Multiple Companies on Shanghai and Shenzhen Exchanges Announce Positive News: SDIC Power Plans 33.394 Billion Yuan Hydropower Station, Raytron Expects First-Half Net Profit to Surge Over 200%

Apollo Global Management has moved further into energy and industrial assets, with its backed Eagle Creek Renewable Energy partnering with Relevate Power to grow small hydropower assets, and with Apollo completing its acquisition of Nippon Sheet Glass. The Eagle Creek and Relevate Power agreement covers both expansion and day-to-day management of distributed hydro facilities, while the Nippon Sheet Glass deal starts a new management setup and growth phase for the glass producer. Apollo Global Management, a US-based diversified financial group with a market value of about $68.5b, channels capital into credit, private equity, infrastructure and real assets. The firm is also rumored to be reshaping assets including Energos Infrastructure and rolling out Daily Pricing across US$850b of credit. Analysts continue to flag thinner recent profit margins and an uneven dividend record even as the deals support expectations of higher origination volumes.

GPSC appears to be entering a period of earnings recovery, posting a net profit of 1.82 billion baht in the second quarter of 2026, up 6% QoQ but down 10% YoY. The main drivers were GHECO-One returning to operation after a planned outage, improved availability at Glow IPP, higher power sales volumes at HHPC, and a recovery in demand from industrial customers. SPP margins, however, remained under pressure as gas costs rose faster than the Ft tariff. First-half 2026 results overall reflected better operating efficiency, with EBITDA margin rising to 25% and net profit up 12% YoY to 3.54 billion baht. The second half of 2026 is expected to continue growing on the high season for hydropower plants in Laos and the peak season for the CFXD wind power plant in Taiwan in the fourth quarter of 2026. The EBITDA Uplift Program has already delivered 571 million baht of benefits in the first half of 2026 and targets around 1 billion baht for the full year 2026. The company aims to expand equity capacity from 7.4 GW to 13.7 GW by 2030, while raising the share of renewables and reducing SPP volatility by increasing gas-linked contracts to more than 70%. It targets winning more than 25% of the capacity up for auction under PDP2026, covering renewable, ESS and conventional power, alongside opportunities from direct PPAs, under which it aims to supply around 2 GW of renewable power to corporate customers by 2030. It currently has demand from data centers under discussion and study amounting to as much as 750 MW, and is studying sites with four partners totalling more than 1,000 MW.

GDEV Management-backed Relevate Power and Eagle Creek Renewable Energy, a hydropower owner and operator backed by Apollo funds, announced a strategic partnership across their portfolios of small hydropower assets. At the partnership's commencement, Eagle Creek will leverage its scale and operations team to manage Relevate's portfolio of run-of-river hydroelectric projects, with the local operators currently employed by Relevate joining Eagle Creek to maintain continuity of operations at each facility. The two companies said they have identified opportunities to combine their strengths in redeveloping and operating hydropower facilities to achieve operational and cost efficiencies, starting with asset management as the foundation for a broader relationship. GDEV and Apollo previously provided financing for Relevate's acquisition of Gravity Renewables in December 2024, and since GDEV's initial investment in 2024, Relevate has received a $4.9 million grant from the Department of Energy to improve the efficiency of hydroelectric facilities. Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, with a portfolio of nearly 700 MW that produces enough electricity to power over 260,000 homes.

Asia Plus Securities said that between 23 and 27 September 2026 heavy rain fell across many parts of Thailand, especially the central region, Bangkok and the eastern region, causing flooding in many areas and prompting warnings for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its vigilance level for industrial estates in at-risk areas, particularly Bang Pu and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in and Ban Wa (Hi-Tech), though no widespread suspension of estate operations has been seen and there have been no reports of large power plants halting operations or stopping electricity supply. The research team sees no direct impact on the power plant group, because core revenue is underpinned by long-term power purchase agreements, and expects the rain to ease within three to five days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, Laos saw heavy rain in the Mekong basin and in the central and northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25% and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A-3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with higher rainfall. The research team recommends Selective Buy, picking CKP as its Top Pick with a fair value of 2.90 baht, given the highest share of hydropower business in its portfolio, and expects normalised profit for the third quarter of 2026 to grow quarter on quarter and reach its highest level of the year. BCPG has a fair value of 8.00 baht and remains attractive thanks to a profit base with a high proportion of hydropower plants in Laos, supported by power projects in the United States entering the summer peak season, with third-quarter 2026 profit also expected to reach its highest level of the year. It therefore sees this as an opportunity for short-term trading in line with the seasonal cycle.