Krungsri Securities says PDP26 supports BGRIM, maintains buy rating with target price of 23 baht

Northland Power Inc. announced the completion of turbine installation at Baltic Power, the 1.1 GW offshore wind project in Poland jointly owned by Northland and ORLEN. All 76 turbines are now installed, with over one-third currently generating power, and the project is advancing through commissioning on track for commercial operations in 2026 with costs aligned with original expectations. Baltic Power, Poland's first offshore wind project, achieved first power in July 2026, delivering the first electricity ever generated from offshore wind to Poland's national grid. Once operational, the project is expected to generate approximately 4 terawatt-hours of electricity annually, equivalent to approximately 3% of Poland's current electricity demand and enough to power more than 1.5 million Polish households, underpinned by a 25-year contract-for-difference mechanism. Northland is concurrently constructing two grid-scale battery energy storage projects in Poland representing a combined 300 MW / 1.2 GWh of storage capacity.

Sermsang Power Corporation, or SSP, is positioning itself to capture growth in a new round of the clean energy market, preparing to bid for work under the draft national Power Development Plan, or PDP 2026, which has the potential to open up more than 50,900 megawatts of generating capacity. SSP Chief Executive Officer Varut Thammavaranucupt said the company aims to expand its clean energy power plant portfolio and increase domestic investment, targeting growth of its renewable energy portfolio to 1,000 megawatts by 2032, from roughly 420 megawatts of projects currently in hand. SSP's strength comes from its bidding experience, with the company among those selected for renewable energy power purchase projects under the Feed-in Tariff, or FiT, scheme for 2022 to 2030, totalling 170.5 megawatts. This comprises seven solar power plants with a combined contracted capacity of 154.5 megawatts and two wind power plants with a combined contracted capacity of 16 megawatts, out of the first phase of the programme, which sought to purchase a total of 5,203 megawatts. Meanwhile, Kasikorn Research Center assesses that the world is entering an Age of Electricity, with global electricity demand since 2019 growing more than twice as fast as overall energy use, and it expects electricity's share of energy use to rise to 35% by 2035.

TechnipFMC's 66kV Dynamic Inter-Array Cable has achieved qualification to the CIGRE TB 862 standard for floating wind, sending shares of the subsea energy systems provider up 3.3% in the afternoon session. The qualification followed an 18-month testing program that included 1.5 million flex-fatigue cycles verified by Bureau Veritas. The achievement builds on existing CIGRE TB 722 and IEC 63026 qualifications and confirms the dynamic cable completed defined electrical, mechanical, and fatigue testing. TechnipFMC said the qualification allows it to supply the cable within an integrated Water Column iEPCI scope, ahead of showcasing the system at the Floating Offshore Wind 2026 conference in Aberdeen. The shares closed the day at $70.31, up 2.2% from the previous close.

Sermsang Power Corporation, or SSP, is pressing ahead with its 150 MW Bako wind power project in the Philippines, with an investment value of 8 billion baht. Phasakorn Panyarattanakorn, Chief Operating Officer, said construction is proceeding according to plan, including site preparation, road building and foundation work, while the 23 wind turbines are in the component manufacturing stage ahead of installation. The project has a 20-year long-term power purchase agreement and a commercial operation date set for the fourth quarter of 2027. It is the company's first project under the Philippine government's Green Energy Auction Program 2, or GEAP2. Asadej Kongsiri, a board member and Manager of the Stock Exchange of Thailand, said a range of risk factors, including surging US bond yields, energy problems and domestic flooding, could heighten concerns about non-performing loans and trigger a temporary shift of money out of the market. However, Thailand's economic fundamentals remain unchanged, and foreign investors met during roadshows in Japan, the United States and the United Kingdom are mostly large, long-term-focused funds interested in the clean energy transition policy and the Board of Investment's investment support measures. Meanwhile, Banpu, or BANPU, is bringing AI into its electricity trading business in Japan through Banpu Power Trading G.K. Niti Pitakteeratham, Country Head for Japan, said the company developed an AI model to analyse market data and price trends, assess trading opportunities, determine transaction sizes and manage risk, with traders making the final decision. AI now supports more than 90% of the company's electricity trading volume across six regions, after passing tests between January and March 2026 and delivering better returns and risk results than the previous approach. Separately, the Allie Real Estate Investment Trust, or ALLY, announced a capital increase unit offering price of 4.60 baht per unit, along with investment in three new projects: Chan At The Avenue Chaengwattana, Sai Mai Avenue and The Zone Town In Town. Kawin Iamsakulrat, Chief Executive Officer of Allie REIT Management Company Limited as the trust's manager, said the investment will lift total asset value to 15.151 billion baht, diversify the revenue base and strengthen cash flow. First-year distribution yield is expected at 10.3% per year, and the new units are scheduled to begin trading on 22 October 2026.

Seri Sangsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with an installed capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, said that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine components are in production, all in line with the planned schedule. The Bago project is the company's largest coastal wind power plant since it began operations, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. It covers seven villages: Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to receive investment rights. The company is confident it will begin commercial operation within the fourth quarter of 2027.

Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.