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.
B.Grimm Power Public Company LimitedKrungsri maintains a buy rating with a 23 baht target price and cites BGRIM's raised 500 MW data center capacity goal and new investment cycle as supporting profit growth.
Bank of Ayudhya PCL
