Thai Electric Power Stocks: Explore the Opportunities of 8 Leading Companies That Boost Returns

Why Power Generation Stocks Are the Main Choice for Investors

Recently, (Power Generation Stocks) have attracted significant attention from both seasoned and new investors. The main reason is the stable nature of the business, as electricity is a product with demand across all sectors—from manufacturing industries to basic household consumption.

Electricity businesses are classified by capacity as follows:

• Large private power plants (IPP): Over 90 MW
• Medium private power plants (SPP): 10-90 MW
• Small private power plants (VSPP): Less than 10 MW

Investors seeking stable businesses often turn to these stocks because they are known as “Defensive Stocks,” which tend to provide consistent returns.

Key Factors to Consider Before Choosing Energy Stocks

Management Policy and Strategy

Investment decisions should not be based solely on current performance but also on the company’s expansion strategies, such as increasing the number of power plants, forming joint ventures, or investing abroad.

Domestic Energy Market Trends

The country’s electricity demand depends on economic growth. When the economy accelerates, energy needs increase accordingly, leading to more investments in new power plants.

Government Energy Policies

The government sets the direction through:

• Power Development Plan (PDP): Setting capacity targets
• Renewable Energy Development Plan (AEDP): Promoting clean energy

Power Purchase Agreements (Power Purchase Agreement)

Reviewing contract durations, revenue recognition, and key customers helps better assess revenue stability.

Categories of Energy Stocks by Energy Source

The current market offers a variety of options for investors with different interests:

Solar Power Stocks: Companies specializing in renewable energy generation, representing environmentally friendly investments.

Hydropower Stocks: Utilizing natural water resources, suitable for regions rich in water sources.

Natural Gas Power Stocks: Cleaner than coal, with high efficiency in electricity generation.

Nuclear Power Stocks: Advanced investments with complex operations but significant energy production potential.

Other Renewable Energy Stocks: Including wind, biomass, and other modern energy sources.

Analysis of 8 Promising Power Generation Stocks

Recent Half-Year Company Performance

1. BANPU - Regional Energy Leader

Banpu Power is renowned for its slogan “Powering Society with Quality Megawatts,” reflecting its commitment to providing quality electricity. The company operates 41 projects across Asia-Pacific, covering 8 countries.

Key data for this half-year:

• Revenue: 90,673.73 million THB
• Net profit: 2,488.71 million THB
• Stock price: 111.50 THB
• YTD return: -5.88%
• Total capacity: 3,656 MW

The renewable energy share in its portfolio is as high as 11.20%, indicating a transition toward clean energy. Based on multiple sources, the projected price range is 5.00-8.00 THB, with an average of 6.75 THB.

2. GULF - Growth Winner 2024

Gulf Energy Development leads the group with impressive results:

• Revenue: 64,896.44 million THB
• Net profit: 8,239.79 million THB (highest in the table)
• Stock price: 66.50 THB
• YTD return: +54.49% (up over 50%)

This company operates a full-cycle business from power generation, gas, to renewable energy. Recently, it announced a 5-year investment plan worth 90 billion THB, including establishing a new company (NewCo) to invest in renewable energy, and has applied to acquire securities of ADVANCE and THCOM.

Forecasted price range: 49.00-68.00 THB, averaging 56.92 THB.

3. GPSC - Innovation and Sustainability Leader

Global Power Synergy pioneers sustainable development using the 4S strategy. The company supplies electricity, steam, industrial water, and other utilities.

Operational status:

• Revenue: 48,426.98 million THB
• Net profit: 2,292.55 million THB
• Stock price: 46.25 THB
• YTD return: -3.09%

Recently, it secured a long-term loan of 7 billion THB from three financial institutions, enabling full-scale progress on clean energy projects and supporting its Net Zero goal.

Projected price range: 43.50-61.00 THB, with an average of 53.46 THB.

4. BGRIM - Expansion into Renewable Energy

B.Grimm Power started with cogeneration power plants and now expands into renewables. The company also diversifies into sectors like healthcare, lifestyle, and digital technology.

Half-year figures:

• Revenue: 28,344.78 million THB
• Net profit: 607.17 million THB
• Stock price: 23.40 THB
• YTD return: -12.66%

Recently, it signed a solar power purchase agreement with the government. This transition could be a long-term growth driver.

Forecasted price: 19.60-31.06 THB, average 26.66 THB.

5. EA - Pioneer in Clean Energy Technology

Biodiversity Power operates under the concept “Energy for The Future,” focusing on renewable tech, batteries, and electric vehicles. It offers eco-friendly products and services such as commercial EVs, electric boats, and charging stations.

Half-year data:

• Revenue: 10,368.81 million THB
• Net profit: 1,430.44 million THB
• Stock price: 7.80 THB
• YTD return: -81.36% (significant decline)

Despite the sharp drop this year, the company has growth potential through launching Thai-made electric pickup trucks.

Forecasted price: 5.00-35.00 THB, with an average of 17.33 THB.

6. SSP - Mid-Size Renewable Pioneer

Siam Solar Power has grown rapidly in the Thai energy market, focusing on renewable projects like Solar Farms, Solar Rooftops, and other alternative energies.

Six-month performance:

• Revenue: 1,709.90 million THB
• Net profit: 326.89 million THB
• Stock price: 5.90 THB
• YTD return: -25.62%

Consistently expanding assets over 30 billion THB, mainly across Asia, with credit rating agency (Tris) assigning BBB+—reflecting financial strength and growth potential.

Forecasted high price: 8.90 THB, about 50% above current.

7. CKP - Construction Contractor Entering Energy Sector

CK Power originated from Ch. Karnchang, a major Thai contractor. It now includes diverse projects such as hydropower, cogeneration, and solar.

Half-year status:

• Revenue: 5,111.09 million THB
• Net loss: -387.05 million THB (loss)
• Stock price: 3.70 THB
• YTD return: +19.02%

Despite quarterly losses, the company continues investing in multiple power plants through subsidiaries and joint ventures.

Forecasted price: 4.35-5.20 THB, averaging 4.70 THB.

8. GUNKUL - Energy Trading Platform Innovation

Gunkul Engineering grew from a registered capital of 1 million THB to a business group worth over 30 billion THB. Its strength lies in producing and selling renewable energy, along with Peer-to-Peer Energy Trading platforms.

Half-year results:

• Revenue: 5,002.69 million THB
• Net profit: 761.43 million THB
• Stock price: 2.80 THB
• YTD return: +2.86%

The company aims to make its Volt platform more prominent, expand B2C services, develop new marketplaces, and currently works on 9-10 energy products.

Forecasted price: 2.70-5.00 THB, average 3.76 THB.

Reasons Investors Should Consider Energy Stocks

Appropriate Risk and Return

While these stocks carry risks, they generally offer higher returns than traditional bank deposits. Diversifying investments across multiple companies can help mitigate shocks.

Revenue Continuity

Electricity businesses tend to generate steady income because demand never ceases. As the economy grows, energy needs increase, prompting new investments.

Growth Opportunities

Energy companies can grow by launching new power projects or expanding capacity. Government policies like PDP and AEDP continue to support renewable energy.

Government Policy Support

In some cases, the government grants special incentives to companies investing in power plants, strengthening the national energy sector.

How to Invest in Energy Stocks

Method 1: Buy stocks through the Thai Stock Exchange

For Thai stocks like GULF, BGRIM, BANPU, etc., you can:

1. Choose a securities broker such as Bualuang Securities, Kasikorn Securities, or Maybank Kim Eng, depending on your needs and fees.
2. Use popular trading platforms like STREAMINGPRO or ASPEN.
3. Minimum purchase: 100 shares, e.g., buying GULF 100 shares at 50 THB/share = 5,000 THB.
4. Calculate profit: If the price rises to 55 THB, profit = 100 × (55-50) = 500 THB.

( Method 2: Trade via foreign brokers )CFD###

Another option is trading CFDs (Contract for Difference), which offers:

• Trading in both directions (up or down)
• Leverage to amplify gains with less capital
• A variety of products beyond stocks

Brokers like MiTrade offer this service:

• Minimum deposit (only)
• Zero commission, low spreads
• Free demo account with $50,000
• Account setup in just 3 minutes

Note: Investing involves risks and may not suit everyone.

Summary and Remarks

Power generation stocks are essentially “safe stocks” or Defensive Stocks with intrinsic value, because electricity is essential for both industry and daily life. The stability of the energy supply chain is crucial for the economy.

Investing in these stocks can diversify your portfolio, especially for investors with limited risk tolerance or those seeking steady income.

Before making final decisions, remember to:

• Study each company’s long-term strategy
• Analyze power purchase agreements
• Follow government energy policies
• Consider capacity and energy mix
• Compare financial data across multiple companies

With thorough understanding, your investment decisions will be more rational and aligned with your financial goals.