← B.Grimm Power overview

B.Grimm Power vs Gunkul Engineering: why the prices moved differently

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

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.

Gunkul Engineering Public Company Limited (GUNKUL.BK)

Q3 2026
▲3

Gunkul's record profit and renewable deals drive Q3 gains

  • Record Q3 profit and Q2 beat Gunkul's Q3 core profit hit a record 618 million baht, up 35%, after Q2 profit beat forecasts at 575 million baht. This shows the company is making more money than expected, which typically lifts the stock price.

    Earnings growth is a direct driver of investor confidence and stock price.

  • Renewable expansion and green loan Gunkul signed 25-year power purchase agreements for 57.2 MW of solar and wind, advanced data center supply talks, and secured a 1 billion baht green loan for a 1,400 MW pipeline. These moves expand future revenue.

    New projects and financing are key growth catalysts for the company.

  • Policy tailwinds and debt reduction Thailand's PDP2026 and solar rooftop subsidies provide supportive government policies, while a GULF joint venture removed 26 billion baht of debt from Gunkul's balance sheet. This strengthens finances and reduces risk.

    Policy support and deleveraging improve the company's outlook and financial health.

  • International expansion with execution risks Gunkul signed a 784.1 MW Philippines floating solar LOI and 319 MW EGAT PPAs, but risks include reliance on policy approval, execution of large international projects, and potential delays in data center and Philippines ventures.

    While expansion is positive, the risks could temper gains and affect investor sentiment.

September 2026
▲4

Gunkul rides renewable policy wave to record profit and new projects

  • Philippines floating solar LOI Gunkul signed a letter of intent for a 784.1 MW floating solar project in the Philippines, a major expansion that could add significant long-term revenue and shows the company's ability to win large international deals.

    This is a new, large project win that wasn't in earlier reports and directly supports future growth.

  • Record 3Q26 core profit Gunkul reported a record core profit of 618 million baht for the third quarter, up 35% from a year earlier, driven by strong wind power generation. This beat previous quarters and shows the company's operations are performing very well.

    This is a new earnings result that demonstrates strong financial performance and boosts investor confidence.

  • Policy tailwinds and broker upgrades Thailand's PDP2026 and expanded solar rooftop schemes (10,000 MW, 1.5 million households) continue to favor Gunkul, with analysts naming it a top pick. New data center rules requiring 60% clean energy also open opportunities.

    These policy developments are new this period and reinforce Gunkul's growth outlook, leading to broker upgrades.

  • Debt reduction and new PPAs A joint venture with GULF shifted about 26 billion baht of debt off Gunkul's books, strengthening its balance sheet. Additionally, 319 MW of signed EGAT power purchase agreements secure future revenue streams.

    These are new financial and operational developments that improve Gunkul's financial health and revenue visibility.

Latest
▲4

GUNKUL seals GULF JV, locks in 319MW PPAs, cuts debt risk

  • GULF joint venture cuts GUNKUL's debt burden GUNKUL sold 50% stakes in seven renewable units to GULF for about 466.5 million baht, moving 12 projects (673.4 MW gross) into joint ventures. This shifts roughly 26 billion baht of project debt off GUNKUL's books, keeping its finances light enough to invest in future projects. The stock rises because the deal lowers risk without cutting future profit.

    This is the period's biggest new event and directly improves GUNKUL's balance sheet, a core reason investors are buying.

  • 319 MW of new power contracts fully signed with EGAT GUNKUL signed 25-year power purchase agreements with EGAT for an extra 261.8 MW of wind and solar, completing all 319 MW under the RE Biglot Phase 2.1 programme. These projects start operating from 2027, adding long-term, predictable revenue. The stock rises because locked-in contracts reduce uncertainty about future earnings.

    New contracted capacity is a fresh, concrete growth milestone that supports future revenue and explains positive sentiment.

  • Government solar and smart-grid budget backs demand The Cabinet approved a 70-billion-baht household solar and smart-grid programme under the emergency loan decree, and Yuanta named GUNKUL a beneficiary. This creates a large new market for GUNKUL's solar installation and equipment business. The stock rises because it adds visible demand on top of existing projects.

    A new government spending plan is a fresh demand catalyst that directly benefits GUNKUL's core solar business.

  • Court ruling removes political risk, brokers stay bullish Thailand's Constitutional Court ruled the February 2026 election valid, removing fears of a political vacuum that could stall energy policy. Brokers Bualuang and Asia Plus kept GUNKUL as a top pick, citing the GULF deal, high season and low base. The stock rises because lower political risk and broker support draw investors.

    This new legal and broker news reduces a key risk and reinforces the positive case for holding GUNKUL.

▲4

GUNKUL Rides Policy Wave: Solar, Data Centers, Grid Upgrades

  • Record 3Q26 profit and strong wind generation GUNKUL expects record 3Q26 core profit of 618 million baht, up 35% year-on-year, as wind power generation in July-August matched all of 3Q25. The wind joint-venture profit share jumps to 327 million baht from 132 million baht. This shows earnings are accelerating now, not just in the future.

    It gives a concrete, near-term earnings catalyst that directly supports the stock price.

  • Government expands solar schemes to 10,000 MW and 1.5 million rooftops Thailand's National Energy Policy Council expanded public solar to 10,000 MW and extended purchase contracts to 20 years. The government may also raise the rooftop scheme to 1.5 million households. GUNKUL is named a top pick as a solar installer and equipment distributor, with a 4.2-4.5 billion baht backlog.

    It expands GUNKUL's addressable market and is a fresh policy development this period.

  • Data center rules require 60% clean energy, boosting GUNKUL New data center investment criteria require at least 60% clean energy and power purchase agreements. GUNKUL is cited as a contractor for high-voltage transmission lines and a beneficiary of the data center buildout. This creates a new, large demand source for its power infrastructure and EPC services.

    It opens a new growth market for GUNKUL and is a new regulatory development this period.

  • Broker upgrades and smart grid investment plan Krungsri initiated coverage with Outperform and a 6.3 baht target, raising 2026-28 profit forecasts by 8% yearly on a 5-6 billion baht backlog. The government's 10-20 billion baht smart grid pilot also names GUNKUL as a beneficiary. These reinforce the positive outlook and attract investors.

    It reflects fresh analyst validation and a new government investment plan that directly benefits GUNKUL.

▲3

GUNKUL Expands Philippines Solar and Rides PDP2026 and Rooftop Subsidy Wave

  • Philippines floating solar LOI GUNKUL signed a letter of intent for a 784.1 MW floating solar project in the Philippines, with a 20-year power purchase agreement. This expands its renewable energy order book and opens a new high-growth market, supporting future revenue and profit.

    This is a new, company-specific event that directly adds to GUNKUL's project pipeline and long-term earnings potential.

  • PDP2026 nears final approval Thailand's new power plan, PDP2026, is expected to be announced this year, adding about 50,900 MW of capacity. This boosts demand for power plants and transmission, and analysts name GUNKUL as a key beneficiary, improving its long-term growth outlook.

    This is a new regulatory development that directly increases future demand for GUNKUL's power and EPC services.

  • Solar rooftop subsidy scheme Asia Plus named GUNKUL its top pick for the government's 50-billion-baht solar rooftop subsidy, which targets 1 million households and 5,000 MW. GUNKUL's integrated solar and EPC business should benefit, though this supplements rather than drives core profit.

    This is a new government program that directly boosts demand for GUNKUL's solar rooftop and EPC services.

August 2026
▲4

Gunkul gains from solar subsidy, profit beat, and pro-renewables plan

  • Solar rooftop subsidy boosts demand Thailand's new solar rooftop subsidy of 50,000 baht per household encourages more homes to install solar, increasing demand for Gunkul's products and services. This supports revenue growth and improves investor sentiment.

    This is a new government incentive that directly benefits Gunkul's business and stock.

  • Q2 profit beats forecasts Gunkul reported an 18.7% jump in Q2 net profit to 575 million baht, beating analyst estimates by 7%. The strong results show the company's operations are performing better than expected, boosting confidence.

    This is a new earnings result that exceeded expectations, a key positive catalyst.

  • PDP2026 draft favors renewables Thailand's new power development plan draft (PDP2026) emphasizes renewable energy, positioning Gunkul as a top pick for analysts. If approved, it could lead to more projects and long-term growth for the company.

    This is a new regulatory development that could significantly benefit Gunkul's future pipeline.

  • Broker raises target on EPC and PPA upside Bualuang Securities raised its target price to 6.50 baht, citing Gunkul's engineering, procurement, and construction (EPC) business and direct power purchase agreement (PPA) opportunities. The backlog is expected to reach 5-6 billion baht, with a Philippines plant starting in Q4.

    This is a new analyst upgrade that highlights specific growth drivers and increases investor interest.

▲4

GUNKUL Rides PDP2026 Clean-Energy Wave and Data-Center Demand

  • PDP2026 draft nears approval, boosting GUNKUL's growth outlook Thailand's new power plan (PDP2026) is set for public hearing on Sept 8 and approval by end-2026, with renewables at 65%+ and an uncapped Direct PPA scheme. Brokers name GUNKUL a top pick or wildcard, with flexible financing of 39-44 billion baht to capture new projects. This lifts long-term earnings prospects and supports the stock.

    The PDP2026 regulatory catalyst is the main new force driving GUNKUL's long-term growth story this period.

  • Bualuang raises target to 6.50 baht on strong EPC and DPPA upside Bualuang keeps Buy and lifts its target to 6.50 baht from 5.50, raising 2026-28 core earnings estimates by 12-25% on stronger EPC work. It sees potential EPC revenue of 8.1 billion baht a year from 2027 and DPPA/PDP2026 upside not yet in the base case. Higher target and earnings support the price.

    A fresh analyst upgrade with a higher target directly re-rates the stock and reflects improved earnings expectations.

  • GUNKUL targets 15% of PDP2026 quota, backlog to 5-6 billion baht GUNKUL expects a stronger second half, with its 88 MW Philippines plant starting up in Q4 2026 and backlog rising to 5-6 billion baht by year-end from 4.5 billion. It aims for 15% of the new PDP2026 quota and may issue 1-2 billion baht of debentures to fund expansion. This signals growing revenue and capacity.

    Company guidance on backlog, new capacity, and market-share ambitions shows concrete growth drivers behind the stock.

  • Bangkok data-center permit pause may shift demand to EEC, benefiting GUNKUL Bangkok plans to temporarily suspend new data-center permits for review, likely pushing operators to the EEC where infrastructure is better. Analysts say GUNKUL and peers will benefit long term as data-center power demand (over 3,800 MW) drives transmission and substation construction. This adds a new demand source for GUNKUL's power and EPC businesses.

    The data-center relocation story is a new demand catalyst that could expand GUNKUL's addressable market.

▲4

GUNKUL gains from solar subsidy, strong Q2, and PDP2026 boost

  • Government solar rooftop subsidy to boost demand The Finance Ministry plans to give households 50,000 baht each to install solar rooftops, covering part of the 100,000-150,000 baht cost. This should increase demand for GUNKUL's solar rooftop and engineering services, supporting future revenue and profit.

    New government policy directly benefits GUNKUL's solar business and is a fresh catalyst.

  • Q2 profit jumps 18.7%, beating expectations GUNKUL reported Q2 2026 net profit of 575 million baht, up 18.7% from last year, with revenue up 41.5%. Core profit beat analyst forecasts by 7%, showing strong business performance and supporting the stock price.

    Actual earnings result is new and confirms strong financial performance.

  • PDP2026 draft plan favors renewables, GUNKUL top pick Thailand's new power plan draft adds 20,000 MW, with over 60% from renewables. Analysts name GUNKUL a top pick, citing new investment opportunities and potential direct power sales to data centers. This improves long-term growth prospects.

    New regulatory plan creates a positive medium-to-long-term outlook for GUNKUL.

  • Broker sees stronger H2 on backlog and DPPA upside Bualuang Securities expects GUNKUL's second-half core profit to rise, helped by a 4.2-4.5 billion baht backlog and potential direct power deals. If it secures 500-1,000 MW more, 2028 profit could reach 2.9-3.2 billion baht, though balance sheet limits need watching.

    New analyst report highlights near-term backlog and medium-term upside, with a caution on debt.

July 2026
▲4

GUNKUL's clean energy pipeline expands with new PPAs, data center talks, and green loan

  • New PPAs secure long-term revenue GUNKUL signed power purchase agreements for three solar and wind projects totaling 57.2 MW, with 25-year contracts. This locks in steady income for decades, boosting the company's long-term earnings outlook and supporting the stock price.

    This is a concrete new deal that directly adds to GUNKUL's revenue base and explains why investors see growth ahead.

  • Data center expansion talks open new growth avenue GUNKUL is negotiating with foreign data center operators to supply clean energy and build infrastructure. This could significantly increase electricity demand for its power plants and expand its business into a fast-growing sector, lifting future profits.

    It reveals a new, large potential market for GUNKUL that could drive future earnings and justifies investor optimism.

  • Green loan funds 1,400 MW pipeline GUNKUL secured a 1 billion baht sustainability-linked loan from LH Bank to develop over 1,400 MW of renewable projects in Thailand and the Philippines. This financing supports construction and future revenue, showing lender confidence and reducing funding risk.

    It provides the capital needed to execute the growth pipeline, a key enabler for future earnings and a sign of financial health.

  • Broker forecasts record Q2 profit and raises target Yuanta Securities expects GUNKUL's Q2 2026 profit to hit a seven-quarter high of 500 million baht, driven by EPC projects and wind season. They recommend buy with an 8.70 baht target, citing strong backlog and attractive valuation.

    Analyst upgrades and profit forecasts directly influence investor sentiment and can push the stock price higher.

▲4

GUNKUL's clean energy pipeline expands with new PPAs, data center talks, and green loan

  • New PPAs secure long-term revenue GUNKUL signed power purchase agreements for three solar and wind projects totaling 57.2 MW, with 25-year contracts. This locks in steady income for decades, boosting the company's long-term earnings outlook and supporting the stock price.

    This is a concrete new deal that directly adds to GUNKUL's revenue base and explains why investors see growth ahead.

  • Data center expansion talks open new growth avenue GUNKUL is negotiating with foreign data center operators to supply clean energy and build infrastructure. This could significantly increase electricity demand for its power plants and expand its business into a fast-growing sector, lifting future profits.

    It reveals a new, large potential market for GUNKUL that could drive future earnings and justifies investor optimism.

  • Green loan funds 1,400 MW pipeline GUNKUL secured a 1 billion baht sustainability-linked loan from LH Bank to develop over 1,400 MW of renewable projects in Thailand and the Philippines. This financing supports construction and future revenue, showing lender confidence and reducing funding risk.

    It provides the capital needed to execute the growth pipeline, a key enabler for future earnings and a sign of financial health.

  • Broker forecasts record Q2 profit and raises target Yuanta Securities expects GUNKUL's Q2 2026 profit to hit a seven-quarter high of 500 million baht, driven by EPC projects and wind season. They recommend buy with an 8.70 baht target, citing strong backlog and attractive valuation.

    Analyst upgrades and profit forecasts directly influence investor sentiment and can push the stock price higher.

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