B.Grimm Power Public Company Limited and its subsidiaries develop, finance, construct, and operate green-field power plants in Thailand and internationally. It operates through Electricity Generating and Other Businesses segments. The Electricity Generating segment generates and distributes electricity for government and industrial users and procures and wholesales liquefied natural gas. The Other Businesses segment provides investment holding, maintenance, and operating services for power plants. The company generates electricity through solar, hydro, and wind power, invests in electric, solar, and renewable power businesses, develops electricity generation systems, and manages smart grid networks. It also engages in solar power plant project management, natural gas procurement and wholesale, land development for power plant projects, operation and maintenance services, and management consulting. The company operates in Vietnam, Cambodia, the United States, the Republic of Korea, and the Philippines. Founded in 1878, it is headquartered in Bangkok, Thailand.
Why is B.Grimm Power Public Company Limited (BGRIM.BK) moving?
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BGRIM expands data centres and Malaysia gas, while PDP2026 promises PPA extensions
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BGRIM signs GE Vernova deals for 750 MW Malaysia gas plant BGRIM signed two agreements with GE Vernova: one to supply a gas turbine for a new 750 MW combined-cycle plant in Malaysia, and a 14-year service contract for five turbines at its Thai plants. This secures equipment and long-term maintenance, supporting future earnings and share price.
This is a concrete new project that expands BGRIM's overseas capacity and locks in operational efficiency.
BGRIM and Siam Piwat target 300 MW clean power via TPA BGRIM signed an MOU with Siam Piwat to develop up to 300 MW of clean power trading through the Third Party Access system. They also started a rooftop solar project at Siam Paragon. This opens a new business channel and supports BGRIM's renewable growth target.
It is a new partnership that could lead to future contracts and revenue from clean energy trading.
PDP2026 draft allows 7-year PPA extensions for existing plants The draft Power Development Plan 2026 may let existing power plants extend their power purchase agreements by seven years. BGRIM has proposed extending 22 projects (about 3,000 MW). This would secure long-term revenue and cash flow without major new investment, supporting the stock.
It directly addresses a key risk—PPA expirations—and enhances the value of BGRIM's existing assets.
BGRIM plans 250 MW data centre, raises 2030 target to 500 MW BGRIM will invest in a new 250 MW data centre with a foreign partner, lifting its 2030 data centre capacity target to 500 MW from 300 MW. It is also studying projects in South Korea and Japan. This reflects growing demand from AI and digital infrastructure, a positive for the share price.
It is a major new investment that expands BGRIM's data centre footprint and future revenue potential.
Krungsri says GPSC, GULF and BGRIM to benefit from data center power demand
Krungsri Securities said in a research note that power plant stocks GPSC, GULF and BGRIM have regained investor attention on rising electricity demand from data centers, artificial intelligence and the chip industry, setting 2027 target prices of 61 baht, 77 baht and 23 baht respectively and recommending a buy on all three. GPSC, or Global Power Synergy Public Company Limited, has drawn interest from the draft national power development plan, or PDP2026, which may allow existing power plants to extend their power purchase agreements by another seven years. GULF, or Gulf Development Public Company Limited, stands to benefit from direct power purchase agreements, or Direct PPAs, from data center, AI and chip businesses, with estimated power demand of around 2,000 to 3,000 megawatts. That figure reflects an assessment of the market opportunity, not the total capacity for which GULF has already secured contracts. BGRIM, or B.Grimm Power Public Company Limited, has raised its power generation target for the data center business to 500 megawatts by 2030 from 300 megawatts previously. Krungsri expects BGRIM's normalized profit to grow 22% in 2027 and 17% in 2028, helped by lower natural gas costs amid an oversupply of LNG and the gradual commercial start-up of new projects, namely the Nakwol 1 wind power plant in South Korea and a data center project in Thailand. Investors, however, still need to watch for clarity on energy policy and related regulations, as well as fuel cost trends and the investment burden of each company.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Demand
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
BGRIM.BK · Demand · Positive BGRIM raised its data center power generation target to 500MW by 2030 from 300MW, reflecting rising end-customer demand.
GPSC.BK · Demand · Positive GPSC drew interest from draft PDP2026, which may let existing plants extend power purchase agreements by seven years, supporting demand for its power.
GULF.BK · Demand · Positive GULF stands to benefit from Direct PPAs with data center, AI and chip businesses representing ~2,000-3,000MW of power demand.
Krungsri Keeps Buy on BGRIM with 23 Baht Target, Raises Data Center Target to 500 MW
Krungsri Securities has raised its target for BGRIM's Data Center business capacity to 500 megawatts by 2030, up from 300 megawatts previously, viewing it as a positive factor for investment confidence. It maintains a Buy recommendation and a 2027 target price of 23 baht, based on a sum-of-the-parts valuation. It expects normal profit in 2027 and 2028 to grow 22% and 17% respectively, driven by lower natural gas costs amid an LNG supply glut and the gradual commercial start-up of new projects, namely the Nakwol 1 wind power plant in South Korea and a Data Center project in Thailand. However, the research team has not included large pipeline projects in its estimates, namely the 184 MWe Nakwol 2 wind power plant, a 735 MWe IPP power plant in Malaysia, and a 411 MWe battery energy storage system project in Italy, since developing these projects simultaneously could require substantial investment. Meanwhile, the interest-bearing debt-to-equity ratio stands at 2.2 times, compared with a loan covenant limit of no more than 3.0 times. BGRIM shares traded intraday at 19.20 baht, up 0.30 baht or 1.59%.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Supply
BGRIM.BK · Capital · Positive Krungsri maintains Buy and 23 baht target, raising Data Center capacity target to 500 MW by 2030, boosting investment confidence.
BGRIM.BK · Supply · Positive Expected 22% and 17% profit growth in 2027-2028 driven by lower natural gas costs amid an LNG supply glut.
Krungsri Securities Public Company Limited · · Neutral Krungsri Securities is the analyst issuing the Buy rating and target, not a subject of fundamental impact.
Power plant stocks rise, GPSC jumps 4.62% on data center criteria nearing October conclusion
Power plant stocks rose prominently this morning, with GPSC jumping 4.62%, up 2.25 baht to 51.00 baht, on trading value of 578.88 million baht, buoyed by progress on revising data center criteria, as the Data Center board gradually finalizes the approval and regulatory framework for new data center investment within a one-month timeframe, with a conclusion expected no later than October 15. Meanwhile, agencies that must amend related laws are scheduled to present proposals to the Cabinet within October 2026, a positive sentiment for the power plant sector, especially companies with strong capital bases such as GULF and GPSC. Short-term support also comes from the baht strengthening to 33.55 baht per dollar from 33.73 baht per dollar yesterday, and short-term US government bond yields falling 5 bps to 5.227%. Krungsri Securities recommends focusing on GULF, GPSC and BGRIM with 2027 target prices of 77.00 baht, 61.00 baht and 23.00 baht respectively. Asia Plus Securities noted that GPSC targets new generating capacity of about 5,000 MW from the power plant procurement round under Thailand's PDP2026 plan, and plans to list its AEPL project in India on the Indian stock market in 2028, while seeking M&A in Laos, targeting new projects that yield more than 8-10% returns, and plans initial data center investment of about 50-100MW in both Thailand and India.
GPSC.BK · Regulation · Positive GPSC jumps 4.62% as data center criteria revision nears October conclusion, a positive for power plant operators with strong capital.
GULF.BK · Regulation · Positive GULF named as a strong-capital power plant company benefiting from the data center regulatory framework progress and analyst recommendation.
BGRIM.BK · Regulation · Positive Krungsri recommends BGRIM among power plant plays benefiting from progress on data center regulatory criteria and PDP2026 capacity.
US-10Y.GB · Monetary · Negative US 10Y government bond yields fell 5 bps to 5.227%, meaning the yield declined (bond price rose).
Kasikorn Thai says World Bank urges Thailand to accelerate AI adoption, supporting 8 stocks in industrial estates, power, and electronics
Kasikorn Securities stated that the World Bank recommends Thailand accelerate its use of AI to boost productivity and escape the middle-income trap, after finding that only 12% of Thai businesses use AI, compared with 43% in the United States. The government should urgently develop workforce skills, establish clear regulations, and ensure energy security for data centers. Meanwhile, Thailand's manufacturing base, services sector, and AI hardware supply chain are key strengths. The brokerage views this as structurally positive for the industrial estate, utilities, power plant, digital infrastructure, and electronics sectors, such as WHA, AMATA, WHAUP, GULF, BGRIM, DELTA, KCE, and HANA.
Artificial Intelligence › AI Data Center & Build-out ▲Demand
AMATA.BK · Demand · Positive World Bank-backed AI adoption push is seen as structurally positive for Thailand's industrial estate sector, where Amata operates.
BGRIM.BK · Demand · Positive Brokerage cites the AI/data-center drive and energy-security needs as structurally positive for Thai power plant and utilities names like B.Grimm.
DELTA.BK · Demand · Positive Thailand's AI hardware supply chain and electronics sector are named key strengths benefiting from accelerated AI adoption, supporting Delta Electronics.
GULF.BK · Demand · Positive World Bank call to ensure energy security for data centers is viewed as structurally positive for Thai power and utilities, including Gulf Energy.
HANA.BK · Demand · Positive Thailand's AI hardware supply chain and electronics sector are cited as key strengths, supporting Hana Microelectronics.
KCE.BK · Demand · Positive World Bank-backed AI adoption push is seen as structurally positive for Thailand's electronics/AI hardware supply chain, which includes KCE.
Finansia recommends buying BGRIM with a target of 21.70 baht, benefiting from the new power auction and data centers
Finansia Securities stated that BGRIM has begun factoring in the potential value from being allocated power generation capacity under the new PDP, which is expected to open for bidding next year. Initially, it assumes that EGAT will open an auction for new renewable energy of about 10GW, and BGRIM will receive 5%, or approximately 500MW, in solar projects under power purchase agreements with a feed-in tariff of 2.16 baht per kWh. It estimates investment costs at 25 to 30 million baht per MW and project returns of about 12%, which is expected to add approximately 2 baht per share in value to BGRIM. On the data center business, BGRIM aims to expand capacity to 300MW by 2030. It is currently developing two hyperscale data center projects, each with 48MW of IT capacity, through a joint venture with Digital Edge on a 40:60 basis. The first phase already has customers booking nearly all of the space, and revenue recognition is expected to begin in 2027. Currently, BGRIM has total power generation capacity of about 4.6GW, with projects under development that will support growth, including the Nakwol 1 project in South Korea at 360MW, a project in Thailand at 100MW, a hydropower plant project in the United States at 420MW, and data center projects totaling 96MW, of which the first phase of 48MW is expected to be completed in the fourth quarter of 2026. Finansia maintained its buy recommendation and raised its target price to 21.70 baht after including the expected value from the new PDP power generation auction next year, and it has not yet included additional clean power capacity under the DPPA scheme in its valuation. Therefore, there is still room to raise the target price further if project clarity increases.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Regulation
BGRIM.BK · Capital · Positive Finansia maintained buy and raised BGRIM's target price to 21.70 baht, factoring in value from the new PDP power auction.
BGRIM.BK · Demand · Positive BGRIM's two hyperscale data center projects have nearly all first-phase space booked by customers, with revenue from 2027.
BGRIM invests in 250 MW data centre, lifting 2030 target to 500 MW
B.Grimm Power Public Company Limited, or BGRIM, is preparing to invest in a new data centre project with a capacity of approximately 250 megawatts together with a new foreign partner, in order to serve rapidly rising demand for artificial intelligence, or AI, services. Dr. Harald Link, Chairman of BGRIM, said the project will help push the company's Data Center capacity target up to 500 megawatts by 2030, from an earlier target of 300 megawatts that was announced just last month. He did not disclose the name of the partner that will join the investment. At the same time, BGRIM is still studying the feasibility of developing Data Center projects in South Korea and Japan with a combined capacity of about 200 megawatts, to expand its business base and serve growing demand for digital infrastructure in the region. For investment in Thailand, BGRIM has entered the Data Center business through Digital Edge B.Grimm, a joint venture between BGRIM and Digital Edge of Singapore. It is currently developing a 96-megawatt Data Center project in Thailand and expects to begin commercial operations within this year, with plans to expand capacity further in the future. In addition, BGRIM has set a target of increasing its total power generation capacity to about 10 gigawatts by 2030, from roughly 4.8 gigawatts at present, by continuing to expand investment in renewable energy in the United States, Italy, Greece and various countries in Asia. Meanwhile, Yuan Ta Securities (Thailand) Company Limited said BGRIM's plan to invest in a new 250-megawatt Data Center, which will raise its 2030 capacity target to 500 megawatts, is a positive factor for the share price because it reflects growth opportunities from electricity demand from the Data Center business, which is likely to keep rising. However, the research team views the target size as not yet very outstanding compared with other operators, and it still prefers Global Power Synergy Public Company Limited, or GPSC, estimating that the company has Data Center-related projects awaiting investment of no less than about 500 megawatts, with some clarity possibly emerging in 2026 for about 300 megawatts, while the remainder is expected to become clearer in 2027, with a chance that total capacity will exceed 500 megawatts.
Artificial Intelligence › AI Data Center & Build-out ▲Capital
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Capital
Artificial Intelligence › Colocation & Hyperscale REITs Capital
BGRIM.BK · Capital · Positive BGRIM plans a new 250 MW data centre investment, lifting its 2030 data centre capacity target to 500 MW, which the article calls a positive factor for the share price.
Brokerages pick GULF and GUNKUL as top stocks to benefit from PDP2026 plan
Analysts at Bualuang Securities stated that the PDP2026 plan is likely to win approval from the National Energy Policy Council, or NEPC, by October 2026 without needing to go through the Cabinet, and the first auction round is expected in mid-2027. The plan follows the Case 4 approach, a mix of renewable energy and CCS, and still keeps natural gas in the system. Investment of about 500 billion baht will be needed for grid stability during 2029-2050. Meanwhile, the 2027-2050 work plan will be developed on the basis of Smart Meter, digital power stations, VPP and DR, which are key factors determining other aspects of PDP2026. Direct PPA demand already exceeds 2,000MW, and electricity demand from Data Centers stands at around 7-8GW, but buyers will have to bear the Wheeling charge, grid system costs, and imported LNG costs of about 25 US dollars per MMBtu. The research team maintains an overweight stance on Thai listed power plant stocks relative to the market, naming GULF and GUNKUL as top picks. Investment in the power grid, EPC and equipment will come first, pushing GUNKUL to the front of the investment cycle through its EPC, transmission system and equipment distribution businesses, supported by the lowest base Net gearing in the sensitivity analysis. GULF, meanwhile, still has the highest valuation upside, around 10.0-12.1% of net profit in 2028, under a capacity addition cap of 5,000-6,000MW, and has exposure to investment under Case 4 covering Solar, Wind, BESS and the flexibility of natural gas power plants. The extension of power plant operating life will support the cash flow of GPSC, RATCH and EGCO, while the current upside from BGRIM's Direct PPA depends on the Wheeling charge. Key drivers include NEPC approval in October, the announcement of the Wheeling charge and TPA rules, the form of grid-level BESS procurement, and the first auction round in mid-2027.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Regulation
Energy Transition & Power Demand › Firm Power & Transition Fuels Regulation
Energy Transition & Power Demand › Wind Regulation
GULF.BK · Regulation · Positive Named a top pick with highest valuation upside (~10-12.1% of 2028 net profit) under PDP2026 Case 4, with exposure to Solar, Wind, BESS and flexible gas plants.
GUNKUL.BK · Regulation · Positive Named a top pick to lead the investment cycle via its EPC, transmission and equipment distribution businesses, supported by the lowest base net gearing.
BGRIM.BK · Regulation · Positive Extension of power plant operating life under PDP2026 will support BGRIM's cash flow, though its Direct PPA upside depends on the Wheeling charge.
EGCO.BK · Regulation · Positive PDP2026's extension of power plant operating life will support EGCO's cash flow.
GPSC.BK · Regulation · Positive PDP2026's extension of power plant operating life will support GPSC's cash flow.
RATCH.BK · Regulation · Positive Extension of power plant operating life under PDP2026 will support RATCH's cash flow, per the analysts.
Brokers recommend buying GPSC and BGRIM after PDP2026 draft eyes 7-year PPA extensions for existing power plants
Dao Securities (Thailand) said the PDP2026 draft is likely to open the way for existing power plants to extend their power purchase agreements, or PPAs, by another 7 years, to bridge the transition period between the gradual expiry of existing plants and the entry of new capacity and renewable energy. There are concerns that new power plants may not be built and connected to the grid in time to meet rising electricity demand, particularly from data centers. Meanwhile, the Energy Policy and Planning Office said it will not extend PPAs for every plant, but will consider only projects essential to system stability, such as power plants in the EEC area. GPSC stands to benefit from the 713MW Glow IPP, while BGRIM has proposed extending PPAs for a total of 22 IPP-SPP projects with combined capacity of about 3,000MW. BANPU has the 1,434MW BLCP plant, whose agreements will gradually expire in 2032, while RATCH may benefit from gas-fired IPP plants that meet the criteria. Dao's research team has a positive view on the power plant sector, as PPA extensions will let operators keep using existing plants and infrastructure without large investments in new projects, while reducing risks from PPA expiries and enhancing the value of existing assets over the long term. The research team sees upside for GPSC and BGRIM from multiple projects that may win extensions, and therefore maintains buy ratings, with a target price of 60.00 baht for GPSC and 25.00 baht for BGRIM.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Regulation
BGRIM.BK · Regulation · Positive BGRIM proposed extending PPAs for 22 IPP-SPP projects totaling ~3,000MW under the PDP2026 draft, and Dao maintains a buy rating with a 25.00 baht target.
GPSC.BK · Regulation · Positive GPSC stands to benefit from the 713MW Glow IPP PPA extension under the PDP2026 draft, and Dao maintains a buy rating with a 60.00 baht target.
BANPU.BK · Regulation · Neutral BANPU's 1,434MW BLCP plant is mentioned as having PPAs expiring from 2032, but the article does not say it is a candidate for the 7-year extension.
RATCH.BK · Regulation · Neutral RATCH is only noted as possibly benefiting from gas-fired IPP plants that meet the criteria, with no confirmed project named.
World Bank raises Thailand's GDP forecast for this year to 2%, citing 8 stocks set to benefit
The World Bank has raised its forecast for Thailand's GDP growth this year to 2% from 1.3%. TTBB Wealth Securities said the upgrade was driven by exports of AI-related goods and investment in data centers, which helped offset the impact of higher energy prices. For 2027 and 2028, Thailand's economy is expected to expand by 2.3% and 2.4%, respectively. Risks to watch include conflict in the Middle East, higher US import tariffs, a weak tourism sector, the effects of a severe El Niño that could hit farmers' incomes, and household debt as high as 87%. Although the upward revision to the GDP forecast is a positive factor, growth remains concentrated in only a few industries, so the research team is using a selective strategy, focusing on export groups with strong growth and groups that benefit from data center investment, namely DELTA, KCE, HANA, STECON, GULF, GUNKUL, BGRIM and GPSC.
Artificial Intelligence › AI Data Center & Build-out ▲Demand
Artificial Intelligence › Build-out, Construction & Engineering ▲Demand
BGRIM.BK · Demand · Positive Named among stocks set to benefit from data center investment and strong export growth in Thailand's upgraded GDP outlook.
DELTA.BK · Demand · Positive Named as a beneficiary of AI-related goods exports and data center investment driving Thailand's raised GDP forecast.
GPSC.BK · Demand · Positive Named among groups benefiting from data center investment in Thailand's upgraded economic outlook.
GULF.BK · Demand · Positive Named as a stock set to benefit from data center investment and export growth in Thailand.
GUNKUL.BK · Demand · Positive Named among stocks benefiting from data center investment and strong export groups in Thailand's upgraded GDP forecast.
HANA.BK · Demand · Positive Named among export groups with strong growth benefiting from AI-related goods exports and data center investment under Thailand's upgraded GDP outlook.
Brokers bullish on power plant stocks as new PDP supports private sector push into renewable energy
Brokers are bullish on power plant stocks after the new Power Development Plan, or PDP, prepared to be submitted to the National Energy Policy Council, or NEPC, for approval within December 2026, opening the way for the private sector to play a key role in expanding renewable energy generation capacity through the Direct PPA framework and capacity allocation by the Energy Regulatory Commission. Meanwhile, the role of the Electricity Generating Authority of Thailand, or EGAT, will focus on strengthening the stability and reliability of the power system, with planned CCGT and BESS capacity of up to 50% possibly allocated to EGAT, which has a net interest-bearing debt to equity ratio of 0.22 times and a Net IBD/EBITDA of 1.0 times in the second quarter of 2026. Maybank Securities Thailand said it held a special online meeting with Ms. Nanthida Ratchatawechakul, Director of the Electricity Policy Division at the Energy Policy and Planning Office, or EPPO, on 6 October 2026, with 47 participants from domestic and foreign institutional investors, who held a slightly positive view on the power plant sector and expect regulations including the electricity grid tariff framework to be officially announced within the next one to two months, before the PDP takes effect. Dao Securities Thailand said the draft PDP 2026 is likely to allow existing power plants to extend their power purchase agreements by another seven years, considering only projects necessary for system stability, such as power plants in the Eastern Economic Corridor, where GPSC stands to benefit from the 713 MW Glow IPP. BGRIM has proposed extending 22 IPP-SPP power plants with a combined capacity of about 3,000 MW. BANPU has the 1,434 MW BLCP plant, which will gradually expire in 2032, and RATCH stands to benefit from gas-fired IPP plants that meet the criteria. It maintained a buy recommendation on GPSC with a target price of 60.00 baht and on BGRIM with a target price of 25.00 baht, based on DCF.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Regulation
BANPU.BK · Regulation · Positive BANPU's 1,434 MW BLCP plant is cited as a beneficiary of the draft PDP 2026 allowing existing power plants to extend power purchase agreements by seven years.
BGRIM.BK · Regulation · Positive BGRIM has proposed extending 22 IPP-SPP power plants (~3,000 MW) under the draft PDP 2026's PPA extension framework.
GPSC.BK · Regulation · Positive GPSC stands to benefit from the 713 MW Glow IPP under the draft PDP 2026's PPA extensions for projects in the Eastern Economic Corridor.
RATCH.BK · Regulation · Positive RATCH is cited as standing to benefit from the draft PDP 2026's PPA extension provisions.
Bualuang says flood impact on SET earnings limited, watches for AMATA production halt
An analysis by Bualuang Securities assesses that the flood situation, which had expanded as of 1 October 2026 to cover 30 provinces and 191 districts in Bangkok, 1.18 million households and about 3.35 million people, is still having a limited impact on the economy. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10% and expects the impact on GDP to be no more than 0.1% and on SET earnings no more than 2%, far below the major floods of 2011. The most important thing to watch is the duration of production halts in the industrial sector rather than the amount of flooded area. At AMATA City Chonburi, about 150 factories were affected and 34 temporarily halted production, while KCE and HANA have some production bases in Ayutthaya. As for DELTA's plants in Bang Pu and Wellgrow, no water entered the factories and operations have returned to normal. If factories can resume production quickly, the impact will be limited to short-term earnings, but if production halts drag on, damage to machinery, transport and the supply chain could raise risks to earnings further. Caution is therefore still warranted on AMATA as well as the automotive and electronics groups that have production bases in at-risk areas. BGRIM stated that its SPP power plants in AMATA City Chonburi and its floating solar facilities are still operating normally, and electricity demand from industrial customers has not been significantly affected. For other groups, the impact remains fairly limited. The retail lending group is expected to see an impact on 2026 earnings of about 2% for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with the impact on earnings estimated at about 1–2%, greater than the effect on interest income. Bualuang Securities views the volatility from the floods as an opportunity to gradually accumulate stocks with resilient earnings and a chance of a quick recovery, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL and DELTA, KCE, HANA, whose production bases have so far been only limitedly affected, while demand for AI and data centers remains a supporting factor.
AMATA.BK · Supply · Negative About 150 factories at AMATA City Chonburi affected and 34 halted production, with caution warranted on AMATA as flood-related production halts could drag on.
BGRIM.BK · Supply · Positive BGRIM stated its SPP power plants in AMATA City Chonburi and floating solar facilities are still operating normally with industrial electricity demand not significantly affected.
DELTA.BK · Supply · Positive No water entered DELTA's Bang Pu and Wellgrow plants and operations have returned to normal.
MTC.BK · Capital · Negative Bualuang estimates flood impact on MTC's 2026 earnings at about 2%.
SAWAD.BK · Capital · Negative Bualuang estimates flood impact on SAWAD's 2026 earnings at about 1%.
TIDLOR.BK · Capital · Negative Bualuang estimates flood impact on TIDLOR's 2026 earnings at about 2%.
Brokers see Thai stocks edging higher after weak US jobs data, recommend DELTA as top pick
Several brokers expect the Thai stock market to trade in positive territory today. Finansia Syrus Securities sees the SET Index in a range of 1,565-1,583 points, helped by US Nonfarm Payrolls for September 2026, which rose by 29,000, below economists' forecast of 84,000 and below the prior 12-month average of 45,000, while the unemployment rate came in at 4.2%, higher than expected. As a result, the market has cut the probability of an October rate hike to just 22%. CGS International (Thailand) sees a range of 1,560-1,585 points, and DAOL sees a range of 1,545-1,552 up to 1,600 points. All three brokers are also watching Thailand's September inflation figures, with the market expecting headline inflation of 3.1% year-on-year and core inflation of 1.56% year-on-year, as well as the US ISM services index for September, expected to rise to 55.7, and the Fed meeting minutes due Wednesday night. The stock they all recommend is DELTA, with Finansia setting a 2027 target price of 290 baht and expecting third-quarter 2026 profit to accelerate to 8.3 billion baht and fourth-quarter 2026 profit momentum to reach 10 billion baht, lifting full-year 2026 profit to 32 billion baht. DAOL recommends bank stocks KTB, KBANK and KKP, along with data center and power plant theme stocks GPSC, BGRIM and ADVANC. It also noted that foreign investors were net sellers of Thai stocks to the tune of 850.49 million baht on October 2, 2026, and that the baht closed at 33.55 baht per dollar.
DELTA.BK · Capital · Positive All three brokers recommend DELTA as top pick, with Finansia setting a 2027 target price of 290 baht and forecasting accelerating Q3/Q4 2026 profit.
KKP.BK · Capital · Positive DAOL recommends KKP among bank stocks as a top pick amid expectations of Thai market gains.
KTB.BK · Capital · Positive DAOL recommends KTB among bank stocks as a top pick amid expectations of Thai market gains.
BGRIM.BK · Demand · Positive DAOL recommends BGRIM as a data center and power plant theme stock, implying expected demand for its power capacity.
GPSC.BK · Demand · Positive DAOL recommends GPSC as a data center and power plant theme stock, implying expected demand for its power capacity.
KBANK.BK · Capital · Positive DAOL recommends KBANK among bank stocks, an analyst buy recommendation.
Bualuang Securities warns new flood round to pressure Thai stocks, picks BGRIM as top pick on free electricity theme
Bualuang Securities is warning investors to watch for the risk of a new round of flooding that could prove more severe than expected, potentially repeating the pattern of 2011 and pressuring the Thai stock market into a correction. The brokerage said the seasonal flood risk could inundate low-lying areas and key economic zones such as Bangkok, Rayong, Chonburi and Kanchanaburi, disrupting transport systems and industrial estate areas. Factors to monitor are the volume of rainfall still to come during the monsoon and water management at major dams. Bhumibol Dam is currently at 65.37% of capacity and Sirikit Dam at 80.27%, while high sea tides are also a concern. If water management fails, damage similar to 2011 could occur, and this is the most heavily weighted issue pushing the Thai stock market lower over the next one to two weeks. The research team recommends caution over further share price declines and says it will issue an immediate signal to cut portfolio exposure if panic selling occurs or the flood situation becomes untrustworthy. Today's recommended stock is BGRIM, based on the theme of accelerating the expansion of grid interconnection bottlenecks and the free electricity market, or smart grid, and the unlocking of power sales in basic energy segments such as gas to support direct and cross-area electricity purchases from producers. This is expected to directly support the power plant business and electricity sales to data centers. Support is at 18.3 baht, resistance at 19.0 baht, and stop loss at 18.0 baht.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Regulation
BGRIM.BK · Demand · Positive Bualuang picks BGRIM as top pick on the free electricity/smart grid theme, expecting grid interconnection expansion to directly support its power plant business and electricity sales to data centers.
BGRIM Joins Forces with Siam Piwat to Study TPA Project Targeting 300MW Capacity
Daol Securities stated that BGRIM and Siam Piwat have signed a memorandum of understanding, or MOU, to study and develop a project for trading clean electricity through the power grid to third parties, or Third Party Access, targeting a total contracted generation capacity of up to 300MW to serve the clean energy needs of the Siam Piwat group, which covers major shopping centers including Siam Paragon, Siam Center, Siam Discovery, and ICONSIAM. BGRIM will be the electricity supplier and offer energy solutions through the TPA mechanism before moving to future contracts. Meanwhile, the Siam Paragon Solar Rooftop project, with a capacity of 800kW, has already commenced commercial operation under a power purchase agreement with BGRIM, installed on an area of over 4,600 square meters, and is expected to help reduce greenhouse gas emissions by up to about 532 tons per year. Daol has a neutral view on this news, as the 300MW TPA project is still only a study target, but if fully developed it would represent about 4.5% of the current installed capacity of 6.6GW. However, there are still no clear contract details or commercial operation date, so it is not yet included in estimates. The 800kW Solar Rooftop that has already commenced commercial operation accounts for only 0.01% of current capacity and is expected to generate revenue of only a few million baht per year, so its impact on BGRIM's estimates is limited. The buy recommendation is maintained with a target price of 25.00 baht.
Energy Transition & Power Demand › Firm Power & Transition Fuels Demand
BGRIM.BK · Demand · Positive BGRIM signed an MOU with Siam Piwat to supply up to 300MW of clean electricity via Third Party Access, plus an already-operating 800kW solar rooftop PPA.
Siam Piwat Co., Ltd. · Demand · Positive Siam Piwat signed an MOU to procure clean electricity for its shopping centers and already has an operating solar rooftop PPA with BGRIM.
DAOL Securities (Thailand) Public Company Limited · Capital · Neutral Daol maintains a buy rating and 25.00 baht target price on BGRIM but holds a neutral view on the TPA news, which is not yet in estimates.
Daiwa Broker Sets Thai Stock Range for October at 1,500-1,630 Points, Recommends 5 Top Picks
Analysts at Daiwa Securities (Thailand) Public Company Limited assess the direction of the stock market for October 2026, setting an index range of 1,500-1,630 points and expecting the market to return to focusing more on fundamentals during the mid-month earnings announcements, led by banking stocks, especially the views from the executives of large banks. External factors to watch include the BOT, Fed, and BOJ meetings, as well as the US midterm elections, with statistics indicating that Thai stocks often respond positively ahead of elections. Meanwhile, risks still stem from the Iran war situation, which has yet to find a resolution, and progress on government policies, including the Thai Helps Thai Plus Phase 2 tourism stimulus measures, the announcement of the 2027 Budget Act, the PDP2026 plan, and the momentum of a no-confidence debate motion. On investment strategy, long-term themes through AI and Data Centers remain favored, with five stocks recommended: ADVICE, BGRIM, CK, PLANB, and SCGP.
BGRIM Teams Up with Siam Piwat on 300 MW TPA, Starts Commercial Operation of Siam Paragon Solar Project
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.
BGRIM.BK · Demand · Positive BGRIM signed an MOU with Siam Piwat for a TPA clean-energy trading project targeting up to 300 MW and started COD of the 800 kW Siam Paragon rooftop solar project, adding contracted capacity and customers.
Siam Piwat Co., Ltd. · Demand · Positive Siam Piwat partners with BGRIM to procure clean energy via the TPA mechanism and hosts the Siam Paragon rooftop solar project, securing clean power supply for its operations.
B.Grimm Power Smart Solution Co., Ltd. · Demand · Positive B.Grimm Power Smart Solution is the unit carrying out the Siam Paragon rooftop solar project, which has now reached commercial operation.
LHSEC recommends buying BDMS with a 25 baht target and BGRIM with a 21.5 baht target
Land and Houses Securities issued an analysis recommending a buy on BDMS shares with a target of 25.0 baht, assessing support at 19.3/19.5 baht and resistance at 20.4/21.0 baht. July revenue accelerated 8% year on year, up from only about 1% year on year in the first half of 2026, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. The research team expects third-quarter 2026 profit to recover both year on year and quarter on quarter, viewing the second quarter of 2026 as this year's profit trough. For BGRIM shares, it recommends a buy with a target of 21.5 baht, assessing support at 18.0/18.4 baht and resistance at 20.0/20.8 baht. It sees the new Power Development Plan, due to take effect soon, as increasingly positive given rising electricity demand from data centers, with expectations of 300 to 500 megawatts of new generating capacity. Meanwhile, the NAKWOL 1 project, a wind project in South Korea, is 92% complete and will be a key turning point in raising the renewable share to reduce reliance on profit from small power producers. The first and second phases of the data center business are already 100% fully contracted with customers, with commercial operation dates expected by the third quarter of 2027, along with plans to expand to 300 megawatts both domestically and overseas.
BDMS.BK · Capital · Positive LHSEC issues a buy rating on BDMS with a 25 baht target, citing July revenue up 8% YoY and expected Q3 2026 profit recovery.
BGRIM.BK · Capital · Positive LHSEC recommends buying BGRIM with a 21.5 baht target, citing the new Power Development Plan, the NAKWOL 1 wind project, and fully contracted data center phases.
BGRIM partners with GE Vernova, signs two deals to anchor 750MW IPP power plant in Malaysia
B.Grimm Power Public Company Limited, or BGRIM, announced the successful signing of two major agreements with GE Vernova Inc., a global energy infrastructure leader from the United States, at Gastech 2026 at the BITEC exhibition and convention centre in Bang Na. U.S. Assistant Secretary of Energy James Danly and Ambassador Sean O'Neill witnessed the signing. Under the first agreement, GE Vernova will supply a 9HA.02 gas turbine along with one generator set for a new 750-megawatt combined-cycle gas turbine independent power producer project in Malaysia, which B.Grimm Power will own and develop. The second agreement covers a 14-year service contract for five of GE Vernova's LM6000 aeroderivative gas turbine sets at the B.Grimm BIP Power 1 and 2 power plants in Thailand. Dr. Harald Link, Chairman of B.Grimm Power, said the partnership reflects the company's strategy of expanding its business in overseas markets and delivering reliable, efficient energy infrastructure in Southeast Asia.
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.
Kasikornbank highlights top stocks for Q4 2026, riding the upcycle with a SET target of 1,680 points
Analysts at Kasikorn Securities Public Company Limited have unveiled their Thai equity investment strategy for the fourth quarter of 2026, expecting Thailand's investment upcycle, driven by data centre investment and the PDP26 plan, to support growth momentum from the fourth quarter of 2026 through 2027. They expect power generation capacity serving data centres to rise to 5–7GW by 2030, and have raised their SET index target to 1,680 points, shifting the calculation base to an end-2027 target based on a 2027 SET EPS of 105 points and a long-term average PE of 16 times. For the fourth quarter of 2026, they highlight two themes: stocks benefiting from the new investment cycle, namely BBL, DELTA and BGRIM, and stocks with earnings recovery coupled with cost pass-through ability and room for prices to catch up, namely SCGP and CPALL. Meanwhile, analysts at InnovestX Securities have raised their 2026 SET target from 1,600 points to 1,700 points to reflect a stronger-than-expected second quarter of 2026, robust investment and economic stimulus measures, viewing 1,550 points as an attractive level for gradual accumulation, and selecting AMATA, CENTEL, CRC, KTB and PR9 as their top picks for the fourth quarter of 2026. Analysts at Trinity Securities see global stock markets in the fourth quarter of 2026 entering a tug-of-war between macro factors weighing on sentiment and micro factors still supporting the market. They estimate the SET index trading range at 1,500–1,700 points, with a base case of around 1,630 points calculated from a forward PE of 14.8 times multiplied by this year's EPS of 110 baht, and recommend a sector rotation and stock selection strategy across five favoured groups: livestock, BTG and TFG; tourism, AWC and ERW; retail with company-specific catalysts, CRC and COM7; agricultural products, STA and TVO; and beneficiaries of private-sector investment, AMATA and STECON.
AMATA.BK · Demand · Positive InnovestX selected AMATA as a top pick for Q4 2026, citing robust investment and economic stimulus measures.
BBL.BK · Capital · Positive Kasikorn Securities highlights BBL as a stock benefiting from the new investment cycle in Q4 2026.
BGRIM.BK · Demand · Positive Kasikorn Securities names BGRIM as a beneficiary of the new investment cycle driven by data centre investment and the PDP26 plan.
KTB.BK · Capital · Positive Kasikorn Securities highlights KTB as a top pick for Q4 2026, and InnovestX also selects KTB among its top picks.
PR9.BK · Capital · Positive InnovestX Securities selects PR9 as one of its top picks for the fourth quarter of 2026.
SCGP.BK · Capital · Positive Kasikorn Securities highlights SCGP as a top pick for Q4 2026, citing earnings recovery and cost pass-through ability.
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.
BLS recommends PTT, GULF and AOT, sees Thai index touching 1,780 points
Bualuang Securities, or BLS, remains positive on the Thai stock market, assessing that the index is likely to trend upward from the fourth quarter of 2026 through the first half of 2027 and could reach a best-case target of 1,780 points before shifting into sector rotation. Its base case puts the end-2027 target at 1,710 points, based on earnings per share of 106 baht, down 4% from the same period a year earlier, with the overall profit decline driven mainly by an earnings correction in upstream energy, refining and petrochemicals. The main supporting factors come from three drivers: the global technology wave, an upcycle in global industry, and foreign capital. It estimates that every 10 billion baht in net foreign buying would lift the index by about 15 to 20 points. For its fourth-quarter 2026 strategy, it recommends a barbell approach. The first core focuses on energy and petrochemicals, namely PTT and PTTGC. The other core focuses on power producers with structural growth, namely GULF, GPSC and GUNKUL. It also recommends retailers such as CRC and COM7, tourism names such as AOT, AWC and CENTEL, hospitals such as BH and BDMS, as well as 2027 growth leaders such as CBG, ICHI and BGRIM. In the first half of 2027, it advises rotating into groups that benefit from lower costs, such as CENTEL, before shifting to high-dividend stocks and companies with strong cash flows as the portfolio's core in the second half of 2027.
BGRIM acquires 75% stake in PV Unity Solar for 22.50 million baht
B.Grimm Power Public Company Limited, or BGRIM, informed the Stock Exchange of Thailand that B.Grimm Power Future Solution Company Limited, or BGPFS, a wholly-owned subsidiary of BGRIM, has acquired 75% of the ordinary shares of PV Unity Solar Company Limited from PowerVault (Thailand) Company Limited, for a total value of 22.50 million baht. The acquisition aims to expand investment in solar power generation projects. After the share purchase, the shareholder structure of PV Unity Solar will consist of BGPFS holding 75% and PowerVault holding 25%.
BGRIM.BK · Capital · Positive BGRIM's subsidiary acquired 75% of PV Unity Solar for 22.50 million baht to expand its solar power generation investments.
PV Unity Solar Co., Ltd. · Capital · Neutral PV Unity Solar is the acquisition target, with 75% of its shares sold to BGPFS and 25% retained by PowerVault.
PowerVault (Thailand) Co., Ltd. · Capital · Neutral PowerVault is the seller of the 75% stake and retains a 25% holding in PV Unity Solar.
Kasikorn Securities says flood statistics to pressure SET by about 1%, sees support at 1,565-1,580 points as opportunity to accumulate bank, power plant and electronics stocks
The analyst at Kasikorn Securities Public Company Limited presented statistics on the impact of floods on the SET Index, noting that since 2006 flooding has occurred in Thailand more than 7 times, and the SET delivered negative returns of about 1% over a one-month period, except in 2011 when major flooding pushed the SET down 14%. The groups that outperformed were led by ICT and banks, while the finance and insurance groups fell about 2%. The electronics group fell the most, down 8%, most of which stemmed from 2011, because that flood round hit the industrial sector hard. On the economy, excluding 2011, the monthly impact was in the range of 10 to 50 billion baht, or an impact on GDP of no more than 0.1-0.3%. And if assessed from the upside of extending the half-half co-payment policy program by 2 months, it could put the GDP forecast in a range of 2.0% plus or minus. For investment strategy, Kasikorn Securities assesses the impact of this flood round on its 2026 EPS forecast as fairly limited, and estimates the SET support range at 1,565-1,580 points. It still views the decline as an opportunity to gradually accumulate bank, power plant and electronics stocks, namely KTB, BBL, DELTA and BGRIM.
Energy Transition & Power Demand › Nuclear Generation & Utilities Demand
2308.TW · Capital · Positive Kasikorn Securities names DELTA among electronics stocks to accumulate on the flood-driven SET dip, viewing the decline as a buying opportunity.
BBL.BK · Capital · Positive Kasikorn Securities names BBL among bank stocks to accumulate on the flood-driven SET dip, viewing the decline as a buying opportunity.
BGRIM.BK · Capital · Positive Kasikorn Securities names BGRIM among power plant stocks to accumulate on the flood-driven SET dip, viewing the decline as a buying opportunity.
KTB.BK · Capital · Positive Kasikorn Securities names KTB among bank stocks to accumulate on the flood-driven SET dip, viewing the decline as a buying opportunity.
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.
GIZ Joins Forces with BGRIM to Unveil Study Results on Energy Transition Plans in Two Pilot Areas
The German international cooperation organization GIZ, under the Thai-German Cooperation on Energy, Mobility, and Climate Change project, or TGC EMC, together with the Industrial Estate Authority of Thailand, Bangkadi Industrial Park, B.Grimm Power Public Company Limited, and partners, held a conference to disseminate the results of a study on developing an energy transition strategic plan and guidelines for reducing greenhouse gas emissions for industry in Thailand, as well as to exchange approaches for putting the study results into practice. The conference was held in two locations: the Laem Chabang Industrial Estate area on September 15, 2026, at the Oakwood Hotel and Residence Sriracha in Chonburi Province, and the Bangkadi Industrial Park area on September 18, 2026, at The Idle Hotel and Residence in Pathum Thani Province, with representatives from the public sector, private sector, and industry participating in the exchange of views. The project uses Laem Chabang Industrial Estate in Chonburi Province and Bangkadi Industrial Park in Pathum Thani Province as pilot areas for collecting and analyzing data on energy use and greenhouse gas emissions in order to develop carbon reduction plans suited to each area, covering energy efficiency improvement, increasing the share of renewable energy, the use of low-carbon energy and technology, and the development of energy infrastructure, while taking into account technical feasibility, economic viability, and environmental impact. The study results reflect that reducing greenhouse gas emissions at the area level must be carried out in sequence, starting with measures that are ready today, such as energy efficiency improvement, energy management, and increasing the use of renewable energy, while preparing for measures and technologies in the next phase that require infrastructure development, commercial readiness, energy sources, investment, and appropriate supporting policies. As the area's energy partner, B.Grimm Power plays a role in linking the energy transition with the needs of industrial operators, aiming to balance energy security and reliability of supply, cost competitiveness, and carbon reduction. This conference provided a platform to exchange approaches for translating the Roadmap into action, covering Thailand's climate trends and goals, carbon reduction measures, energy efficiency, the transition of the power generation sector, green electricity, funding sources, and the ESCO Model, with area-based collaboration serving as a key mechanism linking estate developers, energy producers and service providers, industrial operators, the public sector, the financial sector, and technology service providers. The study results and lessons from the two areas will serve as case studies for application to other industrial areas going forward. The TGC EMC project receives budget support from the International Climate Initiative, or IKI, under the German Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety, or BMUKN, aiming to support Thailand's commitment to achieving carbon neutrality through operations in five main areas: renewable energy, transport, carbon dioxide reduction in industry, biomass, and climate finance.
BGRIM.BK · Regulation · Neutral B.Grimm Power is a partner in the GIZ/IEAT study on energy transition and carbon-reduction plans for Thai industrial estates, but the article reports no concrete financial or operational outcome for the company.
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 › Solar ▲Regulation
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.
Kasikorn Thai Securities Backs New Investment Cycle, Sets SET Target at 1,680 Points, Recommends 5 Standout Stocks for the Fourth Quarter
Kasikorn Thai Securities said in a Thai equity strategy analysis for the fourth quarter of 2026 that Thailand is entering a new upward investment cycle, driven by data center investment and the new Power Development Plan, or PDP2026. It raised its target for the Stock Exchange of Thailand index to 1,680 points, shifting the calculation base to an end-2027 index target under the assumption of market earnings per share of 105 points in 2027 and a price-to-earnings ratio of 16 times, which is in line with the long-term average. Kasikorn Thai Securities expects electricity generating capacity serving data center demand in Thailand to rise to roughly 5 to 7 gigawatts by 2030, following the expansion of data center operators and investment in artificial intelligence infrastructure. For its fourth-quarter 2026 investment strategy, Kasikorn Thai Securities divided its approach into two main themes and selected five standout stocks: BBL, DELTA, BGRIM, SCGP and CPALL. The first theme covers stocks that benefit from the new investment cycle, namely BBL, DELTA and BGRIM, while the second focuses on stocks whose earnings are likely to recover and which can pass on costs, namely SCGP and CPALL.
Artificial Intelligence › AI Power & Cooling ▲Demand
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
BBL.BK · Capital · Positive Kasikorn Thai Securities names BBL among its five standout Q4 2026 picks as a beneficiary of the new investment cycle.
BGRIM.BK · Demand · Positive BGRIM is selected as a standout stock benefiting from the new investment cycle and rising data-center power demand under PDP2026.
CPALL.BK · Capital · Positive CPALL is named a standout Q4 pick in the earnings-recovery theme with ability to pass on costs.
DELTA.BK · Demand · Positive DELTA is chosen as a standout beneficiary of the new investment cycle driven by data-center and AI infrastructure expansion.
SCGP.BK · Capital · Positive SCGP is named a standout Q4 pick in the earnings-recovery theme with cost pass-through ability.
Foreign investors buy Thai stocks net 52.682 billion baht, boosted by fund flows and Meta's new AI model
Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.
META · Technology · Positive Meta launched a new AI model with higher processing efficiency, expected to extend its advertising business and accelerate AI capex demand.
DELTA.BK · Demand · Positive Meta's new free AI model expected to accelerate AI CAPEX demand, benefiting Thai component stocks especially DELTA.
HANA.BK · Demand · Positive Meta's new free AI model is expected to accelerate AI CAPEX demand, benefiting Thai component stocks especially HANA.
AMATA.BK · Regulation · Positive NBTC's proposed data center board criteria (power purchase agreements, domestic materials, sustainability) is expected to boost industrial estate stocks like AMATA.
CBG.BK · Demand · Positive Cabinet's Thai Help Thai Plus 40/60 extension and welfare-card credit injection expected to benefit consumer goods stocks like CBG.
CPALL.BK · Demand · Positive Stimulus measures expected to benefit retail stocks such as CPALL.
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.
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