B.Grimm Power Public Company Limited

Asia Plus Securities Research Department stated that the overall stock market still faces pressure from inflation and bond yields that are likely to remain high. The average oil price in August remains higher than in July, although oil prices have recently started to decline due to hopes for the opening of the Strait of Hormuz. Meanwhile, El Niño has returned as another supply-side risk, with rainfall in the Panama Canal area below average, leading the Panama Canal to prepare to limit the number of transiting ships starting in September, which could increase transportation costs and exacerbate pressure on global food and commodity prices. Therefore, the global inflation picture has not fully eased. The latest US PCE for July stood at 3.7% year-on-year, slightly above expectations, causing US Treasury yields to rise. The market thus still faces risks from higher-for-longer yields, compressed P/E ratios, and slower fund flows into risk assets, especially growth stocks and those with high valuations. However, the Thai stock market is beginning to see additional support from a stronger baht, along with the Thailand Focus 2026 event held from August 26-28, which attracted around 220 foreign institutional investors from 74 institutions, with 78 listed companies meeting investors. This is an opportunity to boost confidence in Thai stocks among global fund managers, but such support is not yet sufficient to trigger fund flows into all stock groups. During this period, it is recommended to focus on selective buying with specific support factors rather than broad-based buying. The strategy thus emphasizes stocks with multiple layers of specific catalysts, including BGRIM, GPSC, and GULF, which benefit from softer oil/energy prices reducing fuel costs, while a stronger baht helps lower cost burdens and foreign currency debt. SCC and PTTGC are supported by lower oil prices, which ease feedstock/cost pressures. TTB and KKP stand out with attractive interim dividend yields, helping cushion market volatility. CK and STECON represent the domestic investment/infrastructure theme, which may be highlighted as key stories in presenting Thailand to foreign investors. DELTA has positive sentiment from NVIDIA's earnings released after market close, with NVIDIA reporting Q2 fiscal 2026 revenue of $96.2 billion, up 106% year-on-year, and data center revenue of $89 billion, up 117% year-on-year, underscoring that the AI infrastructure cycle remains strong, which supports sentiment for stocks in the electronics and AI supply chain. CENTEL has speculative interest from hopes of tourism stimulus measures, as well as Phuket tourism sentiment potentially boosted by entertainment and tourism activities during this period. PSL and RCL receive positive sentiment from El Niño, as the Panama Canal prepares to limit ship transits due to low rainfall, leading to longer voyage times and queues, reducing vessel supply and potentially pushing freight rates higher.

The Ministry of Energy has unveiled a new Power Development Plan (PDP), targeting a renewable energy share of over 60%, and if carbon capture costs remain high, it could push renewables up to 80–90% to achieve the Net Zero goal by 2050. The plan will be officially launched next month, along with unlocking Direct PPA to allow all industries unlimited access to clean energy, after previously limiting it to data centers at 2,000 megawatts. The government reaffirms the 'pay-as-you-use' principle to avoid burdening the public with electricity costs, and plans to invest through borrowing over 220 billion baht to support the transition to clean energy. The government plans to borrow 200 billion baht to support citizens who lack capital for investment, particularly in renewable energy generation such as installing solar panels on rooftops and land. Meanwhile, B.Grimm Power and Digital Edge DC are preparing to invest in building two large data center campuses in Chonburi and Rayong to support the region's digital hub status.

B.Grimm Power (BGRIM) is currently studying participation in a wind power project in South Korea with a capacity of more than 300 megawatts, with clarity expected within this year or no later than Q4 2026. Meanwhile, the 365-megawatt Nakwol offshore wind farm is expected to commence commercial operation in late 2026, which will boost total capacity to approximately 5,000 megawatts from the current 4,600 megawatts, aligning with the 2030 target of 10,000 megawatts. The company views the new Power Development Plan (PDP), which includes an additional 20,000 megawatts of renewable energy, as a business expansion opportunity. Brokers recommend a "Buy" rating with a target price of 23 baht per share, citing opportunities from PDP2026, SMR, Direct PPA, and the EPaaS platform.

Energy Minister Eknat Prompan said at the Thailand Focus 2026: Reignite Thailand event that the government has improved measures and regulations to ensure that the arrival of data centers does not burden the public. New investors will be responsible for the additional costs of importing gas for electricity generation, and more options will be provided through direct power purchase agreements (Direct PPA). Meanwhile, the new Power Development Plan (PDP), covering 25 years until 2050, sets a roadmap towards the Net Zero target by 2050, with renewable energy accounting for more than 60%, combined with carbon capture technology, and could push the share of clean energy up to 89% if carbon capture faces cost constraints. The government also has a 200 billion baht loan facility for energy transition to support the public and small entrepreneurs, such as rooftop solar installations under the Net Billing system, while modernizing the power grid. The National Energy Policy Committee has completely lifted the previous 2,000 megawatt quota restriction on access to the clean energy market. Harald Link, Chairman of B.Grimm Power Public Company Limited, said that society should not panic over data centers competing for water resources, as most operators use air cooling systems, and Thailand can rely on seawater desalination plants in the Gulf of Thailand. Yaniv Ghitis, Chief Commercial and Investment Officer of Digital Edge DC, said that the data center and AI business is a 20-year long-term game, and praised the Ease of Doing Business measures under the leadership of BOI. Large data center campus projects in Chonburi and Rayong will create significant employment, and the company proposed establishing an industry association to strengthen cooperation between the public and private sectors.

B.Grimm Power, or BGRIM, stated that society should not panic over the issue of data centers competing for water resources, as most operators use air-cooling technology, and Thailand can rely on seawater desalination plants in the Gulf of Thailand without excessive cost risks. Dr. Harald Link, Chairman, said at the Thailand Focus 2026 event that establishing data centers in the country helps keep databases within the country, avoiding latency issues in data transmission. He also called on the government to implement policies supporting the use of domestically produced technology products and equipment to prevent leakage of industries in the supply chain, and to elevate the education system to prepare Thai youth to become internet business entrepreneurs, engineers, and data center management team leaders, by integrating cooperation between universities and the industrial sector, as well as expanding vocational education opportunities. Moreover, based on investment experience in South Korea, Japan, and Vietnam, Thai personnel are in demand and recognized by international partners.

Yuanta Securities (Thailand) released an analysis after the Thailand Focus event, stating that the new Power Development Plan (PDP) will be positive for power plant stocks. It is expected that the new PDP will be clarified as early as September 2026, with a renewable energy share of no less than 60%, and will include Carbon Capture, Small Modular Reactor (SMR), and Direct PPA. The seminar featured Mr. Eknat Prompan, Minister of Energy, Dr. Harald Link, Chairman of B.Grimm Power Public Company Limited (BGRIM), and Mr. Yanis Ghitis, Chief of Commercial and Investment Officer of Digital Edge. Mr. Eknat stated that Direct PPA will help data centers access electricity at reasonable prices, and it is no longer limited to 2,000 megawatts, with all industrial groups allowed to participate. The 200 billion baht loan will support Solar Rooftop, Net Billing, and grid improvements. Dr. Harald Link said that Thailand's water supply is sufficient for many data centers, and seawater can be used. The research team favors GULF, GPSC, GUNKUL, and WHAUP, as well as data center-related stocks such as WHA, AMATA, and STECON.

Shares of B.Grimm Power Public Company Limited (BGRIM) rose 6.38% to 20.00 baht after the company announced a strategy to cope with energy price volatility by adjusting the electricity tariff formula to reflect actual gas costs and proceeding with capacity expansion towards a target of 10,000 megawatts by 2030, while increasing the share of clean energy to more than 50%. Meanwhile, the data center business and the development of three new businesses, or New S-Curve, will be key mechanisms for long-term growth. KGI Securities (Thailand) Public Company Limited views that short-term pressure remains on gas costs, but the trend of declining gas costs, gradual profit recognition from the Nakwol project, and growth in the data center business will support medium-to-long-term performance. The 96-megawatt data center project with Singapore's EDGE group is expected to commence commercial operations in phases 1 and 2 in early 2027 and the second quarter of 2027, respectively, and has the potential to generate profit contributions to BGRIM of approximately 300-500 million baht per year, equivalent to about 3.5 baht per share.

SCG Chemicals, or SCGC, has launched its Smart Power Plant Solutions under the DRS by REPCO NEX brand to expand its business in the power plant industry across ASEAN. The company aims to cover a total capacity of over 10,000 megawatts by 2030. Recently, it signed a memorandum of understanding with Hongsa Power Company Limited in Laos to apply the solution to a 1,878-megawatt power plant, which is expected to be completed by 2027. This solution integrates digital technology and AI to analyze data in real time, predict machine abnormalities, and plan predictive maintenance, helping to reduce the risk of sudden shutdowns and enhance power generation efficiency. A key customer, B.GRIMM Power, has already successfully implemented the solution.

A review of Q2 2026 earnings reports for 19 listed companies in Thailand's energy and utilities sector shows that all companies posted net profit growth compared to the same period last year. Notably, BGRIM, EASTW, WHAUP, and SUSCO saw profits surge by several hundred to several thousand percent. Meanwhile, PTT and PTTEP reported net profits of 52,524.59 million baht and 27,197.17 million baht, respectively, up 143.93% and 101.23%. Key drivers include higher electricity and water sales volumes, lower financial costs, and improved energy prices. Looking ahead, power plant operators continue to benefit from the new Power Development Plan (PDP2026), the introduction of direct power purchase agreements (Direct PPA), and rising electricity demand from AI and data center businesses. Investors should monitor gas costs, oil prices, and progress on government policies. Bangkok Aviation Fuel Services (BAFS) reported a net profit of 60.50 million baht, up 8.02%.

Power plant stocks rose after KKPS turned more positive on Thailand's utility sector, citing the PDP 2026 plan and direct power purchase agreements to support data centers. At 10:58 a.m., BGRIM stood at 19.30 baht, up 3.76 percent, GULF at 63.75 baht, up 1.19 percent, and GPSC at 52.75 baht, up 4.46 percent. KKPS raised its profit forecasts for 2027 to 2030 for GULF by 12 to 26 percent, for GPSC by an average of 6 percent, and for BGRIM by an average of 15 percent. It also raised target prices for GULF to 75 baht, GPSC to 60 baht, and BGRIM to 25 baht, maintaining buy recommendations on all three. KKPS views the draft PDP 2026, expected to be released in September 2026, as potentially opening the way for additional capacity investment and marking the start of a re-rating for the whole sector. Meanwhile, Krungsri Securities said the draft PDP 2026 is being submitted to the energy minister for consideration, with public hearings expected in September 2026 before it goes to the National Energy Policy Council for review in October to November 2026. GPSC aims to capture about 25 percent of new capacity under PDP 2026, covering 2.2 gigawatts of solar power, 0.5 gigawatts of wind power, 0.5 gigawatts of hydropower, and independent power producer projects totaling 2 to 5 gigawatts. In the best-case scenario, this would require total investment of 195 to 236 billion baht and generate additional profit of 7.95 billion baht, adding 27.90 baht per share to the stock's fair value.

B.Grimm Power has announced a plan to lift its power generation capacity beyond 10,000 megawatts by 2030, raising the share of clean energy to more than 50 percent while already supporting 2,000 megawatts of demand from data centers. The company has successfully renegotiated electricity selling price formulas for more than 50 percent of its industrial estate customers to protect its EBITDA margin, and is preparing to start commercial operation of the 365-megawatt Nakwol offshore wind farm in South Korea late this year. In international markets, B.Grimm Power is studying a 1,500-megawatt gas-fired independent power producer project in Malaysia and preparing to expand solar capacity in the Philippines by more than 1,000 megawatts over the next three to five years. On its capital structure, the company maintains that its debt-to-equity ratio will not exceed two times, using syndicated loans and project finance with a borrowing-to-equity split of 75 percent to 25 percent.

Krungsri Securities maintains a buy rating on B.Grimm Power with a 2027 target price of 23 baht per share, following an analyst meeting that reflected progress on Thailand's new power development plan draft, or PDP26, which is currently being submitted to the energy minister for consideration. The draft is expected to open for public hearings in September and be submitted to the National Energy Policy Council between October and November 2026. The research team views the progress of the PDP26 draft as a key catalyst for the power plant sector, and it may help clarify related energy policies, including direct power purchase agreements between producers and users, third-party access to the grid, a special electricity tariff structure for data centers, and a community solar program totaling 1,500 megawatts. If these policies become clearer in the fourth quarter of 2026, they will support the investment climate and open opportunities for power plant operators to develop new projects in the future. Regarding the Nakwol 1 offshore wind farm project in South Korea, with a capacity of 365 megawatts, 33 turbines are now in commercial operation, up from 20 turbines in the second quarter of 2026, out of a total of 64 turbines. The company expects to gradually add about 10 turbines per month and complete the entire project by the end of 2026. For the Huong Hoa 1 wind power project in Vietnam, with a capacity of 48 megawatts, the target for commercial operation remains by the end of 2026. The phase 1 and phase 2 data center projects, with a combined capacity of 96 megawatts, have had their commercial operation dates slightly postponed to the first quarter of 2027 and the third quarter of 2027, respectively, from the original schedule of the fourth quarter of 2026 and the second quarter of 2027. Meanwhile, B.Grimm Power is still studying several large projects, including the Nakwol 2 offshore wind farm with a capacity of 350 megawatts, an additional 200 megawatts of data center capacity, and a 618-megawatt independent power producer project in Malaysia. These investments are expected to be carried out through joint ventures and associates during 2028 to 2029, given current capital base constraints. However, the company expects to see progress on its asset monetization plan within the fourth quarter of 2026 to increase debt capacity and support future investments. For the third quarter of 2026 outlook, the research team expects earnings to weaken due to higher pooled gas costs, which have risen to an average of about 380 baht per million BTU. However, part of the impact will be offset by the gradual recognition of Nakwol 1 operating results and gas-linked purchase contracts, which currently cover about 50 percent of all contracts, helping to maintain margins at small power producer plants. Krungsri Securities expects B.Grimm Power's normalized profit in 2027 and 2028 to increase by 22 percent and 17 percent year on year, respectively, driven by a likely decline in natural gas costs amid an oversupply of LNG, as well as the start-up of new projects including Nakwol 1 in South Korea and data centers in Thailand.

Newspapers report that PTT has unveiled a five-year investment plan worth 1 trillion baht, pushing into petroleum exploration and production and infrastructure businesses, with PTTEP as the spearhead for investment, supporting the government's policy to drive Thai GDP growth of 3 percent. PTT will also co-host Gastech 2026 from September 14 to 17, moving ahead to seek partners to strengthen PTTGC, TOP, and IRPC, expanding LNG imports to 15 million tonnes in 2035 and targeting an increase in the share of overseas revenue to 50 percent. Meanwhile, BGRIM is pursuing energy megatrends, developing projects to support PDP 2026 and highlighting data center business as a star after signing power purchase agreements for 100 megawatts, with new customers set to add another 150 megawatts. It is also studying construction of new power plants to support data centers and preparing to bid for Quick Big Win projects to drive community solar of 300 to 500 megawatts. SGC is adjusting its loan portfolio, pushing Lock Phone with a yield of 25 percent and targeting an increase in its share to 65 percent of the portfolio. It is set to sell C4C for no more than 1.3 billion baht and preparing cash to support the high season in the third and fourth quarters of 2026. SINGER-SGC is moving to clear accumulated losses, hoping to unlock dividend payments after SGC has posted profits for eight consecutive quarters. SPCG has been taken over by the Phokachai Pattana group teaming up with Jaruthavee in a deal worth more than 5.527 billion baht, opening a full-scale offensive in green energy business in response to the new PDP 2026 plan and the unlocking of direct power purchase agreements. SPCG is found to hold hidden land assets in the Eastern Economic Corridor of more than 3,000 rai, and is moving ahead to sell electricity directly to customers of the Bangkok Free Trade Zone project of the MK group in Bang Pakong Industrial Estate. ERW is confident that the third quarter of 2026 will be strong, with total revenue growing 7 percent after July average revenue per room rose 5 percent, supported by a bright tourism outlook in the second half, driving full-year revenue growth of 6 percent to 8.4 billion baht. It is advancing the JUMP+ plan toward a target of 10 billion baht in 2028. IND believes the second half of 2026 can maintain good growth momentum after first-half results showed net profit of 13.33 million baht and service revenue of 413.31 million baht. SO continues toward a double-digit growth target, with cumulative revenue plus backlog awaiting recognition at 2.894 billion baht, or 93.2 percent of the full-year revenue target of 3.1 billion baht. THAI is adjusting strategy to cope with surging oil prices, increasing hedging to 60 percent for two years ahead as the Middle East situation looks set to drag on. It plans no reduction in available seat kilometers in the second half and will resume flights on two routes, Xiamen and Da Nang, while increasing frequency on three European routes: Paris, Munich, and Zurich. It is confident of maintaining operating profitability this year, while the aircraft procurement plan continues, with a fleet of 102 aircraft by the end of this year before rising to 128 in 2028. PRM is paying a special dividend of 0.20 baht per share from retained earnings, with the ex-dividend date set for August 27, after second-quarter 2026 results showed net profit of 580.5 million baht, up 20.2 percent, and total service revenue of 2.3171 billion baht, up 4.5 percent. INET is confident of continued growth, developing INET-IDC4 to reflect rising domestic demand for cloud infrastructure and strengthening Thai organizations toward data sovereignty. It is currently developing the EduPass system with the Ministry of Education, expected to launch within six months. SAMART is confident of a strong second-half recovery, benefiting from SAV's busy flights, while the direct coding business has passed its lowest point. It is preparing to bid for new projects worth nearly 10 billion baht, expecting the government to gradually approve and open bidding from October onward, supporting total backlog to exceed 20 billion baht by the end of this year. BAM is accelerating in the second half, generating revenue from non-performing loans, non-performing assets, and joint venture asset management companies toward set targets. It reported second-quarter 2026 collections of 3.513 billion baht, up 16 percent, with profit of more than 234 million baht, up 8 percent, while helping more customers restructure debt through the New Start with BAM program. BCH reported strong third-quarter 2026 operating results as the high season began showing good signs from late May through June, believing foreign customers will continue to recover and drive year-end results higher. It revealed it is in talks on more than 10 merger and acquisition deals and preparing to meet with the Social Security board to adjust capitation rates for all items, expected to be completed by October 2026. TFG is benefiting from high farm-gate pig prices of 72 to 74 baht per kilogram, expected to hold until September, while chicken prices have also edged up. Export demand for chicken in Europe, the United Kingdom, and Japan remains strong. It has locked in soybean and soybean meal prices until the end of 2026 to manage raw material costs, and is expanding retail stores to 875 branches by the end of this year before surpassing 1,075 branches by the end of next year. JR is set to benefit from the new PDP round, creating opportunities for additional system installation work. It signaled that the second half of 2026 will outperform the first half, supported by recognition of additional projects, and is preparing to bid for new electrical projects worth another 100 million baht, boosting backlog from 5 billion baht. It is shifting more toward quick wins to fill its portfolio and generate steady revenue. KUMWEL is building Kumwel Clinic with a target of covering 10 provinces by the end of the year, set to book revenue from the third quarter, while also eyeing BOI Plus incentives worth 100 million baht. The data center megatrend is driving demand for lightning protection and grounding systems, opening opportunities for many new projects. It is confident that 2026 revenue will grow strongly by 50 percent. ORI has laid out a three-year JUMP+ plan to accelerate performance to 1.43 billion baht in 2028, highlighting a build-operate-exit-reinvest model to develop hotels and warehouses for added value before selling into REITs to recycle capital for new investments. In the second half, it is set to book revenue from asset and land sales of another 1.5 to 1.8 billion baht. TOA is adjusting strategy to penetrate the economy paint segment, targeting rental property customers, while expanding in construction and repair chemicals to capture home renovation demand. It is proceeding with planned investment of about 600 million baht, expected to accelerate in late third quarter of 2026, focusing on new production development and targeting sales growth of 5 percent. PRINC has set a 2026 target of revenue growth exceeding 10 percent from the previous year, reaping full-year benefits from new hospital investments and a growing customer base. It said third-quarter 2026 performance will be better than the second quarter, supported by the high season and rising service usage, plus benefits from the Happitat project opening, which will continue to boost Prince Suvarnabhumi Hospital. It is upgrading complex disease services and expanding its foreign customer base to support margins. READY is expanding its Plus Customer base among medium-sized businesses with annual revenue of 30 to 300 million baht, aiming to build recurring revenue beyond its existing share of more than 90 percent. It is accelerating the use of AI to enhance products and internal systems, and launching Ready Agent-R Service, targeting revenue growth of 7 percent this year. PCE signaled a bright second half of 2026, benefiting from domestic demand for B100 biodiesel. It is expanding production capacity at its palm oil refinery for edible oil, expected to be completed in the fourth quarter of 2026 to support food industry growth. It is confident of strong growth in value-added products and manages integrated infrastructure to control costs efficiently across the system, supporting sustainable growth. ORN revealed a bright business outlook for the third quarter of 2026, with a solid backlog of 4.26 billion baht and continuous transfers of low-rise and high-rise projects. It is preparing to launch The Next Jed Yod 4 condominium on August 22, along with sales campaigns, and plans to expand community malls to Phuket, with opening targeted for early 2027.

Bualuang Securities maintains an overweight stance on power plant stocks relative to the market, expecting the draft PDP2026 plan to be announced at the end of September. The plan still targets 60% renewable energy and an average electricity tariff of around 4 to more than 4 baht per unit. Data center power demand has a base case of 8,811 megawatts through 2050, and the first batch of 2,000 megawatts under direct power purchase agreements remains a near-term catalyst. The research team sees GULF, GUNKUL and WHAUP as clear near-term beneficiaries, while GPSC and BGRIM should see pressure ease as fuel cost pass-through and plant restarts improve in 2027. The brokerage currently recommends buying GULF with a target price of 82 baht, GUNKUL at 5.50 baht, and BGRIM at 20 baht, while target prices for GPSC and WHAUP are under review. Second-quarter 2026 operating results for the five power plant companies under coverage totaled 13.7 billion baht, up 36% from a year earlier and 15% from the previous quarter, on combined revenue of 85 billion baht, up 8% from a year earlier and 20% from the previous quarter. Combined net profit fell 76% from a year earlier to 16 billion baht because the second quarter of 2025 included a special item for GULF from the GULF-INTUCH merger of 56.1 billion baht. Excluding that item, the group's underlying profit picture remains strong. GULF posted core profit of 10.4 billion baht, up 46% from a year earlier and 11% from the previous quarter, driven by renewable and independent power producer businesses. GUNKUL reported 567 million baht, up 9% from a year earlier and 31% from the previous quarter, helped by EPC backlog recognition. WHAUP reported 502 million baht, up 116% from a year earlier and 150% from the previous quarter, as Gheco-One returned to full operation. GPSC and BGRIM remain pressured by gas and coal costs with delayed pass-through to the fuel tariff.

B.Grimm Power, or BGRIM, has announced a new round of investment expansion, preparing to bid for IPP, SPP and renewable energy power plant projects, as well as opportunities from direct power purchase agreements to meet clean electricity demand from AI and data centers. Mr. Nopadej Karnasuta, Chief Executive Officer for Thailand, Malaysia and Industrial Business Solutions, said the company is shifting its role from a traditional power producer to an energy technology infrastructure provider, focusing on developing smart grid and smart transmission systems through to digital energy services. BGRIM currently has 4,764 megawatts of commercially operating capacity and another 6,640 megawatts under development, which will gradually contribute additional revenue and profit going forward. The company aims to increase the share of revenue from service businesses to about 10 percent of total revenue in the future through data centers, energy platform as a service and digital solutions. It is also making power purchase agreements more flexible by increasing the proportion of fixed price and market-based pricing to reduce reliance on the fuel adjustment tariff, and aims to raise the share of overseas investment to about 50 percent of the total portfolio by developing large renewable energy projects in South Korea, the Philippines, Australia and Malaysia. BGRIM also plans to use green financial instruments such as green loans and green bonds, and is studying the establishment of an infrastructure fund to support future investment plans.

Amatera Renewable Energy Corporation, or ARECO, a subsidiary wholly owned by B.Grimm Power Public Company Limited through B.Grimm Solar Power Inc., has signed a 50 megawatt renewable power purchase agreement with National Transmission Corporation, or TransCo, the agency representing the Energy Regulatory Commission and responsible for the GEA-all fund, for the Vista Alegre solar project with an installed capacity of 65 megawatts on Negros Island, Bacolod City, Republic of the Philippines. The signing ceremony took place during the second Thai-Philippine Business Seminar at Dusit Thani Manila on 25 July 2026, witnessed by Mr. Sihasak Phuangketkeow, Deputy Prime Minister and Minister of Foreign Affairs, Mr. Emmanuel "Manny" Samson, Special Envoy of the Philippine President to Thailand, and Mrs. Makhawadee Sumitmor, Ambassador to Manila. Mr. Peeradej Pattanachan, Chief Executive Officer of Renewable Energy Development at B.Grimm Power, said the agreement supports operations under the Green Energy Auction 4, or GEA-4, programme of the Philippine Department of Energy and helps create a transparent and reliable mechanism for renewable energy project developers. ARECO's project is a ground-mounted solar power plant with an installed capacity of 65 megawatts and a contracted capacity of 50 megawatts, making it one of the first power plant projects to sell electricity under a GEA-4 power purchase agreement, with commercial operation starting from early 2026. The Philippines aims to increase the share of electricity generated from renewable energy to more than 50% by 2030, and B.Grimm Power targets 10,000 megawatts of capacity by 2030 while moving towards net-zero carbon emissions by 2050.

Fourteen companies listed on the Stock Exchange of Thailand reported second-quarter net profit for fiscal 2569 growing more than 1,000 percent from the same period last year. B.Grimm Power Public Company Limited, or BGRIM, posted net profit of 675.97 million baht, up 9,773.97 percent from 6.85 million baht. That was followed by Wincost Industrial Park Public Company Limited, or WIN, with net profit of 2.75 million baht, up 5,553.90 percent, and Maybank Securities Thailand Public Company Limited, or MST, with net profit of 82.97 million baht, up 3,691.95 percent. Rompho Property Public Company Limited, or TITLE, recorded net profit of 250.74 million baht, up 3,256.68 percent, while RPCG Public Company Limited, or RPC, posted net profit of 18.91 million baht, up 2,458.46 percent. Christiani & Nielsen Thai Public Company Limited, or CNT, reported net profit of 158.73 million baht, up 1,938.40 percent, and The Steel Public Company Limited, or THE, posted net profit of 94.38 million baht, up 1,422.67 percent. Seafresh Industry Public Company Limited, or CFRESH, recorded net profit of 82.65 million baht, up 1,413.92 percent, while T.K.S. Technologies Public Company Limited, or TKS, posted net profit of 168.93 million baht, up 1,310.82 percent. Eastern Water Resources Development and Management Public Company Limited, or EASTW, reported net profit of 64.30 million baht, up 1,282.56 percent, and S. Pack & Print Public Company Limited, or SPACK, posted net profit of 13.88 million baht, up 1,275.98 percent. Pacific Pipe Public Company Limited, or PAP, recorded net profit of 298.90 million baht, up 1,125.00 percent, while Singer Thailand Public Company Limited, or SINGER, posted net profit of 148.84 million baht, up 1,095.30 percent. Amata Corporation Public Company Limited, or AMATA, reported net profit of 1.58 billion baht, up 1,032.15 percent. Finansia Syrus Securities Public Company Limited, or FSS, said overall listed-company profit in the second quarter of fiscal 2569 came in about 11 percent above expectations, and it expects third-quarter fiscal 2569 still has room to grow from commodity prices and economic stimulus measures. The firm also significantly raised its full-year 2569 earnings-per-share estimate for the SET and maintained its mid-2570 SET index target at 1,710 points.

The subcommittee drafting Thailand's Power Development Plan, or PDP2026, has considered four scenarios for the main fuel mix in power generation. Each scenario has renewable energy accounting for more than 60 percent of power generation, up to a maximum of 80 percent, while the share of small modular reactors, or SMRs, is set within a range of about 2,400 to 4,000 megawatts. Some scenarios may exceed 4,000 megawatts. During the first 10 years of the plan, the Electricity Generating Authority of Thailand, or EGAT, will remain the lead agency to study and carry out the initial phase of projects, after which private sector investment is expected to be opened up further in the future. The draft plan will be submitted to the Minister of Energy for consideration within this week, and public hearings are expected to begin by early September, before the plan can be announced in time within this year. The research unit of Asia Plus Securities said the PDP2026 will be a positive factor for power plant operators over the medium to long term, because it opens opportunities for a new investment cycle in power plant projects, especially renewable energy, and allows expansion into energy storage systems as well as SMR technology. Meanwhile, electricity demand from data centers and AI will be another key driver of investment in the power system, particularly demand for stable electricity from clean energy sources, and the opening of direct power purchase agreements will allow large electricity users to procure renewable power directly. The research unit selected top picks including Gulf Development Public Company Limited, or GULF, with a target price of 80 baht, and Gunkul Engineering Public Company Limited, or GUNKUL, with a target price of 6.40 baht. Krungsri Securities viewed progress on energy measures and plans as a positive factor for stocks in the infrastructure and power technology theme, with standout names including GULF, Global Power Synergy Public Company Limited, or GPSC, WHA Utilities and Power Public Company Limited, or WHAUP, and GUNKUL. In trading on August 17, 2026, power plant stocks rose, led by WHAUP closing at 8.20 baht, up 5.81 percent, GPSC closing at 49.50 baht, up 2.59 percent, BGRIM closing at 18.20 baht, up 2.82 percent, GULF closing at 65.25 baht, up 1.16 percent, and GUNKUL closing at 5.15 baht, up 0.98 percent.

Asia Plus Securities' research department said second-quarter 2026 profits of Thai listed companies were the highest on record, beating expectations by about 13%, but still lagging US tech stocks, where NASDAQ beat expectations by 53%, causing some funds to rotate into tech stocks and keeping Thai stocks under pressure and hard to move. It recommends stocks with supportive factors, namely PTT, GULF, GPSC, BGRIM, and stocks expected to post standout third-quarter profits, namely CPF, BDMS, BH, PR9, and KCE. Data from 594 companies, representing 98% of market capitalisation, show second-quarter 2026 net profit surged to 386 billion baht, growing 10.8% quarter-on-quarter and 12.5% year-on-year, with the energy sector contributing as much as one-third of profits. Commodity-linked stocks such as energy, petrochemicals, food, and agriculture accounted for as much as 44% of total market profit, compared with the normal level of about 30%. First-half profit already accounted for more than 60% of full-year estimates, making third- and fourth-quarter profit targets of only about 19% per quarter, or roughly 228 billion baht, not difficult to achieve. There is also a chance that full-year EPS estimates will be revised upward at year-end, adding upside to the SET Index.

B.Grimm Power reported strong second-quarter 2026 results, with total revenue of 15.123 billion baht and net operating profit attributable to the parent of 478 million baht, up 0.6% from a year earlier. The company also approved an interim dividend of 0.18 baht per share, with the ex-dividend date set for 26 August 2026 and payment on 11 September 2026. Supporting factors included the adoption of a new electricity tariff formula that better reflects natural gas costs, cost-reduction measures, and the recognition of results from renewable power plant projects that have gradually begun commercial operations. Total electricity sales volume rose 2.7% to 4,003 gigawatt-hours, while net profit attributable to the parent increased significantly to 676 million baht from 7 million baht a year earlier, partly due to unrealised foreign exchange gains. The company continues to expand its business both domestically and internationally, including the purchase of convertible bonds in Unison Co., Ltd. to support the 365-megawatt Nakwol offshore wind power project, and targets importing no more than six LNG cargoes in 2026.

Bualuang Securities noted in its analysis today that 12 listed companies reported financial results, split into 6 companies with better-than-expected earnings: PTT, AOT, ERW, PLANB, GFPT, and AMATA, and 6 companies with in-line earnings: TOP, BEM, BGRIM, BDMS, TIDLOR, and OSP, with no company reporting earnings below expectations. PTT reported 2Q26 net profit of 52.5 billion baht, up 144% year on year and 104% quarter on quarter, beating analyst and market expectations, driven by better-than-expected gas business profits. AOT reported 3Q26 net profit of 4.44 billion baht, 6% above analyst expectations and 17% above market expectations, due to lower-than-expected staff expenses. ERW reported 2Q26 core profit of 72 million baht, up 16% year on year but down 81% quarter on quarter on seasonal factors, beating analyst expectations. GFPT reported 2Q26 core profit of 582 million baht, down 12% year on year but up 20% quarter on quarter, beating analyst and market expectations on better-than-expected gross margin. PLANB reported 2Q26 core profit of 297 million baht, up 10% year on year but down 43% quarter on quarter, 4 to 6 percent above analyst and market expectations on better-than-expected gross margin. AMATA reported 2Q26 net profit of 1.58 billion baht, up 1,032% year on year and 15% quarter on quarter, 13% above analyst expectations and 16% above market expectations, and announced an interim dividend of 0.60 baht per share. For the in-line earnings group, TOP reported 2Q26 core profit of 16 billion baht, up 378% year on year and 74% quarter on quarter, in line with analyst expectations but 11% above market expectations, driven by higher refining margins and lube base margins. BGRIM reported 2Q26 core profit of 478 million baht, up 1% year on year but down 6% quarter on quarter, in line with analyst and market expectations, and announced an interim dividend of 0.18 baht per share. BEM reported 2Q26 core profit of 1.01 billion baht, up 2% year on year and 16% quarter on quarter, in line with analyst and market expectations. BDMS reported 2Q26 core profit of 3.25 billion baht, down 7% year on year and 20% quarter on quarter, in line with analyst expectations but 7% below market expectations. TIDLOR reported 2Q26 net profit of 1.53 billion baht, up 18% year on year but down 5% quarter on quarter, in line with analyst and market expectations. OSP reported 2Q26 core profit of 1.10 billion baht, up 9% year on year but down 5% quarter on quarter, in line with analyst and market expectations. AAV reported a 2Q26 net loss of 2.33 billion baht, swinging from a net profit both year on year and quarter on quarter, with results in line with analyst expectations but the loss 17% smaller than market expectations.

MSCI rebalancing supports Thai stocks with net inflows of 500 million baht. GUNKUL and HANA surprised by entering the small-cap index, while PTTEP and TRUE received higher weightings. The market impact is expected to be neutral to slightly positive. PTT posted second-quarter profit for fiscal year 2026 surging 143.9 percent to 52.525 billion baht, supported by international trading, petrochemicals, refining and oil businesses as product price spreads improved, pushing first-half profit to 78.263 billion baht, up 74.5 percent. TOP reported net profit of 8.284 billion baht, up 28 percent year-on-year, with first-half net profit of 27.765 billion baht, and is moving ahead with the CFP project scheduled for 2028. AOT showed third-quarter profit for fiscal year 2026 of 4.44168 billion baht, up 14.93 percent, supported by a 2.61 percent increase in aeronautical revenue, especially passenger service charge revenue rising by 168.36 million baht, or 2.85 percent, after the charge was raised from 730 baht to 1,120 baht per person, pushing nine-month net profit to 14.81233 billion baht, up 3.86 percent, while total passengers reached 99.03 million, up 1.84 percent, with an average target price of 67.56 baht. BGRIM posted second-quarter profit for fiscal year 2026 growing by 676 million baht, up 9,557 percent, on higher total electricity sales volume, and continues expanding its renewable portfolio, targeting six LNG cargoes of 280,000 tonnes this year and gradually achieving commercial operation dates for new power plants, with an interim dividend of 0.18 baht per share. ACE reported second-quarter net profit for fiscal year 2026 of 278.7 million baht, surging 87.3 percent, supported by strong growth in solar and waste-to-energy power plants and lower financial costs, and is advancing a clean energy portfolio of 92 projects with total capacity of 767.42 megawatts. MGC posted second-quarter profit for fiscal year 2026 surging 554 percent to 352 million baht, a record high for four consecutive quarters, pushing first-half net profit to 675 million baht, up 521 percent, supported by deliveries of XPENG and Alpha X electric vehicles growing 688 percent, and the board approved an interim dividend of 0.24 baht per share with the XD date on 26 August. JMART's CEO is confident second-half profit for fiscal year 2026 will exceed the first half, driven by the lock-phone business, SINGER, JMT and Suki Tee Noi, maintaining a profit target for 2028 of more than 2 billion baht. ACE said it will continue seeking opportunities to bid for clean energy power plants in the second half of 2026 and accelerate construction of new projects, expecting several more projects to reach commercial operation by 2027. 88TH has laid out three growth strategies, expanding the LYO portfolio into China and Hong Kong and building a new S-curve in the pet business through Monster Lab, with new revenue expected to be recognised from the second half of 2026 after second-quarter revenue reached 151.82 million baht, up 10.16 percent. GFC is shifting its second-half strategy with digital marketing plans targeting Gen Z to drive egg-freezing services, while accelerating expansion of its foreign customer base through nine agents, aiming to raise the foreign customer share to 25 percent, partnering with more than eight hospitals, and approving an interim dividend of 0.03 baht per share. ILINK expects solar product sales revenue to double this year, benefiting from government subsidies of 50,000 baht per household for rooftop installation and a 200,000 baht tax deduction, with about 9 billion baht in auctions still pending, and hinted third-quarter results will grow on surging trading and engineering demand. III expects second-half performance to improve as the freight transport business enters its high season, advancing its Logistics and Beyond strategy to build an aviation ecosystem, with two to three M&A deals under negotiation and expected to be concluded within this year, while raising this year's revenue growth target to 20 percent from 15 percent, after posting second-quarter profit for fiscal year 2026 of 140.9 million baht, a ten-quarter high. SAWAD is pushing ahead at full speed, benefiting from the high season in the second half, confident this year's growth will meet targets, with first-half profit of 2.74 billion baht, up 16 percent, and brokers see SAWAD's asset quality as having passed its lowest point. TEAMG posted first-half revenue for fiscal year 2026 of 1.266 billion baht, up 22 percent, and profit of 111 million baht, up 18 percent, after second-quarter revenue of 635 million baht, up 19 percent, and profit of 61 million baht, up 29 percent, with the zoo phase two and light red line rail projects lifting backlog to 5.988 billion baht, and targets new work of at least 1 billion baht in the second half. KLINIQ posted second-quarter net profit for fiscal year 2026 surging to 111.53 million baht, up 24.9 percent, pushing first-half profit to 232.66 million baht, and the board approved an interim dividend of 0.88 baht per share with the XD date on 27 August and payment on 11 September 2026. PIS posted first-half net profit of 164 million baht, up 8 percent, with total revenue reaching 1.531 billion baht, up 6 percent, on continued project deliveries and effective cost control, and the second-half outlook is bright as it bids for new work to add to a backlog of more than 6.096 billion baht to be recognised over the next three to four years, confident of driving this year's revenue growth of 10 to 15 percent. MTC is expanding its loan portfolio amid Thailand's slowing economy, with first-half revenue of 16.064 billion baht, up 8.63 percent, and net profit of 3.728 billion baht, up 15.84 percent, while keeping NPLs at 2.61 percent and expressing confidence that second-half loan growth will be around 10 percent.

B.Grimm Power reported second-quarter 2026 net profit attributable to shareholders of 676 million baht, up 9,557.1% from the same period last year. The second half is in focus as revenue from the Nakwol 1 wind power project is recognized for a full quarter. Revenue from sales and services was 15.123 billion baht, up 0.4% from a year earlier and up 18.8% from the previous quarter, driven by a 2.7% increase in electricity sales volume to 4,003 gigawatt hours. EBITDA was 3.509 billion baht, down 6.0% from a year earlier and down 7.5% from the previous quarter, pressured by lower project development service income, unrealized foreign exchange losses at associates, and bad debt provisions. The board approved an interim dividend of 0.18 baht per share, with the stock trading ex-dividend on 26 August 2026 and cash payment on 11 September 2026. Analysts at Bualuang Securities said the reduction in household electricity tariffs to 3.89 baht per unit does not affect SPP power plant operators because the rate applies only to households. They expect core profit in 2026 to fall 30% before recovering 20% in 2027, and recommend gradually accumulating the stock with a fair value of 20 baht.

B.Grimm Power, or BGRIM, aims to grow its revenue in Vietnam from 50 million US dollars per year currently to 1.2 billion US dollars by 2030, a 24-fold increase. It also targets total power generation capacity in Vietnam of around 2,000 megawatts within the same year, accounting for approximately 2.9 percent of the country's total power generation capacity. Currently, the company has five major projects under development with total capacity exceeding 520 megawatts, and plans to invest in an LNG-fired power plant with total capacity of 1,500 megawatts, targeting commercial operation by 2030. It is also studying cooperation in developing floating solar, hydropower plants, and battery energy storage systems. In addition, BGRIM is expanding into the data center business by supplying energy to projects in Danang and Ho Chi Minh City, in partnership with IT and technology allies.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

The Board of Investment is preparing to review its consideration framework and raise the screening intensity for data center projects, setting at least four criteria dimensions: benefits to the country, energy readiness and security, readiness and efficiency in water resource use, and environmental impact and measures. The BOI Secretary-General disclosed that between 2024 and 2026, 42 data center projects have been approved for investment promotion, with a combined processing capacity of 3,400 megawatts and total investment of 750 billion baht. However, since April 2026, no new applications have been submitted. Kasikorn Securities views this as positive for stocks in the data center and industrial estate theme, namely WHA and AMATA, as well as power plant and water utility stocks, including GULF, BGRIM, EASTW, and WHAUP.

Internet Thailand Public Company Limited, or INET, has disclosed that the data centre industry in Thailand is expanding markedly, driven by demand for local cloud services and the data sovereignty trend, while reaffirming its 2026 revenue target of 3.5 billion baht. Mr. Wallchai Vetchcheewadamrong, Deputy Managing Director and Chief Financial Officer, stated that the construction of the new INET-IDC4 data centre in Khon Kaen province, worth 2.5 billion baht, remains on track and is expected to commence operations in the first or second quarter of 2027, with plans to inject it into a REIT in the future. In addition, INET has partnered with B.Grimm Power Public Company Limited, or BGRIM, to establish a joint venture, B.Grimm INET Company Limited, to develop comprehensive digital infrastructure and technology platforms for industrial factory customers, starting at the Bangkadi Industrial Estate in the first year.

Analysts expect that the clarity of the new Data Center business regulations, which the government is preparing to approve, will help attract investment and benefit stocks in technology infrastructure, power, construction contracting, telecommunications, and industrial estates. The Board of Investment has already approved Data Center and Cloud Service projects worth over 958 billion baht. Power plant and utility groups such as WHAUP are expected to benefit from sales of industrial water and electrical systems, while GUNKUL, GULF, BGRIM, and STECON will gain from engineering systems, clean energy, and Data Center building construction. In the electronics sector, DELTA is highlighted as a standout stock due to demand for power supply systems and cooling technology for AI servers. HANA and KCE are supported by orders for high-end printed circuit boards, and WHA benefits from selling land in industrial estates to foreign investors. Additionally, BCPG is gaining from natural gas power plants in the United States that are seeing electricity demand from Data Centers, while INSET, ITEL, and SYMC have opportunities to undertake Data Center system installation, co-location services, and fiber optic network projects.

B.Grimm Power, or BGRIM, has gained approximately 300 megawatts of new customers, mostly from the data centre segment, which will help improve the company's profit margins. Mr. Nopadej Karnasuta, Chief Executive Officer for Thailand, Malaysia, and Industrial Business Solutions, revealed that the Joint Standing Committee on Commerce, Industry and Banking is preparing to propose a national AI and digital development policy framework and strategy to the cabinet meeting on 4 August 2026, with greater clarity on data centre development policies expected in the second half of the year. Meanwhile, the company is restructuring electricity pricing for industrial customers from the Ft reference system to a gas cost-plus model, with about 50% of the total industrial customer base already able to amend their contracts. BGRIM targets expanding total production capacity to 10,000 megawatts by 2030, up from the current combined operating and under-development capacity of around 6,000 megawatts, and aims to increase the share of clean energy capacity to more than 50% of the total portfolio.

Government Savings Plus bonds worth 2 billion baht were fully subscribed within 21 seconds via the Pao Tang app on 31 July 2026. Deputy Prime Minister and Finance Minister Ekaniti Nitithanprapas announced that a new round will be offered from 3 to 5 August, with a minimum investment of 100 baht through the SBOM wallet on the Pao Tang app, or 1,000 baht via 24 participating banks and securities firms. The three-year bond offers a fixed rate of 1.80% per annum, while the ten-year bond offers 2.80% per annum, with the aim of broadening the country's savings base and supporting an ageing society. Meanwhile, large listed companies are also issuing debentures. BGRIM is offering three tranches of debentures with tenors of four, seven, and ten years, carrying coupons of 2.60% to 3.60% per annum, from 31 July and 3–4 August. GC is preparing to sell two tranches of debentures with tenors of seven and ten years, with expected coupons of 2.65% to 3.15% per annum, opening for subscription this September, including a special window for seniors aged 60 and above. SCC is expected to issue four-year debentures rated A, offered to existing debenture holders in September 2026.

Dao Securities Thailand maintains a buy recommendation on B.Grimm Power Public Company Limited, or BGRIM, with a target price of 20.00 baht. It forecasts normalized profit for the second quarter of 2026 at 566 million baht, up 19% from the same period last year and 11% from the previous quarter. Although revenue is expected to decline 2% due to a lower average electricity selling price following the Ft adjustment, natural gas costs dropping to around 360 baht per million BTU help support gross margins. This is coupled with profit contributions from the Nakwol project and recognition of deferred tax income that offsets financial costs. The research team maintains its normalized profit estimates for 2026 and 2027 at 2.3 billion baht and 2.5 billion baht, respectively, and sees clarity on the PDP 2026 plan in August as a key catalyst for long-term growth.

Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said infrastructure, energy, and digital services stocks are likely to benefit significantly from the expansion of the data center business. GULF is the top large power plant stock to watch, given its capacity to meet rising electricity demand from data center investments, while GPSC and BGRIM are also interesting power plant plays. In digital services and cybersecurity, stocks to watch include BBIK, BE8, and SECURE. INSET is a key player in system integration and infrastructure construction for data centers. The cabinet has approved Thailand's first Big Data strategic plan, covering 2025 to 2027, aiming to develop the country's data infrastructure, promote AI adoption, and train at least 160,000 personnel by 2027, while targeting economic value from Big Data to grow by no less than 35 percent by 2027.

CGS International Securities Thailand forecasts that net profits of Thai listed companies in the second quarter of 2026, covering 127 firms or 86.7 percent of market capitalization, will total 276 billion baht, a decline of 10.5 percent from the same period last year and down 5.3 percent from the previous quarter. The main drag came from the energy sector due to weaker refining margins, and the transport sector which was hit by the low season for airlines. Meanwhile, petrochemicals, electronics, ICT, and tourism were key supports for the market. Energy sector profits are expected to fall 26.6 percent year-on-year and 11.3 percent quarter-on-quarter. Transport sector profits are seen dropping 72.1 percent year-on-year and 74.5 percent quarter-on-quarter, weighed by weaker results at AAV and THAI. Petrochemical profits are forecast to surge 326.4 percent from a low base last year, led by IVL and PTTGC. Electronics profits are expected to grow 89 percent, and ICT profits to rise 26 percent, helped by easing competition and improved ARPU at ADVANC and TRUE. Tourism benefited from the European travel season for MINT. Stocks expected to show outstanding profit growth both year-on-year and quarter-on-quarter include IVL, PSL, and BGRIM. Stocks with accelerating profit momentum from the previous quarter include MINT, SC, and 3BBIF. The stocks forecast to grow the most year-on-year are BGRIM, up 7,305.8 percent, IVL up 982.9 percent, PSL up 771.9 percent, SPRC up 666.8 percent, and AMATA up 599.1 percent, mostly driven by low profit bases last year and industry recovery. In terms of quarter-on-quarter momentum, the stocks expected to see the biggest profit increases are MINT, up 452 percent, SC up 441.7 percent, IVL up 263.3 percent, PSL up 169 percent, and PTTEP up 121.2 percent, supported by seasonal factors, a recovery in the hotel business, property transfers, and improved sales volumes and margins in energy and petrochemicals. CGSI has also selected top picks under its Quality and Earnings Momentum strategy, focusing on stocks with profit growth both year-on-year and quarter-on-quarter, Outperform recommendations, and low volatility. These include PTTEP, MINT, SC, BAREIT, TVO, IVL, TNP, ZEN, BANPUU, and PR9.