October 2026, initially for 1 million entitlements with a total budget of 50 billion baht, or 50,000 baht per household, and is considering raising this to 1.5 million entitlements, with a target of completing disbursements by the end of 2027. The government will pay out only once the system is connected to the grid, and a 5-kilowatt system is expected to generate about 1,000 baht per month from selling power back to EGAT over 25 to 30 years. Government Savings Bank, GH Bank and BAAC will extend loans to low-income participants, who will use the electricity sale proceeds to repay the bank debt first. Meanwhile, the power utilities are preparing to invest in replacing meters and developing Smart Grid and Battery Storage systems. The government is also considering cutting customs duties on components that cannot yet be produced domestically and using BOI measures to support domestic solar production. The research team views this as positive for the renewable energy group, especially operators with Solar Rooftop and EPC businesses such as GUNKUL, SOLAR and SPCG, and as positive sentiment for CRC, COM7, DOHOME and HMPRO. Considering the scale of the programme, the government is targeting 1 million households with an average installed size of 5 kW per household, implying total installed capacity of 5,000 MW, which is higher than the existing 500 MW public Solar Rooftop power purchase programme. It sees GUNKUL as the standout beneficiary thanks to its fully integrated business chain and names it the Top Pick for news-driven trading. However, GUNKUL's core profit still comes from its renewable power generation business and large EPC projects, making this scheme an opportunity to supplement growth rather than a main profit driver.

The acquisition of a 57.46% stake in SPCG by a Finansa group linked to Sia Beang, along with an offer to buy the remaining shares at 9.11 baht per share, for a total maximum value of approximately 9,618 million baht, has put the market on alert over a shift in the balance of power in Thailand's energy business. In particular, the appointment of Channathan Wanjajorn as the new Permanent Secretary of the Ministry of Energy could affect the PDP plan and renewable energy projects. GULF's share price fell from 67.50 baht on August 6, 2026, to 62 baht on September 1, a drop of about 8%, despite the company posting a record normal profit in Q2/2026 of 12,332 million baht, up 74% year-on-year. The selling pressure may stem from profit-taking after the stock surged nearly 60% in seven months, rotation into small power plant stocks like BGRIM, uncertainty over the PDP and Direct PPA, and rising political risks. Meanwhile, the market is also watching for possible management changes in the PTT group following the change of the Permanent Secretary. However, there is no evidence that GULF's projects or contracts will be affected, and the company's fundamentals remain strong thanks to its diversified revenue.

SPCG shares surged against the market to 11.20 baht, up 1.25 baht or 12.56%, after the board acknowledged a change in major shareholders. The buying group is led by Mr. Worasit Phokhaichaiyaphat, Chief Executive Officer of Munkong Housing Public Company Limited, or MK, together with JRT Green Energy Company Limited, Premia Global Limited, and Premia Global Thai Company Limited, which signed agreements to purchase 606,690,726 SPCG shares, representing 57.46%, from Ms. Wandee Khunchornyakong Juljarern and other shareholders. After the transaction, the buying group will hold shares as follows: JRT Green Energy Company Limited will hold 265,888,888 shares, or 25.18%; Premia Global Limited will hold 225,888,888 shares, or 21.40%; Mr. Worasit Phokhaichaiyaphat will hold 74,610,050 shares, or 7.07%; and Premia Global Thai Company Limited will hold 40,302,900 shares, or 3.82%. On the selling side, Ms. Wandee Khunchornyakong Juljarern holds 486,551,676 shares, or 46.08%, and Kyocera Corporation holds 63,500,000 shares, or 6.01%, and both will no longer hold shares after the transaction. Ms. Ratchaneewan Akarawikrai holds 65,659,600 shares, or 6.22%, and will be left with 29,073,000 shares, or 2.75%. A tender offer for all securities of the company will be made at 9.11 baht per share, and the buyers have no plan to delist the shares from the stock exchange. They also do not intend to significantly change the main business objectives within 12 months from the end of the tender offer period. In addition, the buyers will nominate six new directors and acknowledge the resignation of three existing directors, effective 20 August 2026, and will nominate Mr. Wutthichai Tankuranan as Senior Deputy Managing Director of Accounting and Finance, or CFO, effective 20 August 2026.

Newspapers report that PTT has unveiled a five-year investment plan worth 1 trillion baht, pushing into petroleum exploration and production and infrastructure businesses, with PTTEP as the spearhead for investment, supporting the government's policy to drive Thai GDP growth of 3 percent. PTT will also co-host Gastech 2026 from September 14 to 17, moving ahead to seek partners to strengthen PTTGC, TOP, and IRPC, expanding LNG imports to 15 million tonnes in 2035 and targeting an increase in the share of overseas revenue to 50 percent. Meanwhile, BGRIM is pursuing energy megatrends, developing projects to support PDP 2026 and highlighting data center business as a star after signing power purchase agreements for 100 megawatts, with new customers set to add another 150 megawatts. It is also studying construction of new power plants to support data centers and preparing to bid for Quick Big Win projects to drive community solar of 300 to 500 megawatts. SGC is adjusting its loan portfolio, pushing Lock Phone with a yield of 25 percent and targeting an increase in its share to 65 percent of the portfolio. It is set to sell C4C for no more than 1.3 billion baht and preparing cash to support the high season in the third and fourth quarters of 2026. SINGER-SGC is moving to clear accumulated losses, hoping to unlock dividend payments after SGC has posted profits for eight consecutive quarters. SPCG has been taken over by the Phokachai Pattana group teaming up with Jaruthavee in a deal worth more than 5.527 billion baht, opening a full-scale offensive in green energy business in response to the new PDP 2026 plan and the unlocking of direct power purchase agreements. SPCG is found to hold hidden land assets in the Eastern Economic Corridor of more than 3,000 rai, and is moving ahead to sell electricity directly to customers of the Bangkok Free Trade Zone project of the MK group in Bang Pakong Industrial Estate. ERW is confident that the third quarter of 2026 will be strong, with total revenue growing 7 percent after July average revenue per room rose 5 percent, supported by a bright tourism outlook in the second half, driving full-year revenue growth of 6 percent to 8.4 billion baht. It is advancing the JUMP+ plan toward a target of 10 billion baht in 2028. IND believes the second half of 2026 can maintain good growth momentum after first-half results showed net profit of 13.33 million baht and service revenue of 413.31 million baht. SO continues toward a double-digit growth target, with cumulative revenue plus backlog awaiting recognition at 2.894 billion baht, or 93.2 percent of the full-year revenue target of 3.1 billion baht. THAI is adjusting strategy to cope with surging oil prices, increasing hedging to 60 percent for two years ahead as the Middle East situation looks set to drag on. It plans no reduction in available seat kilometers in the second half and will resume flights on two routes, Xiamen and Da Nang, while increasing frequency on three European routes: Paris, Munich, and Zurich. It is confident of maintaining operating profitability this year, while the aircraft procurement plan continues, with a fleet of 102 aircraft by the end of this year before rising to 128 in 2028. PRM is paying a special dividend of 0.20 baht per share from retained earnings, with the ex-dividend date set for August 27, after second-quarter 2026 results showed net profit of 580.5 million baht, up 20.2 percent, and total service revenue of 2.3171 billion baht, up 4.5 percent. INET is confident of continued growth, developing INET-IDC4 to reflect rising domestic demand for cloud infrastructure and strengthening Thai organizations toward data sovereignty. It is currently developing the EduPass system with the Ministry of Education, expected to launch within six months. SAMART is confident of a strong second-half recovery, benefiting from SAV's busy flights, while the direct coding business has passed its lowest point. It is preparing to bid for new projects worth nearly 10 billion baht, expecting the government to gradually approve and open bidding from October onward, supporting total backlog to exceed 20 billion baht by the end of this year. BAM is accelerating in the second half, generating revenue from non-performing loans, non-performing assets, and joint venture asset management companies toward set targets. It reported second-quarter 2026 collections of 3.513 billion baht, up 16 percent, with profit of more than 234 million baht, up 8 percent, while helping more customers restructure debt through the New Start with BAM program. BCH reported strong third-quarter 2026 operating results as the high season began showing good signs from late May through June, believing foreign customers will continue to recover and drive year-end results higher. It revealed it is in talks on more than 10 merger and acquisition deals and preparing to meet with the Social Security board to adjust capitation rates for all items, expected to be completed by October 2026. TFG is benefiting from high farm-gate pig prices of 72 to 74 baht per kilogram, expected to hold until September, while chicken prices have also edged up. Export demand for chicken in Europe, the United Kingdom, and Japan remains strong. It has locked in soybean and soybean meal prices until the end of 2026 to manage raw material costs, and is expanding retail stores to 875 branches by the end of this year before surpassing 1,075 branches by the end of next year. JR is set to benefit from the new PDP round, creating opportunities for additional system installation work. It signaled that the second half of 2026 will outperform the first half, supported by recognition of additional projects, and is preparing to bid for new electrical projects worth another 100 million baht, boosting backlog from 5 billion baht. It is shifting more toward quick wins to fill its portfolio and generate steady revenue. KUMWEL is building Kumwel Clinic with a target of covering 10 provinces by the end of the year, set to book revenue from the third quarter, while also eyeing BOI Plus incentives worth 100 million baht. The data center megatrend is driving demand for lightning protection and grounding systems, opening opportunities for many new projects. It is confident that 2026 revenue will grow strongly by 50 percent. ORI has laid out a three-year JUMP+ plan to accelerate performance to 1.43 billion baht in 2028, highlighting a build-operate-exit-reinvest model to develop hotels and warehouses for added value before selling into REITs to recycle capital for new investments. In the second half, it is set to book revenue from asset and land sales of another 1.5 to 1.8 billion baht. TOA is adjusting strategy to penetrate the economy paint segment, targeting rental property customers, while expanding in construction and repair chemicals to capture home renovation demand. It is proceeding with planned investment of about 600 million baht, expected to accelerate in late third quarter of 2026, focusing on new production development and targeting sales growth of 5 percent. PRINC has set a 2026 target of revenue growth exceeding 10 percent from the previous year, reaping full-year benefits from new hospital investments and a growing customer base. It said third-quarter 2026 performance will be better than the second quarter, supported by the high season and rising service usage, plus benefits from the Happitat project opening, which will continue to boost Prince Suvarnabhumi Hospital. It is upgrading complex disease services and expanding its foreign customer base to support margins. READY is expanding its Plus Customer base among medium-sized businesses with annual revenue of 30 to 300 million baht, aiming to build recurring revenue beyond its existing share of more than 90 percent. It is accelerating the use of AI to enhance products and internal systems, and launching Ready Agent-R Service, targeting revenue growth of 7 percent this year. PCE signaled a bright second half of 2026, benefiting from domestic demand for B100 biodiesel. It is expanding production capacity at its palm oil refinery for edible oil, expected to be completed in the fourth quarter of 2026 to support food industry growth. It is confident of strong growth in value-added products and manages integrated infrastructure to control costs efficiently across the system, supporting sustainable growth. ORN revealed a bright business outlook for the third quarter of 2026, with a solid backlog of 4.26 billion baht and continuous transfers of low-rise and high-rise projects. It is preparing to launch The Next Jed Yod 4 condominium on August 22, along with sales campaigns, and plans to expand community malls to Phuket, with opening targeted for early 2027.

SPCG shares closed the morning session at 10.60 baht, up 0.65 baht or 6.53%, after the company announced a change in its major shareholder structure and an acquisition. A group led by Dr. Wandee Khunchornyakong Juljarern, together with Kyocera Corporation and other shareholders, sold a total of 606,690,726 shares, representing 57.46% of all shares, to a new investor group led by Mr. Worasit Phokhaichaiyaphat, together with JRT Green Energy Company Limited, Premia Global Limited, and Premia Global Thai Company Limited. The buyers plan to make a tender offer for all securities at 9.11 baht per share and confirmed they have no plan to delist SPCG from the stock exchange, while continuing to focus on the existing core business. Even though the share price on the board has risen above the tender offer price, this reflects that investors expect new developments and added value under the new investor group's management, rather than merely selling shares for profit at the tender price.

SPCG reported second-quarter net profit of 115.5 million baht, up 24% from the same period last year, reflecting efficiency in solar farm management and cost control. For the first half, total revenue was 814.8 million baht, down 12%, while net profit of 233.9 million baht was close to the prior year. The company is adjusting its strategy to focus more on the residential market, supported by government policy offering tax deductions of up to 200,000 baht and a scheme to purchase surplus electricity, while developing flexible packages and end-to-end services. The chief executive officer said that in the second half the company will expand the residential market alongside the industrial sector and seek clean energy investment opportunities both domestically and internationally.