Independent Power Producers & Energy Traders

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.

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%.

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.

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.

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 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 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.

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.

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.

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.

Yuanta Securities (Thailand) has raised its fair value for Ratch Group, or RATCH, to 46.25 baht per share from 32 baht, and upgraded its recommendation from Trading to Buy, implying roughly 25.9% upside from the share price of 36.75 baht on October 1, 2026. In an analysis dated October 2, 2026, the brokerage said it holds a positive view on several new investment opportunities whose prospects became clearer in late 2026, particularly the renewal of the power purchase agreement, or PPA, for the Ratchaburi power plant and the opportunity to sell electricity to data center operators. Currently, units 1-2 of the RG power plant, with combined capacity of about 1,470 megawatts, saw their contracts expire in October 2025, while three remaining units with total generating capacity of about 2,175 megawatts are due to see their contracts expire in November 2027. If the PPAs are not renewed, the company has the option of selling the output to data center operators, and is in talks with about five to six customers, each of which needs no less than 300 megawatts, while the existing site and infrastructure can support demand of up to about 1,400 megawatts. In addition, the draft PDP 2026 plan, which covers 2027-2037 and targets an increase in total power generation capacity of about 50 gigawatts, is another positive factor. It comprises about 24.3 gigawatts of solar power, nearly 14.5 gigawatts of wind power, about 2.7 gigawatts of natural gas-fired plants, about 9.1 gigawatts of hydropower and the first small modular nuclear reactor, or SMR, with capacity of about 300 megawatts. For the third-quarter 2026 outlook, the research team expects RATCH to post normal profit of about 1.4 billion to 1.6 billion baht, up from the previous quarter, after the RG and HKP power plants returned to more efficient operation and with no major maintenance shutdowns. SG&A expenses are also likely to fall on a seasonal basis, but profit is expected to decline from the same period a year earlier, partly because of the impact of the expiry of the PPAs for units 1-2 of the RG power plant from October 2025.

Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.

The U.S. Department of Energy has approved a roughly US$4.00 billion federal loan package for Vistra to upgrade three nuclear plants serving the PJM grid, as power demand climbs from data centers and other intensive users. The federal backing supports nuclear capacity upgrades and underscores Vistra's role as a reliability provider in a tightening U.S. power system. The loan sharpens the company's investment narrative around long-term contracted power, though Vistra has separately challenged PJM's Interim Resource Adequacy Service at FERC, arguing the measure could chill investment and misprice capacity for large loads. Vistra's narrative projects $26.0 billion in revenue and $4.1 billion in earnings by 2029, requiring 10.7% yearly revenue growth and a $2.1 billion earnings increase from $2.0 billion today, while some analysts assume revenues near US$33.4 billion and earnings around US$4.9 billion by 2029.

The U.S. government plans to lend Vistra about US$4.2b to expand nuclear power output, a move that spotlights utilities tied to nuclear energy as data centers, EVs, and crypto miners drive demand for reliable electricity. The article highlights three nuclear-exposed U.S. utilities as a sample from a broader screen that surfaced 9 more power companies. Entergy, with roughly US$13.4b in revenue and a market value of about US$48b, sees approximately 7 to 12 GW of hyperscale data center potential and 3 to 5 GW of traditional industrial demand in its territory, alongside signed agreements with AWS and Meta supporting roughly 8.5% to 9% annual retail sales growth. Ameren, a US$27.6b holding company, owns the Callaway nuclear facility and is studying more nuclear capacity, with 2.8 gigawatts of signed electric service agreements, 3.4 gigawatts of construction agreements, and a further 4 gigawatts of projects with completed interconnection studies in its Missouri territory. Deep Fission, with a market value of roughly US$305 million, develops small modular nuclear reactors buried about a mile underground for utilities, data centers, heavy industry, and government clients.

The U.S. government reportedly plans to provide about $4.2 billion in financing to power producer Vistra to increase electricity generation from its nuclear fleet. Energy Secretary Chris Wright is expected to announce the financing on Monday during a visit to one of Vistra's nuclear facilities along Lake Erie in Ohio, according to a report from Reuters News. The financing would support efforts to increase the output, or uprate, of at least three of Vistra's four nuclear power stations. Vistra operates six reactors across four U.S. nuclear plants, with a combined generating capacity of more than 6.5 gigawatts, enough to supply electricity to roughly 3.25 million homes. The planned financing comes as U.S. electricity demand accelerates after decades of relatively modest growth, driven by the expansion of artificial-intelligence data centers, wider electrification and cryptocurrency mining.

Vistra Corp shares trimmed earlier losses Friday afternoon, trading down 0.3% at $139.20 after dropping to a session low of $135.79 on a Bloomberg report that the Trump administration plans to offer the company a roughly $4 billion loan package to upgrade three of its nuclear plants. The report indicated that US Energy Secretary Chris Wright is expected to announce the funding as soon as Monday during a planned visit to the Perry nuclear complex northeast of Cleveland. The package would fund investments at Vistra's two plants in Ohio and another in Pennsylvania, according to people familiar with the matter who were not authorized to speak publicly. Both the Energy Department and Vistra did not immediately respond to requests for comment, according to the report. The loan would support capacity expansions at existing facilities as electricity demand grows rapidly due to power-hungry data centers seeking round-the-clock energy, with Trump having set a goal of quadrupling US nuclear capacity by 2050. Vistra supplies power to the largest US grid operator, PJM Interconnection LLC, which stretches from Illinois to Washington, D.C., and serves roughly 67 million people.

The Trump administration plans to offer a roughly $4-billion loan package to Vistra Corp. to upgrade three of its nuclear plants, according to people familiar with the matter. US Energy Secretary Chris Wright is expected to announce the funding as soon as Monday during a planned visit to the Perry nuclear complex northeast of Cleveland. The package would fund investments at Vistra's two plants in Ohio and another in Pennsylvania, said the people, who weren't authorized to speak on record. Both the Energy Department and Vistra didn't immediately return messages seeking comment. Electricity demand is expanding rapidly thanks to the growth of power-hungry data centers whose operators are seeking more round-the-clock energy, and Trump has set out a goal of quadrupling US nuclear capacity by 2050. Vistra supplies power to the biggest US grid, operated by PJM Interconnection LLC, which stretches from Illinois to Washington, DC, and serves about 67 million people.