Independent Power and Renewable Electricity Producers

Gulf Development Public Company Limited, or GULF, has announced the final coupon rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, at 1.83% to 3.00% per year, with a total face value of not more than 20 billion baht. Subscription will open from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches received a credit rating of AA- with a Stable outlook from TRIS Rating on 24 August 2026. As for the coupon rate of each tranche: tranche 1, a 3-year bond, is a zero coupon bond with a discount rate of 1.83% per year; tranche 2, a 4-year bond, carries a fixed coupon of 2.10% per year; tranche 3, a 5-year bond, carries a fixed coupon of 2.33% per year; tranche 4, a 7-year digital bond, carries a fixed coupon of 2.80% per year; tranche 5, a 7-year bond, carries a fixed coupon of 2.80% per year; and tranche 6, a 10-year bond, carries a fixed coupon of 3.00% per year. Interest is paid every six months throughout the life of the bonds, except for the 3-year bond. Miss Yupapin Wangwiwat, Chief Financial Officer of GULF, said the company had once again succeeded in bookbuilding, with demand reaching as high as 3.3 times the value of the bonds allocated to institutional investors and/or high-net-worth investors, and that the proceeds from this fundraising will be used to repay bonds due for redemption as well as to support expansion of investment in renewable energy and digital infrastructure businesses such as data centers, cloud and AI. In the second quarter of 2026, GULF posted a record core profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

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.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, setting a target price for TU at 14.80 baht, with support estimated at 12.40/12.60 baht and resistance at 13.20/13.5 baht, and a target price for GULF at 72 baht, with support estimated at 58.5/60.0 baht and resistance at 62.75/63.5 baht. For TU, higher tuna costs are pressuring gross margin in the fourth quarter of 2026 after September tuna prices rose 42% year on year, expected to hit gross margin by about 50 basis points before gradually recovering in the first quarter of 2027 in line with the downward trend in tuna prices. Core profit in the third quarter of 2026 is expected to grow 12-15% year on year and 2-4% quarter on quarter on higher sales from product price adjustments, strong pet food demand, and improved mixed products, while gross margin recovers year on year but slows quarter on quarter from a high base in the previous quarter. GULF has a strong long-term outlook from the gradual commercial operation of power plants, especially renewable energy, the expansion of its data center business, for which GULF has readiness at a level of 2,000 megawatts, as well as profit sharing from ADVANC that continues to grow, and it is expected to benefit from the new PDP 2026 plan amid rising electricity demand, which increases opportunities for new power generation capacity that GULF is highly ready to bid for, including new M&A deals for power plants overseas. Normal profit in the third quarter of 2026 weakened quarter on quarter on the absence of KBANK dividend income but still grew strongly year on year on profit sharing from ADVANC and new renewable energy projects in Thailand.

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%.

BGRIM shares rose 2.12% to 19.30 baht on trading value of 310.84 million baht after the company raised its power generation capacity target for the data center business to 500 megawatts by 2030, up from its earlier goal of 300 megawatts in Thailand, alongside plans to expand investment further in Japan and South Korea. Krungsri Securities noted that BGRIM already has data center projects totaling roughly 300 megawatts under its original target, but remains cautious on the additional 200 megawatts, since several large projects in the 2027-2030 pipeline are not yet included in its estimates, including the 184-megawatt Nakwol 2 wind power project, a 735-megawatt IPP power plant in Malaysia, and a 411-megawatt BESS project in Italy. Krungsri said BGRIM's net debt to total equity ratio stands at about 2.2 times, against a debt covenant of 3 times, and estimated that if the company develops projects as planned, holding roughly 40% stakes alongside foreign partners, it may need additional capital of about 800 to 1,200 million baht. The data center business with Digital Edge is expected to deliver an IRR of about 12% and an average power cost of roughly 10 to 15 cents per kilowatt-hour. Krungsri maintained its buy recommendation with a 2027 target price of 23 baht, viewing the expansion of the data center business and entry into a new investment cycle as factors supporting profit growth going forward.

Gulf Development Public Company Limited, or GULF, has announced the final coupon rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, offering 1.83% to 3.00% per year, with a combined face value of not more than 20 billion baht. Subscription opens from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches carry a credit rating of AA- with a Stable outlook from TRIS Rating, as of 24 August 2026. The tranches offered to the general public comprise a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond at 2.80% per year, and a 10-year bond at 3.00% per year. The 3-year tranche is a zero-coupon bond with a discount rate of 1.83% per year, and there is also a 7-year bond at 2.80% per year. Yupapin Wangwiwat, Chief Financial Officer of GULF, said the company succeeded in bookbuilding with demand reaching 3.3 times the value of the bonds allocated to institutional investors and/or high-net-worth investors. The proceeds will be used to repay bonds due for redemption and to support investment expansion in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. For its second-quarter 2026 results, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

Krungthai Bank has partnered with Gulf Development to open subscriptions for a 7-year GULF digital bond with a fixed interest rate of 2.80% per year, paying interest every 6 months, through the bond trading wallet on the Paotang application, starting October 19, 2026 at 08:30 until fully subscribed but no later than October 21, 2026 at 15:00. The minimum subscription amount is 1,000 baht, increasing in multiples of 1,000 baht, with a maximum of 50 million baht per subscription. Allocation is on a first-come, first-served basis. The bond is a registered, unsubordinated, unsecured bond with a bondholders' representative. It has been assigned a credit rating of AA- with a stable outlook by Tris Rating Company Limited on August 24, 2026. GULF reported record operating profit in the second quarter of 2026 of 12.332 billion baht, up 74%, with total revenue of 50.294 billion baht, up 24% from the same period last year. Investors can buy and sell the bond in the secondary market through digital channels in real time, 24 hours a day, receiving the bond immediately upon purchase and receiving funds immediately upon sale.

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.

Gulf Development Public Company Limited, or GULF, announced the final interest rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, at 1.83% to 3.00% per year, with a total face value of not more than 20 billion baht. Subscription will be open from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches received a credit rating of AA- with a Stable outlook from TRIS Rating on 24 August 2026. For the rates on each tranche, the 3-year bond is a zero-coupon bond with a discount rate of 1.83% per year, the 4-year bond carries a fixed rate of 2.10% per year, the 5-year bond carries a fixed rate of 2.33% per year, the 7-year digital bond and the 7-year bond carry a fixed rate of 2.80% per year, and the 10-year bond carries a fixed rate of 3.00% per year. Interest is paid every six months, except for the 3-year bond. Miss Yupapin Wangwiwat, Chief Financial Officer of GULF, said the company succeeded in its bookbuilding with demand reaching 3.3 times the value of the bonds allocated to institutional investors and/or high-net-worth investors. The 4-year, 5-year, and 10-year bonds are offered through eight leading financial institutions with a minimum subscription of 100,000 baht, while the 7-year digital bond is offered only through Krungthai Bank's Paotang application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per single transaction. The funds raised will be used to repay bonds due for redemption and to support expansion of investment in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. Meanwhile, in its second-quarter 2026 results, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

Gulf Development Public Company Limited, or GULF, has set the final interest rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years at 1.83-3.00% per year, with a combined face value of up to 20 billion baht. The bonds will be open for subscription by the general public from October 19 to 21, 2026. The bonds carry a credit rating of AA- with a Stable outlook from TRIS Rating Company Limited. The six tranches consist of a 3-year zero-coupon bond with a discount rate of 1.83% per year, a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond at 2.80% per year, a 7-year bond at 2.80% per year, and a 10-year bond at 3.00% per year. Miss Yupapin Wangwiwat, Chief Financial Officer of GULF, said that the offering to institutional investors and high-net-worth investors during the bookbuilding process drew demand as high as 3.3 times the value of the bonds allocated to those investor groups, reflecting confidence in the company's business and financial position. As for subscription channels, the 4-year, 5-year, and 10-year bonds are being offered through eight leading financial institutions: Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, United Overseas Bank, Bank of Ayudhya, CIMB Thai Bank, and Asia Plus Securities, with a minimum of 100,000 baht. The 7-year digital bond is available for subscription only through Krungthai Bank's Paotang application, with a minimum investment of 1,000 baht and a maximum of 50 million baht per transaction. The company plans to use the proceeds to repay maturing bonds and to support expansion in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. As for operating results in the second quarter of 2026, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, while total revenue was 50.294 billion baht, up 24% from a year earlier.

Gulf Development Public Company Limited, or GULF, announced the final coupon rates for six tranches of bonds and digital bonds with tenors of 3 to 10 years, at 1.83% to 3.00% per annum, with a total face value of not more than 20 billion baht. Subscription opens from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches carry a credit rating of AA- with a Stable outlook from TRIS Rating, as of 24 August 2026. The tranches offered to the general public comprise a 4-year bond at 2.10% per annum, a 5-year bond at 2.33% per annum, a 7-year digital bond at 2.80% per annum, and a 10-year bond at 3.00% per annum. The 4-year, 5-year and 10-year bonds are offered through eight leading financial institutions, with a minimum subscription of 100,000 baht, while the 7-year digital bond is offered only through Krungthai Bank's Paotang application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per transaction. Ms. Yupapin Wangviwat, Chief Financial Officer of GULF, said the company succeeded in its bookbuilding, with demand reaching 3.3 times the value of the bonds allocated to institutional and high-net-worth investors. The proceeds will be used to repay bonds due for redemption and to support investment expansion in renewable energy and digital infrastructure businesses such as data centers, cloud and AI. Meanwhile, in its second-quarter 2026 results, the company posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

Gulf Development Public Company Limited, or GULF, has announced final interest rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, at 1.83% to 3.00% per year, with a total value of up to 20 billion baht. Subscription opens from October 19 to 21, 2026, through eight leading financial institutions and the Paotang application. The six tranches consist of a 3-year zero-coupon bond with a discount rate of 1.83% per year, a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond and a 7-year bond at 2.80% per year, and a 10-year bond at 3.00% per year. The bonds received a credit rating from TRIS Rating Company Limited on August 24, 2026, at AA- with a Stable outlook. Miss Yupapin Wangviwat, Chief Financial Officer of GULF, said the bookbuilding was successful, with demand reaching 3.3 times the value of bonds allocated to institutional and high-net-worth investors. The 7-year digital bond is offered exclusively through Krungthai Bank's Paotang application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per subscription. The proceeds from the fundraising will be used to repay bonds due for redemption and to support investment expansion in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. For its second-quarter 2026 results, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period last year, with total revenue of 50.294 billion baht, up 24% from the same period last year.

GPSC shares climbed 3.59% to 50.50 baht on trading value of 268.20 million baht, driven by speculation ahead of clarity on the new Power Development Plan, PDP2026, and on data centre business criteria expected to be submitted to the Cabinet and to take effect by October 2026. KGI Securities (Thailand) said in a research note that it holds a positive view on GPSC and assigns a base target price of 60 baht, seeing clarity on both issues as a positive factor for power plant stocks, including GPSC. An additional supporting factor is the planned listing of GPSC's renewable power business in India, Avaada, on the Indian stock exchange, expected to take place during 2027-2028, which could help unlock investment value and create further value-creation opportunities for GPSC down the road.

Yuanta Securities has issued an analysis recommending a buy on GPSC shares with a target price of 66.50 baht, following a dinner talk with Cherdchai Boonchuchuay, the company's new Chief Executive Officer. He was previously Senior Executive Vice President of the Natural Gas Business Unit at PTT Public Company Limited and has served as chairman of several companies within the PTT group. Management is maintaining the goal of securing new PPAs from the PDP plan totalling 5.1 to 5.2 gigawatts, in line with the previous CEO's plan, but views this as not overly difficult and is in the process of setting a clearer new target plan after reporting third-quarter 2026 results, which is expected to be significantly higher than the original plan. The brokerage sees GPSC as having potential for at least 10,000 megawatts of further investment. In the data center business, the company plans to invest as a minority shareholder, roughly 500 to 700 megawatts under the original plan, but expects no less than 300 megawatts at a shareholding proportion of about 30 percent. Direct PPAs are seen as the main growth driver after the PDP plan, because actual demand is far higher than the government's pilot plan of 2,000 megawatts. The listing of Avaada is expected to be completed by late 2027, which will unlock value and increase profits for GPSC. The company may reduce its shareholding if it obtains a satisfactory IPO price, but not below 30 percent from the current 39 percent, and the added value from Avaada could lift GPSC's target price by as much as about 20 baht. As for the ERU project with TOP, a conclusion will be reached this month, with a high chance it will not proceed, in which case an investment of 96 million US dollars would be returned, along with interest of roughly 700 million to 1 billion baht.

Krungsri Securities maintains its Buy rating on B.Grimm Power Public Company Limited, or BGRIM, with a 2027 target price of 23.00 baht per share, after the company raised its Data Center business target to 500 megawatts by 2030 from a previous goal of 300 megawatts, and plans to expand investment into Japan and South Korea. The research team estimates that if the additional 200 megawatts of Data Center projects are developed as targeted, and the company keeps its roughly 40% stake alongside foreign partners, this could generate incremental profit of about 800 million to 1.2 billion baht, based on BGRIM-Digital Edge's Data Center profit of about 12 million baht per megawatt and the global industry average of 10-15 million baht per megawatt. However, the research team remains cautious on further investment, since current forecasts already include only the projects under the original 300-megawatt target, while large projects in 2027-2030 are not yet included in the estimates. These include the Nakwol 2 wind power plant in South Korea with 184 megawatts of electricity, an Independent Power Producer plant in Malaysia with 735 megawatts of electricity, and a battery energy storage system project in Italy with 411 megawatts of electricity. In addition, the interest-bearing debt-to-equity ratio stands at 2.2 times, compared with the Debt Covenant condition of 3.0 times. For the third-quarter 2026 outlook, profit may soften on higher Pool Gas costs, averaging about 380 baht per MMBtu, but this is partly offset by the start of operations at the Nakwol 1 offshore wind power plant in South Korea and Gas Link contracts covering about 50% of all contracts. The research team expects normal profit in 2027 and 2028 to grow 22% and 17% respectively, driven by falling gas costs and the gradual commercial start-up of new projects.

Gulf Development Public Company Limited, or GULF, together with Krungthai Bank Public Company Limited, or KTB, is opening subscriptions for a 7-year GULF digital bond with a fixed coupon of 2.80% per year, paying interest every 6 months, through the bond trading wallet on the Paotang application from 19 October 2026 at 08:30 to 21 October 2026 at 15:00, or until the full offering amount is subscribed. The minimum subscription is 1,000 baht, in multiples of 1,000 baht, with a maximum of 50 million baht per subscription, allocated on a first-come, first-served basis. The bond is a registered, unsubordinated, unsecured issue with a bondholders' representative, and carries a credit rating of AA- with a stable outlook from TRIS Rating Company Limited as of 24 August 2026. In the second quarter of 2026, GULF posted record operating profit of 12.332 billion baht, up 74%, and total revenue of 50.294 billion baht, up 24% from the same period a year earlier, driven by its energy businesses spanning natural gas power plants, renewable energy power plants, and natural gas procurement and wholesale trading, as well as recognition of its share of profit from ADVANC. Investors can also trade the bond in the secondary market through digital channels in real time, 24 hours a day.

Shaoneng Shares announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 278 million yuan and 302 million yuan, an increase of 61.12% to 75.03% year on year. The company said that during the reporting period, its clean and renewable energy business achieved a substantial year-on-year increase in operating results through various measures to increase revenue and reduce expenditure; its precision intelligent manufacturing business achieved year-on-year growth in operating results by focusing on production and operations; and its papermaking business achieved a significant year-on-year reduction in losses by focusing on production and operations. Based on this calculation, the company's net profit for the third quarter is expected to be between 110 million yuan and 134 million yuan, while net profit for the second quarter was 158 million yuan, meaning third-quarter net profit is expected to decline by 15% to 30% quarter on quarter.

On the evening of October 9, multiple A-share listed companies released positive earnings forecasts for the first three quarters of 2026. China Jushi expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, an increase of 100% to 110% year on year. The company said demand increased in major downstream application areas for fiberglass, with both product volume and prices rising. Shaoneng Group expects net profit of 278 million yuan to 302 million yuan, an increase of 61.12% to 75.03% year on year, as operating results in clean renewable energy and precision intelligent manufacturing grew year on year, and the papermaking business significantly narrowed losses. Hongfuhan expects net profit of 170 million yuan to 200 million yuan, an increase of 108.19% to 144.93% year on year, with the liquid cooling plate cabinet module business completing mass production delivery and becoming the core growth driver. Kinwong Electronic expects net profit attributable to owners of the parent company for the third quarter of 2026 to be between 912 million yuan and 1.089 billion yuan, an increase of 205.46% to 264.74% year on year and 147.20% to 195.18% quarter on quarter, benefiting from accelerated mass production and shipment of high-performance PCBs in high-speed communications and AI data infrastructure. Guanghe Technology expects net profit for the first three quarters of 1.45 billion yuan to 1.5 billion yuan, an increase of 100.33% to 107.23% year on year, and non-GAAP net profit of 1.42 billion yuan to 1.47 billion yuan, an increase of 101.84% to 108.94% year on year. The company focuses on the computing power PCB market for general-purpose servers, AI servers, switching products, and accelerator cards. Guanghe Thailand completed core customer certification and gradually released production capacity, achieving profitability during the reporting period.

Changyuan Electric Power announced that it generated 3.253 billion kilowatt-hours of electricity in September 2026, up 18.66% year-on-year. By segment, thermal power generation rose 26.13% year-on-year, hydropower fell 53.10%, and new energy grew 24.36%. Cumulative power generation from January to September reached 26.528 billion kilowatt-hours, down 2.94% year-on-year.

Longyuan Power announced on October 9 that its power generation in September 2026 was 5.67 million megawatt-hours, an increase of 7.08% compared with the same period in 2025. Among this, wind power generation rose 3.20% year-on-year, while solar power generation increased 20.21% year-on-year. As of September 30, 2026, the company's cumulative power generation was 56.25 million megawatt-hours, down 0.52% year-on-year, with wind power generation down 4.97% and solar power generation up 19.29%. In the first half of 2026, Longyuan Power achieved revenue of 14.642 billion yuan and net profit attributable to the parent company of 2.393 billion yuan.

Datang Power announced on October 9 that it will increase capital in its associate China Datang Group Nuclear Power Company by approximately 628 million yuan. The capital increase will mainly be used to pay for the basic construction costs of the Liaoning Xudabao nuclear power project and the second phase of the Fujian Ningde nuclear power project, as well as preliminary expenses for related projects. In the first half of 2026, Datang Power achieved revenue of 58.418 billion yuan and net profit attributable to the parent company of 5.509 billion yuan.

Shaoneng Group disclosed an earnings forecast after market close on October 9, expecting attributable net profit for the first three quarters of 2026 to be between 278 million yuan and 302 million yuan, up 61.12% to 75.03% year on year. Net profit after deducting non-recurring items is expected to be between 256 million yuan and 280 million yuan, up 94.87% to 113.12% year on year. The company said that during the reporting period, its clean renewable energy business achieved a substantial year-on-year increase in operating results through various cost-saving and revenue-enhancing measures; its precision smart manufacturing business achieved year-on-year growth in operating results by strengthening production and operations; and its papermaking business significantly narrowed losses year-on-year by strengthening production and operations. Shaoneng Group's main businesses are energy, eco-friendly plant fiber products, and precision smart manufacturing. Its main products include electricity, heat, auto parts, eco-friendly paper tableware, and paper products. In the first half of 2026, the company's operating revenue was 2.516 billion yuan, up 7.7% year on year; attributable net profit was 168 million yuan, up 75.6% year on year; and net profit after deducting non-recurring items was 148 million yuan, up 174.8% year on year. As of the end of the first half, the company's total installed power capacity was 1.21 million kilowatts, including 680,000 kilowatts of hydropower and 360,000 kilowatts of biomass power generation. Its precision smart manufacturing business has annual production capacity including 80,000 new-energy gearboxes and 10 million gears. Its eco-friendly plant fiber products business has annual production capacity including 100,000 tonnes of eco-friendly paper tableware and 370,000 tonnes of base paper for household paper.

Datang Power announced that the company plans to increase capital in its associate, China Datang Nuclear Power Company, by approximately 628 million yuan, to pay for construction costs of the Liaoning Xudapu Nuclear Power Project and the Fujian Ningde Nuclear Power Phase II Project, among others. After the capital increase, the company's shareholding ratio will remain at 40%.

Terrestrial Energy Inc. announced on October 8, 2026 that it has submitted its Thermal and Electric Facility Topical Report to the U.S. Nuclear Regulatory Commission. If approved, the TEF, which houses the generators, turbines, and steam supply systems of the Integral Molten Salt Reactor Plant, could be customized for each site and built and operated ahead of the plant's nuclear construction permit and operating license. The IMSR Plant is designed in two discrete parts: the Nuclear Facility, containing standardized and modular nuclear systems, and the TEF, containing non-nuclear heat transfer, steam supply and electric systems. With NRC approval, the TEF could enter commercial service ahead of the Nuclear Facility, using an auxiliary heat source such as natural gas as a bridge to nuclear power. The report asks the NRC to confirm that building the TEF is not nuclear construction under 10 CFR 50.10(a)(1), and it is the Company's third Topical Report submission of 2026, following NRC approval of its PIE and Principal Design Criteria Topical Reports in 2026 and 2025, respectively, and a September submission on graphite qualification methodology.

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.

Uniper agreed to purchase future sustainable aviation fuel from Syzygy Plasmonics' NovaSAF platform under a new supply deal. The NovaSAF agreement is intended to expand Uniper's low-carbon fuel offering for aviation clients under tightening European sustainability rules, adding exposure to renewable and bio-based fuels as policy and airline demand for cleaner jet fuel continues to build. Uniper operates an energy portfolio across Germany, the United Kingdom, Sweden, the rest of Europe, and other regions, so securing access to sustainable aviation fuel connects a low carbon product directly into markets where regulators and airlines are tightening standards on jet fuel emissions. The key proof point for investors is progress on Syzygy's NovaSAF facilities, especially the Uruguay plant expected around 2028, with Uniper expected to disclose contracted SAF volumes, pricing structures and contribution to its low carbon segment once production plans are clarified and the project reaches final investment decision. The deal does not change analyst expectations, which point to pressure on Uniper's revenue and margins over the next few years, but it shows the business leaning into greener commodities that could support more stable profitability over time.

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.

DBS Vickers Securities Thailand said in an analysis that the Thai government is considering cutting excise taxes on biofuels to lower fuel prices and spur consumption. Currently, the excise tax on gasohol stands at 6.00 baht per litre and on biodiesel at 5.953 to 6.92 baht per litre. Raising the share of biofuels in use would help cut crude oil imports and ease the government's burden of subsidising fuel prices, with the Oil Fund now running a loss of about 100 billion baht. With demand for ethanol and biodiesel expected to rise, DBS Vickers has named 11 Thai stocks set to benefit, divided into three groups by business type. The first group is direct producers and distributors of biofuels, namely BBGI, EA, UBE, GGC and TAE. The second group is integrated palm oil producers linked to biodiesel, namely PCE, SMO, APO and VPO. The third group is sugar producers linked to ethanol, namely KSL, KTIS and BRR.

Krungthai Bank, or KTB, together with Gulf Development, or GULF, is opening subscriptions for GULF digital bonds with a 7-year term and a fixed interest rate of 2.80% per year, paying interest every 6 months, through the bond trading wallet on the Paotang application. Subscriptions begin at 8:30 a.m. on October 19, 2026, until the full offering amount is reached, but no later than 3:00 p.m. on October 21, 2026. The minimum subscription is 1,000 baht, increasing in multiples of 1,000 baht, with a maximum of 50 million baht per order. Allocation is on a first come, first served basis. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. They received a credit rating of AA- with a stable outlook from TRIS Rating Company Limited on August 24, 2026. As for GULF's operating results in the second quarter of 2026, it posted operating profit of 12.332 billion baht, a record high, up 74% from the same period last year, while total revenue was 50.294 billion baht, up 24%, driven mainly by growth in the energy business, including natural gas power plants, renewable energy power plants, and the natural gas procurement and wholesale business, as well as recognition of profit sharing from AIS. Investors can buy and sell the bonds in the secondary market through digital channels in real time, 24 hours a day, receiving the bonds immediately upon purchase and receiving money immediately upon sale.

CGN Yuershan Lufeng Nuclear Power Co., Ltd. was recently established, with a business scope covering the sale of generators and generator sets, the sale of mechanical equipment, and power generation, transmission, and supply and distribution operations. Qichacha equity penetration shows that the company is jointly held by CGN Power, CATL's wholly owned subsidiary CATL Zhaoqing New Energy Technology Co., Ltd., Mingyang Smart Energy, Jiuli Hi-Tech Metals, and others.

Datang Power announced that on October 8, 2026, it received a review opinion from the Shanghai Stock Exchange, stating that the company's application to issue shares to specific investors meets the issuance conditions, listing conditions, and information disclosure requirements. The matter still requires approval for registration from the China Securities Regulatory Commission before it can be implemented, and there is uncertainty as to whether final approval will be obtained.

Ormat Technologies has been selected by the U.S. Department of Energy for up to $35 million in funding tied to two research-heavy geothermal projects. The DOE backing arrives after a choppy stretch for the company, with its share price down 18.17% on a year-to-date basis, though its 3-year and 5-year total shareholder returns stand at 38.68% and 39.75%. Analysts following Ormat see fair value at about $127.67 per share against a last close near $93.07, a view that leans on the extension of production and investment tax credits for geothermal and energy storage projects through at least 2033, which reduces capital costs and de-risks new project development. The bullish case also cites elevated demand for reliable, carbon-free baseload power from electrification trends including data centers and industrial customers, translating into premium power purchase agreement pricing. Still, the stock trades at about 45.2x earnings, well above the global renewable energy average of 14.7x, its peers at 30.5x, and the 24x fair ratio suggested by regression analysis, while heavy reliance on Chinese batteries and sizable planned capital spending remain key risks.

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.

Shares of Sermsang Power Corporation Public Company Limited, or SSP, rose 7.89% to 8.20 baht at 10:23 a.m. on October 7, 2026, on trading value of 130.02 million baht, after Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, reported progress on the 150-megawatt Bago wind power project in the Philippines, saying site clearing, internal project roads, and the pouring of large reinforced concrete foundations have begun. The wind turbines are currently having their components manufactured, with all work proceeding according to plan. The Bago project is a 150-megawatt coastal wind farm, the company's largest power plant since it began operations, with an investment value of about 8 billion baht and a 20-year long-term power purchase agreement. It covers seven villages, namely Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to be granted investment rights. It is expected to reach commercial operation, or COD, as planned in the fourth quarter of 2027.

Yuanta Securities (Thailand) maintains its Buy rating on SSP and has raised its end-2027 fair value to 14.10 baht per share from 4.80 baht. The reference price on 11 September 2026 was 7.30 baht, implying 93.2% upside. Yuanta sees SSP with a significant opportunity to expand generating capacity under the draft PDP 2026, whose first 12 years add a combined 38,800MW of solar and solar-plus-BESS capacity. As SSP operates a 100% renewable power plant business, it has a chance to join new projects, including the 1,500MW community solar programme and additional renewable energy projects in the Philippines. On finances, SSP's IBD/E stood at 2.1 times as of the second quarter of 2026, and including the sale of the Yamaga project, which is expected to book an extraordinary gain of 300 to 500 million baht in the third quarter of 2026, IBD/E would fall below 2 times. Yuanta estimates the company can support up to 8 billion baht of additional investment, equivalent to new capacity of no less than 266MWe. For earnings, Yuanta keeps its 2026 profit forecast at 691 million baht, up 12% year on year, and raises its 2027 forecast by 9% to 818 million baht, up 18% year on year. For 2028, normal profit is expected at 1.208 billion baht, up 48% year on year. Overall, normal profit for 2025 to 2028 is expected to grow an average of 25% per year.

Sermsang Power Corporation, or SSP, is positioning itself to capture growth in a new round of the clean energy market, preparing to bid for work under the draft national Power Development Plan, or PDP 2026, which has the potential to open up more than 50,900 megawatts of generating capacity. SSP Chief Executive Officer Varut Thammavaranucupt said the company aims to expand its clean energy power plant portfolio and increase domestic investment, targeting growth of its renewable energy portfolio to 1,000 megawatts by 2032, from roughly 420 megawatts of projects currently in hand. SSP's strength comes from its bidding experience, with the company among those selected for renewable energy power purchase projects under the Feed-in Tariff, or FiT, scheme for 2022 to 2030, totalling 170.5 megawatts. This comprises seven solar power plants with a combined contracted capacity of 154.5 megawatts and two wind power plants with a combined contracted capacity of 16 megawatts, out of the first phase of the programme, which sought to purchase a total of 5,203 megawatts. Meanwhile, Kasikorn Research Center assesses that the world is entering an Age of Electricity, with global electricity demand since 2019 growing more than twice as fast as overall energy use, and it expects electricity's share of energy use to rise to 35% by 2035.

Super Energy Corporation, or SUPER, is preparing to offer a new series of bonds worth 2 billion baht between October 6 and 8, 2026, offering interest rates of 5.55-5.90%, with interest paid every three months throughout the life of the bonds. The company has a track record of paying interest and repaying principal in full and on time every time. Meanwhile, big boss Jomthap Lojaya is pressing ahead with expanding the business, generating revenue and driving steady growth. Separately, Index International Group, or IND, is awaiting good news from Dr. Pornlapas Na Lamphun, who is about to secure a new project, and expects that in the final stretch of 2026 its performance will be bright thanks to a backlog of nearly 2 billion baht awaiting revenue recognition. Meanwhile, Advice IT Infinite, or ADVICE, through Sarun Panha, Chief Sales Officer, has announced its readiness to attack the IT market in the second half of 2026 after first-half results exceeded the targets set. And Phat Group, or PHAT, through CEO Somnuek Chanthawong, stated that its business in the second half of 2026 is likely to recover, driven by an expected increase in palm output and an expansion of crude palm oil extraction capacity by another 50% to 90 tons of fresh palm fruit per hour, or about 2,100 tons per day, starting from the third quarter of 2026. The company has set a 2026 revenue target of 3,000-3,500 million baht, growing 35-40% from the previous year.