Jacobs Solutions Selected as Owner's Engineer for 288MW Palmer Wind Farm

Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, or EA, disclosed that the company targets sales of 100 million baht from its palm oil extract business, BIO-PCM, within the next three years, after continuously rising demand from its main customers in the construction materials business in South Korea and Japan. The company began recognising revenue from PCM products last year. The PCM business still accounts for a relatively small share of sales compared with its energy business group, which generates revenue in the billions of baht. Meanwhile, the company's core business structure remains roughly 60-70% power plants, followed by the electric vehicle, or EV, business. As for the earnings outlook, it is expected to grow by leaps and bounds over the next three years, as new projects become clearer from 2027, spanning the power plant business, the biodiesel plant, and EV car sales to the Bangkok Mass Transit Authority, or BMTA, which will begin delivering vehicles from the first quarter of 2027. The Maha Sarakham 1 and Khon Kaen wind power plant projects will gradually begin commercial operation in 2028-2029, while the waste-to-energy plant in Phuket, with a generating capacity of 8 MW, will be completed in the second to third quarter of 2027. In addition, the company is interested in joining the auction under the new PDP plan, focusing on wind power plants and solar farms, and is also interested in joining the auction for community power plant and community solar projects.

Yuanta Securities (Thailand) said in an analysis dated September 30, 2026 that it holds a positive view on Gunkul Engineering Public Company Limited, or GUNKUL, after the company sold 50% stakes in 12 renewable energy power plant projects to Gulf Development Public Company Limited, or GULF, representing a combined pro-rata capacity of 336.7 megawatts. This breaks down into 88.2 megawatts of solar power plants, 16.5 megawatts of Solar+BESS projects, and 232.0 megawatts of wind power plants, which are scheduled to gradually begin commercial operations between 2027 and 2030. The sale value was 466.5 million baht, or about 1.39 million baht per equity megawatt. The research team expects the transaction to bring GUNKUL only a small extraordinary gain and to have no significant impact on third-quarter 2026 net profit. Meanwhile, normal operating results for the third quarter of 2026 are expected to grow both from the previous quarter and from the same period a year earlier, supported by the wind power plant business. The EPC business is expected to slow slightly from the previous quarter but still grow at a high level compared with the same period a year earlier. The conversion of these projects into a joint venture format could help increase the order book, or backlog, of GUNKUL's EPC business. The research team preliminarily estimates, based on the shareholding proportion, that it could rise by about 7 billion baht, with revenue expected to be gradually recognized more from around the middle of 2028. GUNKUL still aims to secure an additional 900 megawatts of new projects over the next three years, and its partnership with GULF also opens the opportunity for the company to take on EPC work for GULF's future renewable energy power plant projects. On dividend policy, the research team said there has been no significant change, estimating that dividend per share is likely to be no lower than the previous level of 0.12 baht per share, while in the first half of 2026 the company already paid a dividend of 0.10 baht per share. It maintained a buy recommendation on GUNKUL with an end-2027 target price of 8.70 baht.

Kasikorn Securities recommends buying GULF shares with a 79 baht target, expecting strong profit growth during 2026–2030 after GULF notified the SET on September 28 that GRE, its 100%-owned subsidiary, acquired a 50% stake in 7 GUNKUL companies, covering 12 solar and wind power plant projects in Thailand with total contracted capacity of 673MW, or 337MWe based on GULF's proportionate equity capacity. GULF paid 467 million baht for the 50% stake, while GUNKUL retains the other 50%, representing a premium of about 1.4 million baht per MW for the acquisition of rights under PPA contracts. The acquired portfolio comprises solar and solar-plus-BESS projects totaling 209MW and wind farm projects totaling 464MW. All 12 projects have signed 25-year PPAs with EGAT, with FiT rates of 2.16 baht per kWh for solar, 2.83 baht per kWh for solar-plus-BESS, and 3.10 baht per kWh for wind. This acquisition of 337MWe of renewable capacity represents about 3.5% of GULF's committed equity capacity of 9,607MWe as of August 2026. Profit sharing from the 209MW of solar is expected to be about 150 million baht in 2028 and to increase by roughly 600 million baht from 2030 onward from the 464MW of wind farms. The solar power plants will begin COD from 2027, while most wind projects will reach COD in 2029–2030. Kasikorn Securities views that the newly acquired capacity will not yet affect profits in the second half of 2026 and expects third-quarter 2026 net profit to grow year-on-year but decline quarter-on-quarter. The 79.00 baht target price is based on a discounted cash flow method with a WACC of 4.4%.