← Energy Absolute overview

Energy Absolute vs Electricity Generating: why the prices moved differently

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

Energy Absolute Public Company Limited (EA.BK)

Q3 2026
▲3▼1

EA returns to profit, secures bus financing, but risks linger

  • Return to profitability and debt reduction EA swung to a H1 2026 net profit of 105.81 million baht and cut liabilities by 14.88 billion baht (21.4%) over two years, signaling a financial turnaround.

    This is a key new financial milestone that directly boosts investor confidence.

  • Secured credit guarantees for electric bus order EA secured 9.78 billion baht in credit guarantees for 1,520 BMTA electric buses, reviving its EV plans and reducing funding uncertainty.

    This is a major new development that de-risks a large order and supports future revenue.

  • Growth initiatives and new business opportunities EA unveiled a 2026–2029 growth plan, signed a battery-recycling MOU, and saw carbon credit deliveries reach 108,960, with Bio-PCM exports and potential biofuel tax cuts adding demand.

    These new strategic moves and demand drivers support long-term growth prospects.

  • Execution risks and policy dependence Major bus revenue only arrives in Q2 2027, and execution of the large BMTA order and credit guarantees could strain finances; power plant bids are uncertain and growth depends on government policy, smart-grid funding, and tax measures that may not materialize.

    These are significant new risks that could hinder EA's recovery and growth.

September 2026
▲4

EA's bus, power and biofuel pipeline firms up as funding returns

  • Banks lend again, EA revives power and EV plans After banks resumed lending, EA is preparing to bid for clean-energy power plants under the new national power plan and is in talks to sell electricity directly to data centres. Its EV plant is back at full output on the 1,520-bus BMTA order and sold-out electric vans.

    This is the core turnaround story: funding restored lets EA restart growth projects that drive future earnings.

  • Carbon credit deliveries add a real, repeatable income stream EA handed 57,327 carbon credits from its Bangkok electric-bus programme to Switzerland's KliK Foundation, taking total deliveries to 108,960. These are verified emission cuts sold under the Paris Agreement, turning EA's existing bus fleet into a cash-generating green asset.

    Shows EA monetising its EV fleet beyond bus sales, a new revenue source investors may not have priced in.

  • Smart-grid spending puts EA on the beneficiary list twice Thailand is moving to build a smart grid, with a 10-20 billion baht first-phase pilot expected soon from a 200 billion baht energy-transition fund. Analysts name EA as a winner in both energy storage and linking electric vehicles to the power system.

    A large new state-backed investment wave where EA is explicitly flagged as a beneficiary, supporting future orders.

  • Bio-PCM exports and biofuel tax cuts open new demand EA is scaling Bio-PCM, a palm-oil-based material, to about 1,000 tonnes a year worth over 100 million baht, exported to Japan, South Korea, the US and Europe. Separately, DBS Vickers names EA among winners if the government cuts biofuel taxes, lifting biodiesel and ethanol demand.

    Two fresh, concrete demand drivers outside its main power business that can add earnings and diversify revenue.

Latest
▲4

EA's bus, power and biofuel pipeline firms up as funding returns

  • Banks lend again, EA revives power and EV plans After banks resumed lending, EA is preparing to bid for clean-energy power plants under the new national power plan and is in talks to sell electricity directly to data centres. Its EV plant is back at full output on the 1,520-bus BMTA order and sold-out electric vans.

    This is the core turnaround story: funding restored lets EA restart growth projects that drive future earnings.

  • Carbon credit deliveries add a real, repeatable income stream EA handed 57,327 carbon credits from its Bangkok electric-bus programme to Switzerland's KliK Foundation, taking total deliveries to 108,960. These are verified emission cuts sold under the Paris Agreement, turning EA's existing bus fleet into a cash-generating green asset.

    Shows EA monetising its EV fleet beyond bus sales, a new revenue source investors may not have priced in.

  • Smart-grid spending puts EA on the beneficiary list twice Thailand is moving to build a smart grid, with a 10-20 billion baht first-phase pilot expected soon from a 200 billion baht energy-transition fund. Analysts name EA as a winner in both energy storage and linking electric vehicles to the power system.

    A large new state-backed investment wave where EA is explicitly flagged as a beneficiary, supporting future orders.

  • Bio-PCM exports and biofuel tax cuts open new demand EA is scaling Bio-PCM, a palm-oil-based material, to about 1,000 tonnes a year worth over 100 million baht, exported to Japan, South Korea, the US and Europe. Separately, DBS Vickers names EA among winners if the government cuts biofuel taxes, lifting biodiesel and ethanol demand.

    Two fresh, concrete demand drivers outside its main power business that can add earnings and diversify revenue.

August 2026
▲4

EA turns profitable, cuts debt, and advances 1,520-bus EV order

  • First-half profit and debt reduction EA swung to a net profit of 105.81 million baht in H1 2026, from a loss last year, and cut total liabilities by 14.88 billion baht (21.4%) in two years. This improves financial health and lowers risk, supporting a higher share price.

    This is the most significant new financial development, directly showing improved profitability and balance sheet strength.

  • Credit guarantees for BMTA electric bus project EA approved 9.78 billion baht in credit guarantees for subsidiaries to fund production of 1,520 electric buses for BMTA. This secures financing for a major order, reducing execution risk and supporting future revenue.

    This new guarantee ensures the large bus order can be financed, a key step for EA's EV business.

  • Four-year growth plan and bus delivery timeline EA unveiled a 2026-2029 plan focused on waste-to-energy, EVs, and biofuels. It will start delivering 1,520 e-buses to BMTA, with major revenue from Q2 2027, plus new waste-to-energy and wind projects. This gives a clear long-term growth path.

    This new strategic plan provides visibility on future revenue drivers, especially the large bus order.

  • Battery recycling MOU with Ministry of Industry EA's subsidiary AMITA signed an MOU with the Ministry of Industry to develop lithium-ion battery recycling. This supports EA's integrated clean energy ecosystem and raw material security, potentially lowering costs and opening new business opportunities.

    This new partnership strengthens EA's battery value chain and aligns with its clean energy strategy.

▲4

EA turns profitable, cuts debt, and advances 1,520-bus EV order

  • First-half profit and debt reduction EA swung to a net profit of 105.81 million baht in H1 2026, from a loss last year, and cut total liabilities by 14.88 billion baht (21.4%) in two years. This improves financial health and lowers risk, supporting a higher share price.

    This is the most significant new financial development, directly showing improved profitability and balance sheet strength.

  • Credit guarantees for BMTA electric bus project EA approved 9.78 billion baht in credit guarantees for subsidiaries to fund production of 1,520 electric buses for BMTA. This secures financing for a major order, reducing execution risk and supporting future revenue.

    This new guarantee ensures the large bus order can be financed, a key step for EA's EV business.

  • Four-year growth plan and bus delivery timeline EA unveiled a 2026-2029 plan focused on waste-to-energy, EVs, and biofuels. It will start delivering 1,520 e-buses to BMTA, with major revenue from Q2 2027, plus new waste-to-energy and wind projects. This gives a clear long-term growth path.

    This new strategic plan provides visibility on future revenue drivers, especially the large bus order.

  • Battery recycling MOU with Ministry of Industry EA's subsidiary AMITA signed an MOU with the Ministry of Industry to develop lithium-ion battery recycling. This supports EA's integrated clean energy ecosystem and raw material security, potentially lowering costs and opening new business opportunities.

    This new partnership strengthens EA's battery value chain and aligns with its clean energy strategy.

Electricity Generating Public Company Limited (EGCO.BK)

Q3 2026
▲3▼1

EGCO's profit collapsed but US deals and asset sales offer new growth

  • Profit collapse and forecast cuts EGCO's core profit fell 95% due to tax and currency hits, leading analysts to slash 2026 profit forecasts by 30–40%, with Yuanta cutting its estimate to 3.337 billion baht.

    This explains the major negative force on the stock during the quarter.

  • US renewable and gas acquisitions EGCO acquired a 49% stake in US Pinnacle IV renewables (339 MW) and completed the 45.05% Astoria Energy II gas plant purchase, adding 250–330 million baht and ~400 million baht annually, respectively.

    These new investments provide future earnings growth and diversification.

  • Asset sales and spending plans EGCO sold BPU and KLU stakes for a 1–1.4 billion baht Q3 gain, and plans ~30 billion baht H2 spending, 2–3 M&A deals, and a ~3 billion baht Ban Pong gain.

    These actions boost near-term cash flow and signal growth ambitions.

  • Broker upgrades Brokers upgraded EGCO to Buy with target prices of 124–187 baht, reflecting confidence in the company's turnaround and growth pipeline.

    Upgrades can positively influence investor sentiment and demand for the stock.

August 2026
▲3▼1

EGCO profit collapse offset by US renewables deal and H2 spending plans

  • Quarterly core profit collapse EGCO's core profit fell 95% in the quarter due to tax and currency hits, prompting analysts to cut 2026 forecasts by 30–40% and expect weak Q2 net profit.

    This is the main negative force that pressured the stock during the period.

  • US renewables acquisition EGCO closed a 49% stake in US Pinnacle IV renewables (339 MW), lifting renewable capacity to 1,785 MW and adding 250–330 million baht in annual profit.

    This is a concrete positive event that expands EGCO's renewable footprint and earnings.

  • H2 spending and M&A plans EGCO plans ~30 billion baht of H2 spending, 2–3 M&A deals, and expects a ~3 billion baht gain from Ban Pong, signaling growth and cash generation.

    These plans provide a positive outlook and potential catalysts for the stock.

  • Long-term growth drivers Data center demand shifting to the EEC, the renewables-friendly draft PDP2026, a top-three DJ BIC sustainability ranking, and gas technology leadership support EGCO's long-term growth.

    These structural factors underpin future demand and position EGCO favorably.

Latest
▲3▼1

EGCO buys US renewables, but weak Q2 and profit cuts weigh

  • Q2 profit slump and big forecast cuts Asia Plus, KGI, Tisco and Krungsri all slashed 2026 profit forecasts by 30-40% and expect Q2 net profit to fall 40-71% year-on-year on FX losses, maintenance and weak Yunlin and Paju output. This near-term earnings weakness keeps pressure on the shares.

    It explains the main drag on EGCO's price this period.

  • US Pinnacle IV renewables deal closes EGCO completed the purchase of a 49% stake in the 339 MW Pinnacle IV wind and solar portfolio in the US, adding immediate cash flow and lifting its renewable capacity to 1,785 MW. Brokers see 250-330 million baht extra profit a year and a 5 baht target-price boost.

    It is the biggest new positive event for EGCO this period.

  • PDP2026 plan opens growth pipeline The draft PDP2026 favours renewables, storage and flexible gas, and analysts expect approval by October 2026 with auctions from mid-2027. EGCO's existing plant sites and plans to bid for new domestic projects and direct PPAs give it a long-term growth path.

    It shows the policy-driven growth story that supports EGCO's future earnings.

  • Sustainability ranking and gas technology edge EGCO ranked top three globally in the DJ BIC sustainability index for emerging-market electric utilities, and at Gastech 2026 it showcased hydrogen blending, ammonia co-firing and carbon capture. This supports its ESG profile and long-term licence to operate.

    It highlights a non-financial strength that can attract ESG-focused investors.

September 2026
▲3▼1

EGCO closes US gas deal, sells stake, wins broker upgrades

  • Astoria Energy II acquisition completed EGCO closed its 45.05% purchase of New York's 615 MW Astoria Energy II gas plant, adding roughly 400 million baht in annual US profit from 2027 and expanding its overseas footprint.

    This is the period's biggest new event, directly supporting future earnings and the stock's positive re-rating.

  • BPU and KLU stake sale completed EGCO finished selling its 49% stake in BPU and KLU, booking a 1–1.4 billion baht special profit in Q3, which boosts near-term earnings and supports the dividend outlook.

    This completed asset rotation provides a concrete near-term earnings boost and was not previously reported as done.

  • Broker upgrades and buy calls KGI upgraded EGCO to Buy with a 6.50 baht dividend forecast, and five more brokers issued buy calls with targets of 124–187 baht, citing US profit, data centre upside, and margin relief from a stronger baht and lower oil prices.

    Analyst upgrades and target prices directly influence investor sentiment and demand for the stock.

  • Yuanta cuts 2026 profit forecast Yuanta lowered its 2026 profit forecast to 3.337 billion baht, citing weaker contributions from Yunlin wind and Paju ES, and noted that data centre profits remain years away, providing a counterweight to the positive news.

    This is the main negative development in the period, showing that not all analysts share the optimistic view.

▲3

Brokers turn bullish on EGCO as US gas deal and data centre bets build

  • Brokers raise EGCO targets on Astoria Energy II deal CGSI, Tisco, Krungsri, Finansia and Yuanta all published buy or add calls this week, with target prices from 124 to 187 baht. They expect the 45% US gas plant stake to add about 400 million baht profit a year from 2027, lifting earnings forecasts and drawing income investors.

    This is the main new force pushing EGCO shares up this period.

  • Data centre and PPA renewal upside priced in Finansia says a possible 300MW data centre in Rayong could add about 3 baht per share, and renewing roughly 1GW of expiring power contracts could add about 10 baht. Google's planned 1 billion dollar Thai data centre investment also supports long-term electricity demand.

    New analyst detail shows fresh growth options beyond the US deal.

  • Weaker dollar debt and lower oil costs help margins The baht at about 33.45 per dollar is stronger than July's 34.0, cutting the cost of EGCO's dollar loans, which are 50-60% of total debt. Falling crude oil also points to lower gas costs for power plants, easing pressure on earnings.

    Explains a new, quieter support for EGCO's finances and profits.

  • Q3 profit rebound expected, but 2026 forecast cut Yuanta sees Q3/2026 profit rising on Lao hydropower seasonality, US gas plants and the QPL plant returning to normal, and expects a 3.25 baht second-half dividend. But it cut its 2026 forecast to 3.337 billion baht on weaker Yunlin wind and Paju ES contributions.

    Gives the fair counterweight: near-term recovery but a trimmed 2026 number.

▲4

EGCO locks in US gas growth and dividend upgrade as data center rules tighten

  • EGCO closes US Astoria Energy II acquisition EGCO signed a deal to buy 45.05% of the 615 MW Astoria Energy II gas plant in New York City, with a long-term contract with NYPA. This expands its US growth base and supports future earnings, helping lift the shares.

    This is a major new investment that directly supports EGCO's growth strategy and future profits.

  • KGI upgrades EGCO to Buy on 6.50 baht dividend KGI raised its rating to Buy and target price to 145 baht, expecting a 6.50 baht dividend for 2026. Higher dividend expectations and a stronger outlook can attract income investors and support the share price.

    This is a new analyst upgrade that directly affects investor expectations and the stock's appeal.

  • Tighter data center rules favor EGCO's clean power push Thailand suspended 166 data center projects and is drafting stricter rules that push operators to buy clean power and move to industrial estates. EGCO is seen as a beneficiary, though profits from data centers are still years away.

    This is a new regulatory development that could open long-term demand for EGCO's power, but with limited near-term impact.

  • Ban Pong-Khlong Luang stake sale completed EGCO closed the sale of a 49% stake in BPU and KLU to J-POWER for about 2.8 billion baht, expecting a special profit of 1-1.4 billion baht in Q3 2026. This boosts near-term earnings and funds new investments.

    This is a new completed transaction that directly adds to Q3 profit and supports the growth strategy.

▲2▼1

EGCO's H2 growth bets offset weak Q2 profit

  • Q2 core profit collapses on tax hit EGCO's second-quarter core profit fell 95% from the prior quarter to just 45 million baht, far below analyst estimates, because of higher-than-expected tax expenses. First-half core profit was only a quarter of the full-year forecast, so the market may lower profit expectations and pressure the shares near term.

    This is the main negative force on the stock and explains why profit expectations are being cut.

  • 30 billion baht H2 spending and M&A push EGCO plans to spend about 30 billion baht in the second half on gas plants, renewables and asset rotation, and is negotiating 2-3 M&A deals. It also expects a roughly 3 billion baht gain from selling its Ban Pong stake in Q3. This supports future growth and near-term earnings.

    This is the clearest new positive catalyst for growth and cash flow.

  • Data center demand shifts to EEC Bangkok's plan to pause new data center permits is pushing operators toward the Eastern Economic Corridor, where EGCO has land and power assets. Analysts say EGCO and peers will benefit long term as data center power demand grows, and EGCO is in talks for a 200-400 MW data center deal.

    This is a new demand driver that could add long-term power sales for EGCO.