Corniche Capital Expands Build-to-Suit Program with Multi-Gigawatt Powered Land Portfolio

Land and Houses Securities Public Company Limited rates Infraset Public Company Limited, or INSET, and WHA Utilities and Power Public Company Limited, or WHAUP, as poised for continued growth from the expansion of the Data Center business and rising production capacity, and sees them as stocks with catalysts from new investment projects in the period ahead. For INSET, the analyst maintains a buy recommendation with a target price of 5.25 baht, expecting profit in the second half of 2026 to accelerate steadily, particularly in the third quarter of 2026, which has the potential to grow both quarter on quarter and year on year. The key driver comes from the gradual recognition of revenue from six Data Center projects in hand, with a combined size of approximately 335 MW. At the same time, there is remaining revenue from the Trading business still to be recognized of about 290 million baht. INSET's latest backlog has risen to approximately 5.7 billion baht after securing additional new work, and the company is in the process of bidding on another four to five large projects with a combined value of approximately 10 billion baht. If it wins this work, it would be upside to the backlog and profit forecasts, and would help extend the growth of operating results into 2027. As for WHAUP, the analyst gives a buy recommendation with a target price of 8.80 baht and expects profit in 2026 and 2027 to grow outstandingly and continuously, driven mainly by revenue and capacity revenue from the water business, especially the increase in water usage from Data Center customers, as well as the recovery of the Gheco-One power plant and rising power generation capacity from Solar projects. In addition, WHAUP stands to benefit further from the new Power Development Plan through selection for new power plant projects, as well as opportunities from Direct PPA projects. For the profit trend in the third quarter of 2026, it is expected to be flat from the previous quarter, supported by the share of profit from the Gheco-One power plant, where losses from the coal business are likely to narrow, while water usage tends to increase in line with demand from petrochemical customers, together with the recognition of power generation capacity from new Solar projects providing additional support.

Yuanta Securities (Thailand) said the government is drafting the 14th National Economic and Social Development Plan for 2028-2032, which will take effect from October 2027, aiming to restructure the Thai economy and reduce constraints that hinder growth, in order to push economic expansion above 3% per year and set a goal for Thailand to rank among the world's top 20 in competitiveness by 2029. The plan is driven through five key areas, covering raising production efficiency and attracting new industries, reforming public administration toward OECD standards, upgrading human capital to support an aging society, turning natural resources and the environment into development capital, and investing in technology and innovation. A key shift from the 13th plan is the move away from designating target industries toward addressing structural constraints, through five pillars: Transform, Reform, Upgrade, Sustain, and Transfer. Yuanta's research team sees industries with a chance to benefit, including AI and data centers, electrical infrastructure, smart grid and smart meter, automated production systems, proactive water management, and digital infrastructure. The five stock groups expected to benefit are power plants, commercial banks, telecommunications, electronics, and construction contractors and building materials. Stocks that stand to gain include GULF, GUNKUL, GPSC, SSP, SCB, KTB, ADVANC, TRUE, SMT, and EPG.

The Financial Times reported, citing people familiar with the matter, that SpaceX plans to raise $40 billion, with asset management giant Apollo Global Management leading the effort, to fund the purchase of artificial intelligence chips from Nvidia. The financing plan consists of roughly $10 billion in bank credit facilities and $30 billion in investment-grade bonds, for a total of $40 billion. Apollo is expected to structure the financing and distribute the bonds to a broad group of investors, with PIMCO among a small number of financial institutions in talks to lend. The transaction is expected to be completed by 2027. Morgan Stanley estimates that global AI infrastructure development will require as much as $1.5 trillion in external financing by 2028. In market moves, SpaceX shares fell 1% in after-hours trading in the United States following the report, while Nvidia shares rose 0.5%. Musk, who only recently took SpaceX public in June through a record-breaking IPO worth $86 billion, said last month that xAI's Colossus 2 data center could more than double its installed base of Nvidia chips by this December.