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 Public Company LimitedYuanta maintains Buy on SSP and raises its 2027 fair value to 14.10 baht from 4.80 baht, implying 93.2% upside.
