Solar

Strengthen Power Corporation Public Company Limited, or SSP, is preparing to take part in bidding to produce electricity from a 1,500-megawatt community solar farm project. Chayut Leehajaroenkul, Chief Financial Officer, said the company has expertise in this area and sees it as an opportunity to expand its power generation base, and is now waiting for clarity from the relevant authorities on when applications will open. For its business outlook in the second half of 2026, the company expects a clear improvement from the first half, driven by the completion of the sale of the Yamaga solar farm in Japan in late August 2026 for a total value of about 1 billion baht, together with two community waste-to-energy plants with combined capacity of about 19.8 megawatts that are expected to begin gradually supplying commercial electricity late this year. In addition, the weaker baht, which has fallen to about 33.64 baht per US dollar, should help support revenue, since the company earns about 30% of its revenue in US dollars from overseas. As for its long-term two-to-three-year plan, the company is preparing to bring about 420 megawatts of new capacity into commercial operation, comprising three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines in 2027, with additional projects continuing through 2030 totaling more than 146 megawatts. On the analyst side, Asia Plus Securities gave a buy recommendation on SSP shares with a target price of 8.30 baht, forecasting normal profit of 693.9 million baht in 2026, up 12.2% from the previous year, supported by higher output at the SPN solar plant after panel replacement was completed, the TTTV wind project returning to full-year operation, the first full year of revenue recognition from the LEO2 project in 2026, and the positive contribution from the waste-to-energy plants totaling 19.8 megawatts in late 2026, as well as revenue recognition from the 150-megawatt Bago Wind Farm next year, which will help profit continue growing in 2027.

The government has finalised its public solar scheme, covering a maximum target of 1,500,000 households with a total budget of 75 billion baht. The first phase supports 1,000,000 participants with 50 billion baht, and the second phase covers another 500,000 participants with 25 billion baht. The state subsidises installation at 50,000 baht per household, and holders of state welfare cards may take part. On installation specifications, households can install systems of up to 10 kilowatts, with the buyback rate for surplus power set at 5 kilowatts at 2.20 baht per unit under a 20-year contract. The criteria have also been adjusted from rooftop-only to cover ground-mounted and floating installations, provided there is an electricity meter on the premises. Polpree Suwanchavi, Deputy Minister of Interior, said that electricity users with average monthly bills of 3,000 to 4,000 baht will see the value pay off immediately. The government will issue soft loans through three state banks, namely the Government Housing Bank, the Government Savings Bank, and the Bank for Agriculture and Agricultural Cooperatives, cutting interest to 2.5% per year with repayment over about seven years, and plans to open registration on 1 November this year.

Yuanta Securities issued a positive analysis of Singer Thailand Public Company Limited, or SINGER, after the company launched its SINGER brand S-PRO Series appliances, initially focusing on televisions, commercial freezers, air conditioners and washing machines, produced by a new OEM, resulting in higher gross margins. The company targets raising product margin to 40% from 31.4% in the first half of 2026, with a device lock function similar to that of smartphones, allowing sales on installment through SGC's SG Finance+ system, with interest rates on appliance loans close to the 25% per year charged on Lock Phone. The company also plans to expand its Solar Roof business through the JGS joint venture, in which JMART holds 50%, GUNKUL 40% and SINGER 10%, and to open Solar Roof Shop branches and provide loans through SGC, as well as a new service, SG Subscribe+, starting first with Solar Roof. On branch expansion, the company targets opening 146 new branches this year, up from 101 branches in the second quarter of 2026, and adding 1,000 sales staff, after already adding 443 in the second quarter of 2026. Yuanta expects SINGER's net profit in the third quarter of 2026 to accelerate markedly both year on year and quarter on quarter, and to keep growing both year on year and quarter on quarter in the fourth quarter of 2026, supporting full-year 2026 net profit of 647 million baht, up 516% year on year, and a further 21.5% year-on-year rise in 2027. It maintains a Buy rating with a 2027 target price of 13.70 baht, implying 25% upside from the current price.

ComEd and Chicago-based solar developer SunVest have energized a nearly eight-megawatt community solar array sited at the DeKalb Taylor Municipal Airport, adjacent to the airfield. Sixty percent of the subscription capacity is dedicated to low-to-moderate income customers, with average customer savings of more than $300 per year, or nearly $11,000 over the 35-year lifetime of the project, while savings across all subscribers amount to $246,000 annually, or $8.61 million over the next three decades. The project generates $91,000 in site rent and $36,000 in property taxes to DeKalb County each year, with the vast majority of the property taxes dedicated to local schools under state law, and it helps fulfill the Illinois Power Agency's goal to construct community solar facilities on municipal lands. ComEd President and CEO Gil Quiniones said community solar projects like this one are a quick way to bring down costs by bringing more power onto the grid, and SunVest Solar CEO Bram Walters said the project saves lower-income residents on their power bills while providing new revenue for the community. Aided by state policy, solar has more than tripled in ComEd's northern Illinois service territory since the Clean Energy and Jobs Act took effect in late 2021, with 2.0 gigawatts of distributed energy resources now connected to ComEd's grid, including 85,000 solar and battery storage systems, and more than 280 community sites serving over 53,000 residential customers; ComEd anticipates having 420 community solar sites energized by the end of 2026, including 16 systems by SunVest.

PTT, together with the Royal Thai Air Force, is driving forward the installation of solar power generation systems across 3 projects. These comprise floating solar power generation systems at the Air Operations Control Command and the 3rd Air Force Armament Factory of the Air Force Armament Department, and rooftop solar power generation systems at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements. They help reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and help cut greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the project opening ceremony. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.

Analysts at Finansia Syrus Securities estimate that the PDP 2026 plan will create significant upside for GULF shares. They expect EGAT to open bidding for new renewable energy projects of about 10 gigawatts next year, and GULF has a chance to secure as much as a 40% share, or 4 gigawatts, of the solar projects expected to be auctioned. Under a feed-in tariff of 2.16 baht per kilowatt-hour, investment is estimated at 25 to 30 million baht per megawatt, with an IRR of 12%. The new capacity could add about 10 baht per share to GULF's value. The research team therefore maintains its buy recommendation and raises its target price to 89.50 baht per share to reflect the opportunity to add capacity from auctions under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total equity-accounted capacity of 339.5 megawatts. The acquired projects are estimated to have a combined net present value of about 9.7 billion baht, based on a discounted cash flow valuation with a WACC of 5.5%, adding roughly 0.5 baht per share. The positive view is also supported by a low-risk profit structure from long-term power purchase agreements, strong cash flow from the digital business, and a solid financial position, with a net interest-bearing debt to equity ratio of only 1.06 times.

KB Securities analyst Wooje Chun named Hanwha Solutions and DL Holdings as top solar stock picks, arguing that surging electricity prices more than offset higher module costs and interest rates. Module prices are expected to climb from $0.30-0.33 per watt to $0.38-0.437 per watt, a 32% increase, but because modules account for only 31% of costs for utility-scale systems and 11% for residential installations, the overall impact on total investment costs stays modest at 3-10%. The U.S. 10-year Treasury yield rose from 4.42% in the second quarter of 2026 to 5.24% as of September 28, while three-year PJM power futures jumped to $89.5 per megawatt-hour on September 28, up 37% year-over-year and 20% from the second quarter of 2026, with MISO up 14% and ISO-NE up 15%. KB Securities calculates that a 14% rise in power purchase agreement prices would lift revenue by $36.1 million for a typical 100-megawatt utility-scale solar plant, while higher interest rates would add only $3.3 million in interest expense, and even a 16% increase in total investment costs would be offset by a 5.6% hike in PPA prices. Hanwha Solutions is favored for its EPC and third-party ownership businesses and its module business, which produces 80% of its output in the United States, while DL Holdings benefits from two U.S. gas-fired power plants in the PJM market totaling 2.1 gigawatts, held at 25% and 30% ownership stakes, as power purchase prices rise without matching increases in Henry Hub natural gas prices.

DTE Energy has completed construction on the 100-megawatt Cold Creek Solar Park near Coldwater, Michigan, a project funded by Ford Motor Company's enrollment in DTE's voluntary renewables program, MIGreenPower. Ford agreed to purchase up to 650 megawatts of renewable energy through the CleanVision MIGreenPower program, and by the end of 2027 every Ford vehicle manufactured in Michigan will be assembled with the equivalent of 100% carbon-free electricity. Matt Paul, president and chief operating officer of DTE Electric, said the park reflects what is possible when customers and energy providers work together to accelerate Michigan's clean energy future. Amir Mirshahi, Ford's director of Energy Infrastructure and Engineering, said the project delivers clean, reliable energy for the company's Michigan operations and the communities where it builds vehicles. DTE currently operates 20 wind parks and 36 solar parks across Michigan, generating enough clean energy to power nearly 1 million homes, as part of the state's target of 60% renewable energy by 2035 and DTE's goal of net zero carbon emissions.

T1 Energy Inc. is expanding beyond solar-module manufacturing to build a more vertically integrated U.S. solar supply chain. The company operates G1_Dallas for module production, which produced 935 MW of modules in the second quarter of 2026, and is developing G2_Austin, a planned 2.1 GW solar-cell facility, with first solar-cell production targeted for first-quarter 2027. T1 expects production to increase in the second half of 2026, with full-year output reaching the upper end of its 3.1 GW to 4.2 GW guidance. In July 2026, T1 acquired foundational solar patents and other intellectual property from Evervolt for $135 million, covering TOPCon solar cells and modules. T1 is also integrating the upstream supply chain through agreements with Hemlock Semiconductor for U.S.-produced polysilicon and Corning for U.S.-produced wafers, which will supply G2_Austin for cell production, with those cells then used in modules at G1_Dallas. The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 78.68% and 114.29%, respectively, year over year.

Ørsted has begun construction on Blackwater Solar, a 200 MW solar farm in Roosevelt County, New Mexico, the company's first project in the state. The project, located between Portales and Clovis, will generate enough electricity to power the equivalent of more than 56,000 homes annually within the Southwest Power Pool territory and is backed by a long-term power purchase agreement to meet growing industrial electricity demand in New Mexico. Ørsted sourced the project's solar panels from domestic manufacturer First Solar, and Blackwater Solar is expected to reach commercial operations in late 2027. Alongside the project, Ørsted announced a $100,000 contribution to Playa Lakes Joint Venture to restore an 8.8 acre playa near Melrose, New Mexico, building on a previous partnership in West Texas that helped restore more than 700 acres of playa habitat across five counties. Blackwater Solar is also expected to contribute nearly $18 million in property tax revenue to Roosevelt County over its operating life.

KTC has launched a rooftop Solar Subscription service together with BlueRing Energy, becoming the first credit card to run a marketing campaign under this model. Members who pay a monthly service fee of 699 baht or more with their KTC credit card receive 15% cash back plus the option to use KTC FOREVER points under the conditions, from 1 October 2026 to 30 June 2027, and receive system maintenance and care services from BlueRing throughout the contract term. Kiattisak Srisuriyaporn, Head of Business Development at BlueRing Energy Provider Co., Ltd., said the company developed the Solar Subscription model as the first in Thailand to unlock the barrier of initial investment running into the hundreds of thousands of baht, with a Zero Upfront Cost concept designed so that the savings from lower electricity bills outweigh the monthly service fee, and to facilitate government paperwork so that homeowners can sell surplus electricity back to the power authority. Nattasit Suntranu, Chief Marketing Officer for Credit Cards at KTC, or Krungthai Card Public Company Limited, said KTC has more than 31 Solar Rooftop business partners covering installation service providers, equipment and energy solutions, and views energy as one of the key costs for Thai households and increasingly linked to long-term financial planning.

B.Grimm Power, or BGRIM, has signed a memorandum of understanding with Siam Piwat Group to advance clean energy, covering two key projects: the study and development of a clean energy electricity trading project through the power grid for third parties, or TPA, targeting total contracted capacity of up to 300 megawatts, and the start of commercial operation, or COD, of a rooftop solar project at Siam Paragon shopping centre with total installed capacity of 800 kilowatts. On 30 September 2026, Harald Link, Chairman of BGRIM, said the partnership aims to meet rising demand for clean energy and the changing electricity market, with BGRIM to source and present power procurement opportunities and energy solutions to Siam Piwat through the TPA mechanism, leading to future power purchase agreements. The Siam Paragon rooftop solar project is carried out by B.Grimm Power Smart Solution, or BGPSS, under BGRIM, together with Siam Paragon Development, covering an area of more than 4,600 square metres and expected to cut greenhouse gas emissions by up to about 532 tonnes per year. Nopadol Karnasuta, Chief Executive Officer for Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the move builds on a strategic partnership whose MOU was signed in late 2025. BGRIM aims to raise the share of renewable energy to more than 50%, with total power generation capacity of 10,000 megawatts by 2030, and is targeting net zero greenhouse gas emissions by 2065.

Deye Shares has released the implementation announcement for its 2026 interim equity distribution, with a cash dividend of 1.6 yuan per share before tax. The record date is October 13, 2026, and the ex-dividend and ex-rights date is October 14, 2026. Deye Shares is a constituent of the Dividend Quality Index, which selects 50 listed company securities with continuous cash dividends, relatively high dividend payout ratios, and strong profitability as index samples. The index includes high-growth sectors such as pharmaceuticals and biotechnology, electronics, and computers, as well as traditional dividend sectors like power equipment, building decoration, and non-bank financials. The Huaxia Dividend Quality ETF is the only ETF tracking the Dividend Quality Index, with feeder fund Class A code 016440, Class C code 016441, and Class D code 024263.

Ellomay Capital Ltd. announced that its Spanish indirectly held wholly-owned subsidiary, Ellomay Solar S.L., has received a battery storage grid access and connection permit for a project with a capacity of up to 22.2 MW / 100.3 MWh (4.5-hour), known as the BESS Facility. The BESS Facility also received a permit to charge 22.2 MW of electricity from the grid, which Ellomay said is expected to increase the flexibility and profitability of the project. The facility will be built on land already leased to Ellomay Solar, which owns a 28 MWp solar facility in Talaván, Cáceres, Spain. Ellomay expects construction of the BESS Facility to begin in the beginning of 2027 and to be completed in the fourth quarter of 2027. CEO and board member Ran Fridrich called the permit an important milestone in the company's strategy, noting that battery storage is a core growth engine for Ellomay, with a focus on markets where the need for flexibility is growing fastest, primarily Spain and Italy.

BrenX has entered into a definitive real estate sale and purchase agreement to acquire approximately 10,872 square meters of industrial land and photovoltaic infrastructure adjacent to its operating solar facility in Kaposszekcső, Hungary. The transaction marks the company's first execution of its develop-own-operate strategy and expands its footprint around the existing 1.2 MWp solar facility, which is already operating and provides the energy foundation for the site's potential expansion. CEO Nir Brenmiller said the acquisition could transform the Kaposszekcső property from a standalone renewable energy asset into what BrenX believes could become its first integrated industrial energy resource center. Potential developments at the site could include additional photovoltaic generation, battery energy storage systems, BrenX's proprietary bGen thermal energy storage technology, industrial energy services and, where technically and economically appropriate, modular data center infrastructure. BrenX believes the integrated approach could create opportunities for longer-term customer relationships and recurring revenue, and said it is now delivering its first commercial project and starting construction of its second.

Mahle is pressing ahead with expanding renewable energy production in Thailand with the launch of a solar power generation project with a capacity of 1 megawatt-peak at the plant of Mahle Siam Filter Systems Co., Ltd. in Samut Prakan province. The rooftop solar installation comprises a total of 1,639 solar panels and is expected to generate about 1,100 megawatt-hours of renewable electricity, or roughly 14% of the plant's total electricity demand, while cutting carbon dioxide emissions by as much as 540 tonnes. The project is structured as a power purchase agreement, allowing Mahle to use renewable electricity without any initial capital investment and helping to stabilise energy costs over the long term. It marks a significant step in driving forward the CO2 Roadmap of the Mahle Group, which aims to cut direct and indirect greenhouse gas emissions from energy use by 65% by 2030. Seho Lee, Chief Operating Officer and Executive Vice President of Mahle Siam Filter Systems Co., Ltd., said that generating renewable electricity for its own use will help reduce greenhouse gas emissions and strengthen the long-term operational resilience of the plant. The Samut Prakan facility serves as a key production base for automotive components in Southeast Asia, such as oil coolers, oil filters, cylinder head covers and air filters.

Bualuang Securities has maintained its Buy rating on Gunkul Engineering Public Company Limited, or GUNKUL, with a target price of 6.50 baht, after GUNKUL signed power purchase agreements for an additional 261.8MW of Phase 2 renewable energy projects. This brings the entire Phase 2 pipeline of 319MW to fully contracted status. The latest signed projects comprise 19.4MW of solar with commercial operation in 2027 and 242.4MW of wind with commercial operation in 2030. At the same time, GUNKUL sold a 50% stake in seven project companies to Gulf Renewable Energy, a company within the GULF group, for 466.5 million baht, covering 12 projects totalling 673.4MW gross, or 336.7MW on a proportional equity basis after the deal, spanning wind, solar, and solar-plus-BESS. The project companies will shift from subsidiaries to joint ventures, or JVs, after the transaction. Bualuang's research team views the key benefit of the deal as reducing the balance sheet burden rather than the gain from the share sale, because the projects require total investment of roughly 34.7 billion baht, of which about 26.0 billion baht is project debt. After the restructuring into JVs, that debt will sit at the joint venture level, and GUNKUL will contribute only about 4.3 billion baht in equity investment. If it held all the projects itself, analysts estimate net debt-to-equity in 2028 would rise from 0.22 times to 2.0 times, and IBD-to-EBITDA from 1.5 times to 6.8 times. The JV structure therefore helps preserve GUNKUL's capacity to invest in the next round, both PDP2026 and Direct PPA. On earnings, there is no change to the 2026 to 2028 forecasts, because the existing estimates already assume 50% ownership of these projects and recognition as share of profit from JVs. The new upside is the EPC business, because once the projects become JVs, construction work that GUNKUL takes on from the projects can be recognised as revenue in the consolidated accounts. If it wins EPC work equal to 15% of the 34.7 billion baht in project investment, at a net margin of 10%, that would generate total profit of about 520 million baht over 2026 to 2030, or an average of 130 million baht per year, equal to roughly 4% of 2028 core profit, which is not yet included in current estimates.

Yuanta Securities said today's Cabinet meeting has three interesting issues to watch. The first is the allocation of central budget funds for flood relief worth 2 billion baht. The second is infrastructure investment to build flood drainage channels that bypass the inner city, worth 160 to 200 billion baht, which is expected to be positive for the construction contractor, construction materials, and TEAMG groups. The third is a household solar project covering 1 million households, plus Smart Grid and Smart Meter, worth 70 billion baht under the 200 billion baht emergency loan decree to restructure energy. The research team views these issues as positive for GUNKUL, SSP, TRT, AKR, FORTH, and SAMART, among others.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, for an additional 261.8 megawatts of generating capacity under the RE Biglot Phase 2.1 renewable energy programme. The agreements run for 25 years and cover three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under RE Biglot Phase 2.1, for a total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company has also adjusted its shareholding in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts and consideration of 467 million baht. Following the transaction, the company's renewable energy portfolio has total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of the 2027 deadline, and it has set a new goal of adding more than 50% in generating capacity to reach 3,000 megawatts by 2030.

PT. Kolaka Nickel Indonesia is developing a landmark hybrid solar photovoltaic and battery energy storage system project in Oko Oko, Pomalaa, in the Kolaka Regency of Southeast Sulawesi, pairing a 20 MWp solar array with a 20 MW / 30 MWh energy storage system. Funding was secured in January 2026 through non-recourse financing from three banks: Industrial and Commercial Bank of China (Indonesia) Limited, Standard Chartered Bank Indonesia, and China CITIC Bank International Limited. The 11th Design & Research Institute of Electronics Industry Co., Ltd. serves as the EPC contractor, overseeing design, procurement and construction, while ZNSHINE SOLAR supplies the high-efficiency photovoltaic modules engineered for Indonesia's tropical conditions. Commissioning is scheduled for March 2027, after which the facility is expected to deliver decarbonization benefits for local nickel-sector operations. The project is described as a critical milestone on Indonesia's path toward greater sustainability and energy self-sufficiency.

Thailand is opening a community solar farm programme totalling no more than 1,500 megawatts, buying electricity from projects of no more than 10 megawatts each at a Feed-in Tariff, or FiT, of 2.1679 baht per unit for 25 years. The programme involves no price auction, because the state has already set the purchase rate, so applicants compete on the readiness of their projects, including land, engineering design, funding sources, experience and construction plans. The electricity authority will determine which areas can host power plants and how many megawatts they can support, based on the capacity of the power lines or feeders. Applicants must present letters of financial support from banks covering no less than 50 percent of the project value, and must post security at a rate of 1,000 baht per kilowatt, or about 10 million baht for a 10 megawatt project. Once a power purchase agreement, or PPA, is secured, developers must maintain the shareholder structure and, in principle, cannot transfer rights under the contract for five years after the commercial operation date. Meanwhile, Renewable Energy Certificates and carbon credits from the projects will belong to the electricity authority or the state sector, so producers should not expect additional income from this. Foreign investors may hold no more than 49 percent of shares in a limited company and must structure a joint venture with the Thai side appropriately. Under these rules, the term community refers to a subdistrict or khwaeng area used as the basis for determining project size and potential.

Phichai Panjasang, Chief Executive Officer of AJ Advance Technology Public Company Limited, or AJA, disclosed that the company has benefited significantly from its Alibaba.com business, for which it serves as an Official Partner in Thailand. Customer response and interest have grown by roughly 20-30%, as many small and medium-sized enterprises, or SMEs, and Thai businesses have turned to expanding into overseas markets to generate new revenue amid shrinking domestic purchasing power. As a result, sales in the company's electric motorcycle business declined, while its athletic footwear and sporting goods distribution business continues to operate as normal. On the clean energy side, the company has signed a cooperation agreement and begun a Proof of Concept, or POC, pilot project with J&T Express, installing solar power systems on the rooftops of transport stations, EV charging stations, and battery swap cabinets. The installation of solar cells at the first branch is expected to be completed by early October, with full end-to-end testing of the station, battery, and electric motorcycle systems set to begin within November. If the POC results meet their targets, AJA plans to expand this clean energy ecosystem to J&T Express branches nationwide. Meanwhile, the company will hold an extraordinary shareholders' meeting on October 2 to seek approval for a convertible bond issuance of up to 700 million baht. Management stated that this is not new debt but a renewal of an existing facility previously approved by a shareholders' meeting. The original facility expired because the company carried out a private placement, which changed the shareholding proportion of existing shareholders and the capital structure, requiring a new shareholder resolution in accordance with the rules of the Securities and Exchange Commission, or SEC, and the Stock Exchange of Thailand.

QTC Energy Public Company Limited, or QTC, a manufacturer and distributor of made-to-order transformers, said its new solar-cell equipment distribution business will benefit from government policy promoting rooftop solar installation among households. The Ministry of Finance has a policy for the energy transition through rooftop solar for 1 to 1.5 million households, with registration expected to open in mid-October 2026, which will support long-term expansion of the new business group. At present, its subsidiary QTC RE Company Limited is a distributor and retailer of solar system equipment, importing solar panels from 3 to 4 leading global brands, including LONGi, the world's number one, and is a distributor of Huawei-brand inverters and energy storage systems. Meanwhile, QTC ESS Company Limited provides integrated energy solutions for large industrial customers. As for the business outlook for the third quarter of 2026, it is expected to improve continuously from the second quarter of 2026 on rising demand for transformers both domestically and abroad, with the latest backlog of more than 800 million baht, most of which is expected to be delivered and recognized as revenue within this year. The company maintains its 2026 revenue target of 2 billion baht, up from 1.8 billion baht in 2025, after first-half revenue of about 1.202 billion baht, and is awaiting the results of a bid submission for a domestic transformer production contract worth a total of about 200 million baht, with clarity expected in the fourth quarter of 2026.

Solar, energy storage and lithium battery sectors are getting a boost from multiple positive catalysts. According to industry information, 11 polysilicon producers discussed controlling operating rates at around 35% starting in October. If the production cuts are carried out as planned, they would help ease inventory pressure and shift industry competition from low-price capacity expansion toward a rebalancing of supply and demand. In energy storage, Nvidia launched the DSX Ready certification program, bringing battery energy storage systems into the category of core equipment for AI factories, with a focus on fast response, stable power supply and power quality. Energy storage is thus extending beyond traditional peak shaving and valley filling to ensuring the stable operation of computing infrastructure. In lithium batteries, CATL's battery cell plant in Debrecen, Hungary began trial production on September 22, marking the entry of localized European capacity into the equipment and process validation stage. Guosheng Securities noted that expectations for polysilicon production cuts are clear, and supply contraction is expected to help stabilize prices along the industrial chain. From October, the industry's overall operating load is expected to fall to around 35%, and some downstream companies have already begun gradually restocking. Polysilicon producers are showing a stronger willingness to hold prices, generally using full cost as the floor for quotations. As of 1:39 p.m. on September 28, 2026, the STAR Innovation Energy ETF managed by Penghua, ticker 588830, saw its underlying index, the SSE STAR Market New Energy Index, ticker 000692, fall 4.64%, with KBC Corporation leading the decline among constituents, down 9.66%.

Huaihe Energy announced on September 28 that the company received the relevant selection notice from the Energy Bureau of Honghe Hani and Yi Autonomous Prefecture, Yunnan Province, confirming the company as the selected enterprise in the owner optimization process for the construction of four photovoltaic power projects: Luchachong, Mabao, Xinzhai, and Yanfeng. The planned total installed capacity of the above four photovoltaic power projects is 320,000 kilowatts.

A securities research note recommends "buying" GULF shares, expecting second-half 2026 results to continue growing and maintaining its 2026 revenue and EBITDA guidance of roughly 12-15% growth, driven by about 700 MW of new capacity in the second half. This includes 623 MW of renewable power plants expected to add about 600 million baht in annual profit, and the 10 MW Chiang Mai community waste-to-energy plant expected to generate about 120 million baht in annual profit. Meanwhile, the LNG import and optimization business is expected to generate about 1.5 billion baht in profit this year. Rising electricity demand from data centers and EV adoption is likely to support dispatch at IPP/SPP power plants. The Jackson power plant in the United States is already benefiting from capacity payments that rose from 270 to 329 dollars per MW-day on demand from data centers in the PJM market. GSA01, with 25 MW, has had customers using its full capacity since June, allowing it to recognize full profit in the second half of 2026, while the first roughly 200 MW of committed data center capacity is expected to be fully operational in 2027 before expanding to about 1,000 MW in late 2028. The company continues to expand its digital infrastructure into a full ecosystem covering energy, data centers, cloud, AI platform and applications, and enterprise solutions, with plans for about 130 to 140 billion baht in equity investment over five years and an allocation of roughly 10% to GULF Edge, which could rise to 15% as data centers grow. It also sees small modular reactors as another long-term investment opportunity if the government provides clarity on laws and regulatory criteria. On sentiment, the view is that the price decline from Singtel's share overhang is nearing resolution after Singtel sold 416 million GULF shares, or 2.8% of the total, in June 2026, cutting its stake from 7.73% to 4.95%, with a lock-up barring further sales of the remaining shares for 90 days, a period that ended on September 23. On technical factors, the price decline formed a low and held the psychological support level of 60.00 with a bullish candlestick signal. The trend is a double bottom pattern, or the completion of an inverted V-shape, with resistance at the 61.25 SMA. If it breaks and holds above that with rising volume, it would be a buy signal for a trading round. For those holding the stock, the recommendation is to hold or add, with a chance to test resistance at 61.25 and 62.75, and for those without the stock, a short-term buy is recommended, focusing on holding support at 60.00 and 59.00, and it should not fall below that.

Kijcharoen Engineering Electric Public Company Limited, or KJL, said it is benefiting from the continued growth of clean energy and solar power systems, which has driven up demand for its electrical system products. Chief Executive Officer Kasemsan Sujiwarodom said the company offers a range of products for solar systems, including cable trays, rooftop walkways and electrical cabinets, and has recently launched a cabinet developed specifically for installation alongside solar systems, serving both households and the industrial sector. The company aims to maintain its gross profit margin at around 30%. At the same time, it is pressing ahead with new product development to expand opportunities into the Data Center market, where it expects clearer business opportunities to emerge from 2027 and continue for another one to two years. It is currently conducting research and development on several new products for the Data Center segment. On its new product roadmap, the company expects to roll out roughly two to three more product groups this year, and next year plans to launch on average one new product group per quarter. It is also investing in the KJL Innovation Campus, or KiN, which comprises a Metal Design Lab, Metal Total Solution and a Brand Experience area, to raise its technological and innovation capabilities, as well as to expand its network of electricians from about 15,000 to 30,000 within this year.

Mr. Wikit Thirawannarat, IAA, Assistant Managing Director and Head of Investment Strategy at Bualuang Securities, unveiled a portfolio-adjustment strategy for the final stretch of the year in the fourth quarter of 2026, recommending investors rotate among sectors in step with the market. Stocks with their main revenue from overseas remain the key driver, because domestic purchasing power alone is not enough to move the market. The groups that outperformed the market in the third quarter of 2026 were those tied to the global economy and commodities, including petrochemicals, refineries, shipping stocks such as RCL and PRM, agricultural and food-export names such as TVO, TU and ITC, and electronic components such as KCE and HANA. Meanwhile, groups tied to domestic consumption, such as telecoms ADVANC and TRUE and retailers CPALL and CPAXT, rose more slowly than the market. Three investment themes lead the way. First, refineries and petrochemicals, where supply is tight and global demand is strong, with TOP trading at a price-to-book ratio of only about 0.7 times and paying consistent dividends. Second, power plants, expected to be the star performer in the fourth quarter, driven by the build-out of data centers and production bases by foreign companies, clarity on direct PPA contracts, and the power development plan. Third, energy and technology infrastructure, which benefits from transmission systems, substations, smart grids, smart meters, rooftop solar and submarine cable projects. As for industrial estates, after a big run-up in the first and second quarters of 2026, they are expected to enter a period of consolidation and rebound within a sideways range. On external factors, the surge in bond yields worldwide is a highlight to watch; if yields start to fall, that would be a key turning point for the stock market. The Bank of Japan may keep raising rates through the middle of next year, ending at around 1.75 to 2.0 percent, South Korea at 3.5 percent, Europe at 3.0 percent in the first quarter of next year, and the US Federal Reserve may hike another one to two times. As for new US tariffs, the assessment is that they will target specific rival countries rather than be imposed across the board, so Thailand is likely to escape them and may even benefit from cheaper imported raw materials such as soybeans and soybean meal, which would lower animal-feed costs and support meat-export groups such as chicken and pork. On investment strategy, short-term traders are advised to rotate through sector rotation, alternating between banks and commodities, while long-term investors are advised to focus on infrastructure and power plants, with standout large-cap stocks capable of winning projects and co-investing in infrastructure being GULF and PTT.

The Royal Gazette has officially announced the regulations for the community solar farm procurement programme, with total capacity of no more than 1,500 megawatts, setting a fixed feed-in tariff of 2.1679 baht per unit and 25-year power purchase agreements. The scheme uses selection criteria focused on project quality and suitability rather than the previous system based on the order in which bids were submitted. The 1,500 MW community solar farm programme is separate from the 10,000 MW people's solar plan. Brokers view the news as positive for renewable power operators. Finansia Syrus Securities said the stocks to watch are GULF, BGRIM, GPSC, GUNKUL, WHAUP and SPCG, while Krungsri Securities sees WHAUP, GUNKUL and SSP as beneficiaries, and Yuanta Securities Thailand picked GUNKUL, SSP and TSE. Thai Solar Energy Public Company Limited, or TSE, plans to take part in both the community solar programme and direct power purchase agreements, or Direct PPA, targeting at least 100 megawatts of new offered generating capacity to serve demand for clean electricity from data centre operators and the industrial sector, and is studying the use of battery energy storage systems, or BESS, alongside its projects. TSE is also pressing ahead with its Solar Big Lot programme of 28 projects with total offered capacity of 229.06 megawatts, for which it has already signed 25-year power purchase agreements with the Provincial Electricity Authority. The first four projects, with combined capacity of 30.20 megawatts, are expected to start commercial operation in the second quarter of 2027, while the remaining 24 projects, with combined capacity of 198.86 megawatts, are expected to gradually reach commercial operation during 2028 to 2030. Once all 28 sites are running, the company expects to generate additional revenue of about 900 million to 1 billion baht per year. TSE also has a community waste-to-energy power plant project in the Khorum subdistrict of Uttaradit province, with offered capacity of 8 megawatts and a concession period of 28 years and 6 months. It is currently preparing an environmental impact assessment report and is set to sign a power purchase agreement. Key issues to watch going forward are the schedule for accepting proposals, the competition criteria and project allocation, which will be major factors shaping each operator's chances of expanding generating capacity.

Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, has insisted that the Thai Chai Thai Plus 60/40 programme is not a populist policy aimed at winning political votes. Speaking on the programme "Kui Kap Khrom Anutin" on 26 September 2026, he said the scheme was launched under economic pressure from the war crisis in the Middle East, which has hit in three successive waves: surging oil prices and shortages, rising goods prices that drive up the cost of living, and shrinking public purchasing power. Under the programme the government pays 60% and the public pays 40%, with a limit of no more than 200 baht per day. It targets more than 26 million people and over 1.2 million small shops, street vendors and market stalls. Over the past three months or so, more than 160 billion baht has entered the system, with only 16% of it distributed in Bangkok and the remaining 84% spread across the provinces nationwide. The government has decided to extend Thai Chai Thai Plus Phase 2 by another two months, with a limit of 1,000 baht, using the remaining budget of about 46 billion baht from the first loan tranche of 200 billion baht under the 400 billion baht emergency loan decree. It is also introducing a solar cell subsidy measure worth 50,000 baht per household, which can cut electricity bills by 20–30% and allow surplus power to be sold back to the government, since Thailand relies on imported natural gas for as much as 65% of its electricity generation. As for subsidising fossil fuel prices, that is only a short-term fix; the government will instead turn to supporting biofuels such as biodiesel and ethanol. On the government's nickname "The Bag" for Prime Minister and Interior Minister Anutin Charnvirakul, Ekniti acknowledged that working in a crisis is naturally exhausting, and that the fatigue fades thanks to the smiles of the people brought about by the government's policy achievements.