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SPCG vs Sermsang Power: why the prices moved differently

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

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.

Sermsang Power Corporation Public Company Limited (SSP.BK)

Q3 2026
▲3

SSP Q3 profit boosted by Japan solar, Yamaga sale, pipeline

  • Strong Q3 profit outlook SSP expects normalised profit of 120–140 million baht in Q3 2026, helped by Japan's solar high season and the Leo 2 project, signalling a clear earnings rebound.

    This is the main new positive driver for the quarter.

  • Yamaga solar sale gain A 300–500 million baht gain from selling the Yamaga solar project will boost Q3 results, providing a one-time cash boost and showing progress in portfolio management.

    This is a new, material event that lifts quarterly earnings.

  • H1 profit jump and pipeline H1 profit rose 44.8% to 325.1 million baht, backed by a ~300 MW development pipeline and two waste-to-energy plants starting late 2026, supporting future growth.

    This confirms strong momentum and a visible growth pipeline.

  • Policy upside vs execution risk Thailand's PDP2026 and solar subsidy schemes could lift SSP's EPC business, but community solar projects are capped at 10 MW each, so many bids must succeed amid uncertain policy execution.

    This captures the key opportunity and the main risk that could limit upside.

September 2026
▲3

SSP completes Yamaga sale, eyes Thai solar bids and Bago wind

  • Yamaga solar sale completed SSP completed the 1 billion baht sale of its Yamaga solar project, booking a 300–500 million baht gain in Q3. The deal cuts debt and provides funds for expansion.

    This is a major new event that directly boosts earnings and strengthens the balance sheet.

  • Positioned for Thailand's PDP 2026 and community solar SSP is positioned to bid in Thailand's PDP 2026 (50,900 MW) and a 1,500 MW community solar programme. It targets 1,000 MW by 2032 and aims to double assets in 3–4 years.

    This shows new growth opportunities that could significantly expand SSP's project pipeline.

  • Bago wind farm under construction SSP is building the 150 MW Bago wind farm, scheduled for commercial operation in Q4 2027. This adds a new renewable energy source to its portfolio.

    This is a new project that diversifies SSP's generation mix and supports long-term growth.

  • Analyst Buy rating with policy risks Yuanta rates SSP Buy with a 14.10 baht target, citing growth and further Japanese asset sales (~2 billion baht). Risks: community solar projects are capped at 10 MW each, so developers must win many to move earnings, and much of the upside depends on uncertain bid outcomes and policy execution.

    This captures both the positive analyst view and the key risks that could limit upside.

Latest
▲4

SSP eyes huge Thai solar expansion and Bago wind farm as profit set to jump

  • SSP targets doubling assets in 3-4 years, pushes new PDP and Direct PPA SSP aims to double its asset size in 3-4 years, with over 340 MW operating and 800 MW in hand. It sees the draft PDP 2026's 50,000 MW as a major opportunity and may raise its 1,000 MW target. This growth ambition supports the stock price.

    This is a new strategic target that directly signals future growth and expansion.

  • Yuanta names SSP a top pick for 1,500 MW community solar Yuanta expects the 1,500 MW community solar programme to open for bids this year and names SSP as a top pick. Each project is capped at 10 MW, so developers must win several to move earnings. This new opportunity could add steady revenue.

    This is a new regulatory programme that opens a fresh growth avenue for SSP.

  • SSP prepares to bid for 1,500 MW community solar, expects strong H2 profit SSP is preparing to bid for the 1,500 MW community solar project and expects a strong second half, helped by the ~1 billion baht Yamaga sale and new waste-to-energy plants. A weaker baht also supports revenue. This confirms near-term earnings momentum.

    This provides concrete confirmation of SSP's participation and improved financial outlook.

  • SSP advances 150 MW Bago wind farm, targets Q4 2027 COD SSP is accelerating construction of the 150 MW Bago wind farm in the Philippines, an ~8 billion baht investment and its largest plant, with commercial operation targeted for Q4 2027. This adds long-term capacity and revenue growth.

    This is a major project milestone that underpins future earnings growth.

▲4

SSP cashes in on Yamaga sale and eyes Thailand's huge new power plan

  • Yamaga sale completed, 1 billion baht cash in SSP closed the sale of its 34.5 MW Yamaga solar farm in Japan, receiving 1,001.30 million baht. The deal adds cash, cuts debt, and will book a special gain of 300–500 million baht in Q3 2026, boosting reported profit and giving SSP money to fund new projects.

    This is the period's biggest concrete event, directly lifting earnings and funding capacity.

  • SSP ready to bid in PDP 2026, targeting 1,000 MW by 2032 Thailand's draft PDP 2026 plans 50,900 MW of new capacity, mostly solar and wind. SSP says it is ready to bid, building on its existing 420 MW pipeline and 170.5 MW of earlier FiT wins. Winning more projects would grow revenue for years and supports its 1,000 MW goal.

    The new national power plan is the main long-term demand driver for SSP's growth.

  • Yuanta keeps Buy, raises target to 14.10 baht Yuanta maintained its Buy rating and lifted SSP's target price to 14.10 baht, citing PDP 2026 growth, higher 2027 earnings, and a stronger balance sheet after Yamaga. It also noted plans to sell three more Japanese projects for about 2 billion baht, which would fund further expansion.

    A fresh analyst upgrade with a higher target directly supports investor confidence and the share price.

  • Government backs rooftop solar with 50 billion baht fund Thailand's prime minister announced a 50 billion baht fund from mid-October to help households install rooftop solar, alongside a clean-energy push. This policy support could expand the solar market and benefit SSP's project pipeline and engineering business over time.

    New government money for solar adds a policy tailwind that can lift future demand for SSP's projects.

August 2026
▲4

SSP's profit rebound and new projects drive growth outlook

  • Strong Q3 profit expected on seasonal solar and asset sale SSP expects Q3 normalised profit of 120–140 million baht, up sharply from last year, helped by Japan solar high season and a full quarter from the Leo 2 project. A potential 400–500 million baht gain from selling the Yamaga solar project could further boost earnings.

    This directly signals a near-term earnings rebound that supports the share price.

  • First-half profit jumps 44.8% with 300 MW pipeline SSP reported H1 net profit of 325.1 million baht, up 44.8% year-on-year, on higher electricity sales. The company has about 300 MW of solar and wind projects under development that should more than double output by 2028, supporting long-term growth.

    Confirms strong financial performance and a clear growth path, key for investor confidence.

  • Waste-to-energy plants to start commercial operation in Q4 2026 Two community waste-to-energy plants (19.8 MW total) are 85% complete and set to begin commercial operation in late 2026. They will generate steady revenue around the clock and earn waste disposal fees, marking SSP's first move into this segment.

    New revenue stream with higher capacity factor than solar/wind, boosting future earnings.

  • New power plan and solar subsidy support growth Thailand's draft PDP2026 targets over 20,000 MW of new capacity, mostly renewables, and a million-rooftop solar subsidy could boost SSP's EPC business. SSP is also eyeing community solar and expansion into the Philippines and Taiwan.

    Policy tailwinds open new project opportunities and support long-term capacity goals.

▲4

SSP's profit rebound and new projects drive growth outlook

  • Strong Q3 profit expected on seasonal solar and asset sale SSP expects Q3 normalised profit of 120–140 million baht, up sharply from last year, helped by Japan solar high season and a full quarter from the Leo 2 project. A potential 400–500 million baht gain from selling the Yamaga solar project could further boost earnings.

    This directly signals a near-term earnings rebound that supports the share price.

  • First-half profit jumps 44.8% with 300 MW pipeline SSP reported H1 net profit of 325.1 million baht, up 44.8% year-on-year, on higher electricity sales. The company has about 300 MW of solar and wind projects under development that should more than double output by 2028, supporting long-term growth.

    Confirms strong financial performance and a clear growth path, key for investor confidence.

  • Waste-to-energy plants to start commercial operation in Q4 2026 Two community waste-to-energy plants (19.8 MW total) are 85% complete and set to begin commercial operation in late 2026. They will generate steady revenue around the clock and earn waste disposal fees, marking SSP's first move into this segment.

    New revenue stream with higher capacity factor than solar/wind, boosting future earnings.

  • New power plan and solar subsidy support growth Thailand's draft PDP2026 targets over 20,000 MW of new capacity, mostly renewables, and a million-rooftop solar subsidy could boost SSP's EPC business. SSP is also eyeing community solar and expansion into the Philippines and Taiwan.

    Policy tailwinds open new project opportunities and support long-term capacity goals.