Thailand Power Stocks Investment Map: In-Depth Comparison of Financial Performance of 8 Energy Companies

Why Are Power Stocks Worth Watching?

Thai power company stocks have long been considered “defensive stocks,” and there’s a good reason for that. As basic energy suppliers, power companies have stable cash flows and relatively predictable earnings. Regardless of economic cycles, society’s demand for electricity always exists, making these stocks a top choice for investors looking to reduce portfolio risk.

Currently, Thailand is in a critical period of energy transition. The government has provided clear guidance through the Power Development Plan (PDP) and the Alternative Energy Development Plan (AEDP), with significant capital flowing into renewable energy sectors. This presents new growth opportunities for power companies—whether traditional generation or green energy, the market is expanding.

Financial Comparison of Major Thai Power Companies

Based on recent six-month operational data, the following 8 power companies show diverse development trajectories:

This data reveals market complexity—BANPU, the largest revenue earner, has underperformed since the start of the year, while mid-sized GULF has surged by 54%.

In-Depth Analysis of 8 Power Companies

( 1. BANPU - Regional Energy Giant

BANPU Power is one of the largest independent power producers in the Asia-Pacific region, operating under the philosophy of “Driving social development with quality electricity.” The company owns 41 power projects across 8 countries—Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, and the US—with a total capacity of 3,656 MW) proportional to its equity.

In the past six months, BANPU achieved revenue of 90.674 billion Baht and net profit of 2.489 billion Baht. However, the stock has fallen 5.88% this year, remaining at 111.50 Baht. This relative lag may reflect market concerns about its traditional business model, especially amid accelerating global energy transition. Its renewable energy capacity accounts for only 11.2%, which could hinder future performance.

( 2. GULF - Star Performer of the Year

Gulf Energy Development surged 54.49% this year, making it the top performer among the 8 companies. It operates across power generation, natural gas, renewable energy, hydropower, and infrastructure. Recent six-month figures show revenue of 6.49 billion Baht and net profit of 8.24 billion Baht, with impressive profit margins.

GULF’s success is driven by multiple factors: first, its proactive response to the new Power Development Plan, planning to invest 90 billion Baht over five years for energy transition; second, plans to establish a new company, )NewCo(, and acquire stakes in ADVANCE and THCOM to expand its renewable energy portfolio. Market recognition of its strategic direction has boosted its stock price.

) 3. GPSC - Innovation-Driven Industrial Power Supplier

Global Power Synergy (GPSC) positions itself as an expert in providing industrial power solutions, not only supplying electricity but also offering steam and industrial water services. The company follows the “4S strategy” to advance its business, with recent six-month revenue of 4.843 billion Baht and net profit of 2.293 billion Baht.

Despite a modest 3.09% decline since the start of the year, GPSC secured long-term loans of 70 billion Baht from three state-owned and commercial banks. This financing enables it to accelerate clean energy projects and achieve the “Net Zero” goal, aligning well with national energy plans. Analysts expect its stock price has room to grow.

( 4. BGRIM - Balancing Traditional and New Energy

B. Grimm Power focuses on traditional cogeneration and renewable energy generation, successfully diversifying into healthcare, lifestyle, real estate, and digital tech. In the past six months, it reported revenue of 28.345 billion Baht and net profit of 607 million Baht.

The company signed solar renewable energy power purchase agreements with government agencies, demonstrating commitment to green energy. However, its 12.66% decline at the start of the year reflects cautious investor sentiment toward its diversification strategy. Its current price of 23.40 Baht is at a reasonable valuation.

) 5. EA - Long-Term Bet on Clean Tech

Energy Absolute (EA) has adopted a more aggressive transformation, focusing on batteries, electric vehicles, and solar energy. In the past six months, revenue reached 10.369 billion Baht and net profit 1.43 billion Baht, but the stock plummeted 81.36% to 7.80 Baht at the start of the year.

This sharp decline cannot be explained solely by short-term financials but reflects market digestion of its aggressive strategic shift. Its innovative products like electric pickups and charging stations are still in market development, with long-term prospects uncertain. For risk-tolerant investors, this may be a low-entry opportunity.

6. SSP - Rising Star in Renewable Energy

Sarawak Energy Sdn Bhd (SSP) is an emerging player in Thailand’s renewable energy sector, focusing on solar farms, rooftop PV systems, and other green projects. Recent six-month revenue was 1.71 billion Baht, with net profit of 327 million Baht.

The company has received a Fitch rating of “BBB+”, reflecting solid financial fundamentals and strong long-term growth potential. SSP plans to expand assets to over 30 billion Baht by the end of 2024, mainly targeting Southeast Asia. Analysts forecast its stock could rise over 50%, from the current 5.90 Baht to 8.90 Baht.

( 7. CKP - From Builder to Power Producer

Ch. Karnchang started in construction contracting and later entered the energy sector, operating hydropower, cogeneration, and solar projects, currently holding or investing in 6 power plants. Recent six-month revenue was 5.111 billion Baht, but net loss was 387 million Baht, indicating transitional pains.

Despite losses, the stock rose 19.02% to 3.70 Baht at the start of the year, possibly due to market optimism about its long-term energy potential, especially with supportive policies for renewable transition. The current difficulties may be transitional.

) 8. GUNKUL - Pioneer of Energy Trading Platforms

Gunkul Engineering grew from 1 million Baht initial capital to a 30,000 million Baht enterprise, standing out through renewable energy generation and innovative point-to-point energy trading platforms. Recent six-month revenue was 5.003 billion Baht, net profit 761 million Baht, with a 2.86% increase since the start of the year.

Its unique Gunkul Spectrum platform offers innovative energy trading models. Future Volt applications will enhance B2C services and gradually evolve toward a marketplace, with 9-10 energy-related products under development. Long-term, the company exemplifies digital transformation in the energy industry.

Three Core Considerations for Power Stock Investment

1. Policy Direction
Thailand’s government explicitly supports clean and renewable energy development through PDP and AEDP policies. Investors should prioritize companies that actively respond to policies and increase clean energy investments, such as GULF and GPSC.

2. Contract Stability
Long-term and stable power purchase agreements directly impact cash flow predictability. Before investing, understand the target company’s contract durations and pricing terms with government or major clients.

3. Growth Prospects
Beyond current earnings, evaluate expansion plans—whether building new projects, entering new markets, or exploring new technologies. GULF’s 55 billion Baht investment plan and SSP’s Southeast Asia expansion demonstrate growth potential.

How to Participate in Thai Power Stock Investment

For local Thai investors, the most direct method is through the Stock Exchange of Thailand (SET). Investors need to open accounts with qualified securities brokers such as Krungthai, Kasikornbank Securities, Maybank Kim Eng, etc. The minimum trading unit is 100 shares; for example, buying 100 GULF shares at 50 Baht each requires an initial investment of 5,000 Baht. If the stock price rises from 50 to 55 Baht, the investor gains 500 Baht profit.

For international investors, some overseas brokers offer CFD trading on Thai power companies, allowing more flexible market participation.

Summary: Investment Logic of Power Stocks

Thai power stocks are called “defensive investments” because of the reliability of basic energy demand—regardless of economic conditions, industries, businesses, and households need stable electricity supply. This rigid demand provides a predictable income base for related companies.

Among the 8 major power companies, GULF and GPSC show the strongest momentum due to their proactive energy transition strategies and policy alignment. SSP and GUNKUL represent emerging forces with higher growth elasticity. For risk-averse investors, these companies are worth holding long-term at reasonable valuations; for growth-seeking investors, those aggressively advancing clean energy and innovation are key targets.

Regardless of the investment direction chosen, understanding each company’s specific strategy, financial health, and market positioning is essential for making informed decisions.