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Ekarat Engineering vs SPCG: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Ekarat Engineering Public Company Limited (AKR.BK)

SPCG Public Company Limited (SPCG.BK)

Q3 2026
▲3▼2

SPCG Gets New Majority Owner, Solar Subsidy Boost, But Index Exit Looms

  • New majority shareholder and tender offer A new investor group bought 57.46% of SPCG from founder Wandee and Kyocera, triggering a tender offer at 9.11 baht per share. This supports the share price and signals a major ownership change.

    This is the biggest new event of the quarter, directly affecting SPCG's ownership and share price.

  • Expanded solar rooftop subsidy scheme Thailand expanded its solar rooftop subsidy program to 10,000 MW with 20-year contracts. This creates a large long-term market for SPCG's solar installations, boosting future revenue prospects.

    This policy change is a new growth driver for SPCG's core business.

  • Strong Q2 profit growth and shift to residential solar SPCG reported 24% profit growth in Q2 and is shifting focus to residential solar. This shows improving financial performance and a strategic move to capture the growing rooftop market.

    This highlights SPCG's operational strength and strategic direction, supporting the positive sentiment.

  • Founder exit and policy uncertainty The founder's exit ends two decades of leadership, and a new Energy Ministry Permanent Secretary brings policy uncertainty. These factors could disrupt SPCG's strategy and execution.

    This is a key risk that tempers the positive outlook and could pressure the stock.

  • Removal from FTSE Small Cap index SPCG will be removed from the FTSE Small Cap index, forcing index funds to sell the stock. This creates short-term selling pressure on the share price.

    This is a new negative event that could weigh on the stock in the near term.

September 2026
▲2▼2

SPCG's solar demand outlook brightens as new owners settle in

  • Q2 profit jumps 24% on efficiency and rooftop growth SPCG's Q2 2026 net profit rose 24% to 115.5 million baht, helped by better output from all 36 solar farms and growth in its rooftop business. The company is also shifting toward residential solar, which could open a new source of earnings.

    Shows the core business is improving and supports the investment case under new ownership.

  • Founder exits, ending two decades of leadership Founder Wandee Khunchornyakong sold her entire SPCG stake to four new buyers at 9.11 baht per share, ending her long reign. While new owners bring fresh capital, the loss of her experience and vision is a real counterweight for investors.

    A major ownership change that removes a key leader and could weigh on sentiment.

  • SPCG dropped from FTSE Small Cap index SPCG will exit the FTSE Small Cap index effective September 18, 2026. Index funds that track the FTSE will have to sell SPCG shares, which can push the price down in the short term as those forced sellers hit the market.

    A concrete negative flow event that can pressure the share price around the rebalance date.

  • Government expands solar rooftop scheme to 10,000 MW Thailand's energy council expanded the public solar program to 10,000 MW from 5,000 MW and extended power purchase contracts to 20 years. Brokers say this is a big upgrade for solar installers like SPCG, boosting demand for rooftop systems and improving long-term earnings prospects.

    A major policy upgrade that directly expands SPCG's addressable market and lifted solar stocks.

Latest
▲2▼2

SPCG's solar demand outlook brightens as new owners settle in

  • Q2 profit jumps 24% on efficiency and rooftop growth SPCG's Q2 2026 net profit rose 24% to 115.5 million baht, helped by better output from all 36 solar farms and growth in its rooftop business. The company is also shifting toward residential solar, which could open a new source of earnings.

    Shows the core business is improving and supports the investment case under new ownership.

  • Founder exits, ending two decades of leadership Founder Wandee Khunchornyakong sold her entire SPCG stake to four new buyers at 9.11 baht per share, ending her long reign. While new owners bring fresh capital, the loss of her experience and vision is a real counterweight for investors.

    A major ownership change that removes a key leader and could weigh on sentiment.

  • SPCG dropped from FTSE Small Cap index SPCG will exit the FTSE Small Cap index effective September 18, 2026. Index funds that track the FTSE will have to sell SPCG shares, which can push the price down in the short term as those forced sellers hit the market.

    A concrete negative flow event that can pressure the share price around the rebalance date.

  • Government expands solar rooftop scheme to 10,000 MW Thailand's energy council expanded the public solar program to 10,000 MW from 5,000 MW and extended power purchase contracts to 20 years. Brokers say this is a big upgrade for solar installers like SPCG, boosting demand for rooftop systems and improving long-term earnings prospects.

    A major policy upgrade that directly expands SPCG's addressable market and lifted solar stocks.

August 2026
▲3

SPCG's new owners and solar subsidy plan drive the story

  • New major shareholder takes control A group led by Worasit Phokhaichaiyaphat and Finansa bought 57.46% of SPCG from founder Wandee and Kyocera. New owners plan a tender offer at 9.11 baht and see hidden land and green energy potential. This changes who controls SPCG and raises hopes for new value.

    This is the biggest new event, directly changing SPCG's ownership and future direction.

  • Tender offer sets a price floor The new owners must offer to buy all remaining shares at 9.11 baht each, up to about 9.6 billion baht. The stock traded above that price, showing investors expect more value under the new group rather than just a quick sale. This supports the share price.

    The tender offer is a concrete, price-relevant event that gives investors a reference point.

  • Government solar rooftop subsidy plan Thailand plans 50 billion baht in household solar subsidies from October 2026, aiming for 5,000 MW of rooftop installations. SPCG is named as a potential beneficiary. This could boost demand for SPCG's solar business and improve sentiment.

    This is a new policy catalyst that could increase demand for SPCG's services.

  • Energy ministry change adds uncertainty A new Permanent Secretary at the Energy Ministry may affect the Power Development Plan and renewable energy rules. This creates uncertainty for SPCG and peers, even as the solar subsidy plan moves forward. The overall effect on SPCG is mixed.

    This is a real counterweight that could slow or reshape SPCG's growth plans.

▲3

SPCG's new owners and solar subsidy plan drive the story

  • New major shareholder takes control A group led by Worasit Phokhaichaiyaphat and Finansa bought 57.46% of SPCG from founder Wandee and Kyocera. New owners plan a tender offer at 9.11 baht and see hidden land and green energy potential. This changes who controls SPCG and raises hopes for new value.

    This is the biggest new event, directly changing SPCG's ownership and future direction.

  • Tender offer sets a price floor The new owners must offer to buy all remaining shares at 9.11 baht each, up to about 9.6 billion baht. The stock traded above that price, showing investors expect more value under the new group rather than just a quick sale. This supports the share price.

    The tender offer is a concrete, price-relevant event that gives investors a reference point.

  • Government solar rooftop subsidy plan Thailand plans 50 billion baht in household solar subsidies from October 2026, aiming for 5,000 MW of rooftop installations. SPCG is named as a potential beneficiary. This could boost demand for SPCG's solar business and improve sentiment.

    This is a new policy catalyst that could increase demand for SPCG's services.

  • Energy ministry change adds uncertainty A new Permanent Secretary at the Energy Ministry may affect the Power Development Plan and renewable energy rules. This creates uncertainty for SPCG and peers, even as the solar subsidy plan moves forward. The overall effect on SPCG is mixed.

    This is a real counterweight that could slow or reshape SPCG's growth plans.