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B.Grimm Power Public Company Limited (BGRIM.BK)

Q3 2026
▲2▼2

Data center deals and profit surge offset tariff freeze and gas costs

  • Data center demand and Digital Edge JV BGRIM signed 300 MW of new data center customers and formed a 96 MW joint venture with Digital Edge, which could add billions of baht in annual profit as Thailand's digital economy grows.

    This is the main new growth driver for BGRIM's earnings and stock price.

  • Ninefold profit jump and broker targets Q2 2026 net profit rose ninefold to 676 million baht, helped by a dividend. Brokers set target prices of 22–25 baht, and BGRIM expanded into Vietnam, the Philippines, and Malaysia.

    Strong earnings and analyst optimism directly support the stock price.

  • Tariff freeze and higher gas costs squeeze profit The ERC's tariff freeze limits revenue while gas costs jumped 25% quarter-on-quarter, cutting core profit 6% and forcing an 11.6% cut to full-year forecasts. Q3 is expected to stay weak.

    These pressures are the main reason BGRIM's profit and outlook weakened.

  • High debt and rising interest costs Net debt-to-equity of 2.1x limits BGRIM's ability to invest, and US Fed rate hikes raise borrowing costs, making it harder to fund new projects without taking on more risk.

    Financial constraints can hold back growth and weigh on the stock.

September 2026
▲3▼1

BGRIM restructures for data centres and clean energy, but costs and rates weigh

  • Reorganisation into four units BGRIM split into four business units targeting data centres, clean energy, and smart grids, a structural change that could sharpen focus and attract fresh investment.

    This is a new strategic move not mentioned in earlier reports, directly shaping the company's growth direction.

  • New projects and broker upgrades Broker targets rose to 22–25 baht on new projects: a 96 MW Chonburi data centre, floating solar, a 750 MW Malaysia plant with GE Vernova, and a 300 MW clean power MOU with Siam Piwat.

    These concrete project wins and analyst upgrades are new this period and support the growth narrative.

  • Data centre rules and contract renewals New data centre rules requiring 60% clean energy and about 3,000 MW of contract renewals underpin long-term electricity demand, reinforcing BGRIM's clean energy pivot.

    This regulatory and demand driver is new and strengthens the long-term case for BGRIM's clean power focus.

  • Cost and rate pressures persist High gas and fuel costs, US Fed rate hikes raising borrowing costs for this indebted utility, and a 1% cut to September earnings estimates kept a lid on gains, though lower oil prices may ease margins.

    These ongoing headwinds are the main counterweight to the positive developments and explain why the stock didn't rally more.

Latest
▲4

BGRIM gains from Malaysia plant deal, new clean power MOU and broker picks

  • Malaysia 750 MW plant advances with GE Vernova deal BGRIM signed two agreements with GE Vernova: one to supply a gas turbine for its new 750 MW Malaysia power plant, and a 14-year service contract for five turbines at its Thai plants. This moves a major overseas growth project forward and supports future earnings.

    This is a concrete step in BGRIM's overseas expansion, directly adding long-term generation capacity and revenue.

  • New MOU with Siam Piwat targets 300 MW clean power BGRIM signed an MOU with Siam Piwat to develop up to 300 MW of clean power trading via the Third Party Access system, and started a rooftop solar project at Siam Paragon. This opens a new business channel and supports its renewable energy goals.

    It is a fresh commercial partnership that expands BGRIM's clean energy customer base and revenue potential.

  • Brokers name BGRIM a top pick for Q4 and October Kasikorn Securities, Daiwa, and Bualuang all selected BGRIM as a top pick for the fourth quarter or October, citing data centre demand, the new Power Development Plan, and smart grid themes. These endorsements can attract more investors and support the share price.

    Multiple broker recommendations reflect growing confidence in BGRIM's growth pipeline and can drive buying interest.

  • Political risk eases after Constitutional Court ruling Thailand's Constitutional Court ruled that barcode ballots do not violate the constitution, removing fears of a nationwide election annulment and policy vacuum. This lowers political risk and supports large-cap power stocks like BGRIM by ensuring continuity of government energy policy.

    Reduced political uncertainty improves market sentiment and foreign investor confidence, benefiting BGRIM as a large-cap utility.

▲3

BGRIM gains from data centre rules, smart grid push and lower oil costs

  • Data centre rules require clean power, boosting BGRIM demand New data centre investment criteria from the NBTC and the Data Center Policy Committee require operators to have power purchase agreements and at least 60% clean energy. This turns clean power into a necessity, directly increasing demand for BGRIM's electricity and supporting its long-term revenue and share price.

    This is a new regulatory development that directly increases demand for BGRIM's power, a key driver of future earnings.

  • BGRIM named top pick for new investment cycle Kasikorn Securities selected BGRIM as a top stock for the new investment cycle, noting it has already secured customers for two data centre buildings starting operations in Q4 2026 and Q3 2027. This broker endorsement signals confidence in BGRIM's growth pipeline and can attract more investors.

    A major broker's top pick with concrete project timelines reinforces BGRIM's growth story and can drive buying interest.

  • Smart grid investment and solar expansion open new opportunities The government plans to invest 10-20 billion baht in smart grid pilot projects, and the NEPC expanded the public solar framework to 10,000 MW with 20-year purchase agreements. BGRIM is cited as a beneficiary in microgrid and energy management, creating new revenue streams beyond traditional power plants.

    New government spending and solar policy expand BGRIM's addressable market in smart grid and renewable energy services.

  • Lower oil prices help margins but earnings estimate trimmed Falling crude oil prices could reduce BGRIM's gas costs and support margin recovery in Q3 2026, with Asia Plus setting a 22 baht target. However, September earnings estimates for BGRIM were revised down 1%, showing that near-term profit expectations remain under pressure despite the positive cost trend.

    This captures both the positive cost tailwind and the negative earnings revision, giving a balanced view of near-term profit drivers.

▲3▼1

BGRIM expands data centre and overseas power bets, but fuel costs and Fed hike weigh

  • Data centre power plan and broker upgrade BGRIM will prepare 2,000–3,000 MW for data centres and industry, with its 96 MW Chonburi project fully booked and earning 400–600 million baht a year. Dao Securities raised its target to 25 baht, supporting the stock.

    This is a new, concrete growth plan that directly supports future earnings and the share price.

  • New floating solar and overseas expansion BGRIM and AMATA are investing 1.2 billion baht in a 42.5 MWp floating solar project in Chonburi. BGRIM is also pushing a 1,500 MW gas plant in Malaysia and a 1,500 MW gas plant in Vietnam, adding long-term growth.

    These are fresh investments that expand BGRIM's clean energy and overseas footprint, supporting future revenue.

  • Contract renewals and Direct PPA push BGRIM proposed renewing 22 power plants (about 3,000 MW) and unlocking Direct PPA rules to sell more electricity to data centres. This would secure long-term demand and make better use of existing plants.

    It is a new regulatory push that could lock in revenue and support earnings growth.

  • High fuel costs and Fed rate hike pressure Brent crude hit $100 a barrel, raising fuel costs for BGRIM's gas-fired plants. The US Fed raised rates by 0.25% and signaled more, which raises borrowing costs for heavily indebted utilities like BGRIM, capping the stock's rise.

    These are new cost pressures that directly squeeze BGRIM's margins and increase its financial burden.

▲4

BGRIM's data centre and clean energy bets grow, but gas costs still bite

  • Reorganisation into four units to become an Energy Tech Company BGRIM split its business into four units covering digital infrastructure, smart industrial estates, hyperscale data centres and clean energy. This sharpens its focus on data centre and grid projects, which should lift long-term profit and support the share price.

    It is a new strategic step that directly supports future earnings growth.

  • New Pool Gas structure could lower fuel costs BGRIM hopes a new national gas pricing structure and more use of Gulf of Thailand gas will stabilise its fuel costs. Lower gas costs would ease the squeeze on profit margins, helping the stock recover.

    It addresses the main cost headwind that has been pressuring earnings.

  • Bangkok data centre permit freeze redirects projects to EEC Bangkok plans to pause new data centre permits, pushing operators to the Eastern Economic Corridor where BGRIM and Digital Edge are building a 96 MW project. More data centre demand in the EEC means more long-term power sales for BGRIM.

    It is a new regulatory shift that benefits BGRIM's data centre power business.

  • Broker upgrades on data centre demand and PDP2026 Kasikorn Securities raised its target price to 22 baht, and Bualuang highlighted BGRIM as a recovery play with high Direct-PPA leverage. These upgrades reflect growing confidence in future earnings from data centres and clean energy.

    It shows analysts are becoming more positive on the stock's outlook.

August 2026
▲3▼1

BGRIM's data centre wins and profit surge offset by gas cost squeeze

  • Data centre demand accelerates BGRIM secured about 300 MW of new data centre customers and signed 100 MW of power purchase agreements, boosting long-term electricity demand and supporting broker target prices of 23–25 baht.

    This is the main new growth driver for BGRIM's earnings and stock outlook.

  • Q2 profit jumps ninefold Q2 2026 net profit rose ninefold to 676 million baht, and BGRIM declared a 0.18 baht interim dividend, giving shareholders a concrete return while reinforcing the growth story.

    The profit surge and dividend are fresh, tangible positives for the stock.

  • Vietnam and Philippines expansion BGRIM targets Vietnam revenue growth from $50 million to $1.2 billion by 2030 and won a 20-year solar contract in the Philippines, expanding its renewable footprint and long-term earnings base.

    New international contracts and targets show BGRIM's growth beyond Thailand.

  • Gas costs squeeze margins and debt limits capacity Gas costs rose 25% quarter-on-quarter, cutting core profit 6% and prompting an 11.6% cut to full-year forecasts, with Q3 expected weak. High net debt-to-equity of 2.1x leaves limited investment capacity versus peers.

    This is the main counterweight capping near-term stock gains.

▲3▼1

BGRIM rides PDP2026 clean-energy wave, data centre deals and broker upgrades

  • PDP2026 clean-energy plan opens new project pipeline Thailand's new 25-year power plan (PDP2026) targets over 60% renewable energy, lifts the 2,000 MW cap on direct power deals, and adds about 20,000 MW of new capacity. This gives BGRIM a clear path to bid for and build new plants, supporting future earnings and the stock price.

    The PDP2026 framework is the single biggest new policy catalyst this period and directly expands BGRIM's addressable project pipeline.

  • Data centre and overseas deals lock in growth BGRIM has signed power purchase agreements for 100 MW of data centre demand, with another 150 MW from new customers, and signed a 20-year 50 MW solar contract in the Philippines. These long-term contracts secure revenue and support the 10,000 MW by 2030 target.

    These are concrete new contracts that convert the growth narrative into contracted future revenue.

  • Brokers raise targets on PDP2026 and earnings outlook KKPS raised BGRIM's target price to 25 baht and lifted 2027-2030 profit forecasts by about 15%, while Krungsri kept a buy rating with a 23 baht target. The upgrades reflect confidence that policy clarity and new projects will drive profit growth.

    Broker upgrades are a direct new signal of improving earnings expectations that can pull the share price higher.

  • High debt and gas costs limit near-term upside BGRIM's net debt-to-equity ratio of 2.1 times leaves only about 23-28 billion baht for new investment, less than peers, and Q3 earnings are expected to stay weak because gas costs have risen to around 380 baht per million BTU. This caps how fast the stock can rise.

    This is the main counterweight: financial constraints and cost pressure that could slow the growth story.

▲3▼1

BGRIM's data centre and Vietnam growth bets outweigh gas cost drag

  • 300 MW of new data centre customers secured BGRIM won about 300 megawatts of new customers, mostly data centres, which should lift profit margins. It is also switching industrial power contracts to a gas cost-plus model, so it can pass on fuel costs instead of absorbing them. This directly supports future earnings and the stock price.

    This is a concrete new contract win that improves margins and pricing power, a key positive driver.

  • Q2 profit jumps ninefold, dividend declared BGRIM reported Q2 2026 net profit of 676 million baht, up 9,557% from a year earlier, helped by a new electricity tariff formula and renewable projects starting up. Core profit was in line with expectations. It declared an interim dividend of 0.18 baht per share. This confirms the earnings recovery story.

    The actual reported profit surge and dividend are new, concrete results that validate the positive earnings trend.

  • Vietnam expansion targets 24-fold revenue growth by 2030 BGRIM aims to grow Vietnam revenue from $50 million to $1.2 billion by 2030, with about 2,000 MW of capacity, including a 1,500 MW LNG plant. It is also entering data centre energy supply in Danang and Ho Chi Minh City. This is a long-term growth driver that could lift the stock as investors price in future earnings.

    This is a new, ambitious international expansion plan that adds a long-term growth catalyst.

  • Surging gas costs squeeze near-term profit Natural gas costs rose 25% from the prior quarter due to war impacts, pushing Q2 core profit down 6% quarter-on-quarter. Analysts cut full-year core profit forecasts by 11.6% and warned Q3 would stay weak. This is a real headwind that limits how much the stock can rise in the near term.

    This is the main counterweight: rising fuel costs are pressuring margins and analyst forecasts, balancing the positive growth news.

July 2026
▲3▼1

BGRIM gains on data center demand but tariff freeze squeezes margins

  • Data center demand and PDP 2026 boost growth outlook Analysts say BGRIM benefits from data center expansion and the new PDP 2026 power plan. Every 100 MW of data center capacity could add 1.5 billion baht to annual profit, and the 96 MW joint venture with Digital Edge is expected to contribute 300-500 million baht yearly. This supports long-term earnings growth.

    This is the main positive force driving BGRIM's long-term profit potential and investor interest.

  • ERC freezes electricity tariff, squeezing SPP margins The Energy Regulatory Commission kept the variable electricity charge at 16.23 satang per unit for September-December 2026, capping the total tariff at 3.95 baht per unit. With natural gas costs up 4.6%, BGRIM and other small power producers cannot fully pass on higher costs, pressuring near-term profits.

    This is the key negative factor directly impacting BGRIM's profitability in the near term.

  • US power crisis may accelerate data center investment into Thailand DBS says US electricity shortages from data centers could push tech companies to invest more in Thailand. Major firms like Microsoft, Google, and AWS have already committed billions. This would boost electricity demand and benefit power plant stocks including BGRIM.

    This adds a new catalyst for demand growth from foreign data center investment.

  • BGRIM expected to post strong Q2 profit growth CGS International forecasts BGRIM will show outstanding profit growth in Q2 2026, up 7,305.8% year-on-year, driven by a low base and improved performance. This positive earnings surprise could support the stock price.

    This highlights a near-term positive earnings catalyst that could lift investor sentiment.

▲3▼1

BGRIM gains on data center demand but tariff freeze squeezes margins

  • Data center demand and PDP 2026 boost growth outlook Analysts say BGRIM benefits from data center expansion and the new PDP 2026 power plan. Every 100 MW of data center capacity could add 1.5 billion baht to annual profit, and the 96 MW joint venture with Digital Edge is expected to contribute 300-500 million baht yearly. This supports long-term earnings growth.

    This is the main positive force driving BGRIM's long-term profit potential and investor interest.

  • ERC freezes electricity tariff, squeezing SPP margins The Energy Regulatory Commission kept the variable electricity charge at 16.23 satang per unit for September-December 2026, capping the total tariff at 3.95 baht per unit. With natural gas costs up 4.6%, BGRIM and other small power producers cannot fully pass on higher costs, pressuring near-term profits.

    This is the key negative factor directly impacting BGRIM's profitability in the near term.

  • US power crisis may accelerate data center investment into Thailand DBS says US electricity shortages from data centers could push tech companies to invest more in Thailand. Major firms like Microsoft, Google, and AWS have already committed billions. This would boost electricity demand and benefit power plant stocks including BGRIM.

    This adds a new catalyst for demand growth from foreign data center investment.

  • BGRIM expected to post strong Q2 profit growth CGS International forecasts BGRIM will show outstanding profit growth in Q2 2026, up 7,305.8% year-on-year, driven by a low base and improved performance. This positive earnings surprise could support the stock price.

    This highlights a near-term positive earnings catalyst that could lift investor sentiment.

Electricity Generating Public Company Limited (EGCO.BK)

Q3 2026
▲3▼1

EGCO expands US gas and data centers, but Q2 profit collapses

  • US gas plant acquisition EGCO completed the 45.05% acquisition of New York's 615 MW Astoria Energy II gas plant, adding about 400 million baht in annual US profit from 2027.

    This is a major new investment that expands EGCO's US footprint and future earnings.

  • Asset sales and M&A plans EGCO finished selling its BPU/KLU stakes for a 1–1.4 billion baht Q3 gain and plans ~30 billion baht in H2 spending and 2–3 M&A deals.

    These moves show active portfolio management and provide cash for growth.

  • Data center demand and broker upgrades Data center demand is shifting to the EEC, where EGCO is negotiating a 200–400 MW deal; brokers upgraded the stock, citing US profit, data center upside, and margin relief.

    This highlights new growth opportunities and positive analyst sentiment.

  • Q2 profit collapse and weak outlook Q2 core profit collapsed 95% on tax hits, missing estimates; Yuanta cut its 2026 forecast to 3.337 billion baht, noting weak Yunlin and Paju contributions and that data center profits remain years away.

    This is a major negative event that weighs on near-term earnings and investor confidence.

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.

Latest
▲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.

August 2026
▲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.

▲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.

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