WHA Utilities and Power Public Company Limited

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.

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%.

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.

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.

WHA Utilities and Power, or WHAUP, expects to recognize the remaining availability payment revenue in the second half of 2026 and to add about 100 megawatts of new clean energy projects reaching commercial operation, out of a total 314 megawatts awaiting development. The company has set this year's investment budget at 2.9 billion baht, split between the water business at 57 percent and energy at 43 percent, with a focus on rooftop solar in Thailand and Vietnam. In the first half, the company signed water sales contracts to data center customers of 17.5 million cubic meters per year, with potential to expand to 29 million cubic meters, representing recurring revenue of about 500 million baht per year. Total water sales and management volume stood at 87 million cubic meters, up 9 percent from a year earlier, and the Gheco-One power plant has resumed operations, with full-year profit expected at around 100 million baht. Krungsri Securities estimates normalized profit in the third quarter of 2026 will remain at a high level of about 500 million baht, maintaining a buy recommendation with a target price of 9.70 baht.

Indorama Ventures Public Company Limited, or IVL, reported second-quarter 2026 net profit of 5.961 billion baht, swinging from a loss of 521 million baht in the same period last year. First-half net profit reached 3.1449 billion baht, up 61 percent year on year, while EBITDA stood at 29.7 billion baht, also up 61 percent, supported by the Combined PET, or CPET, business from higher benchmark spreads, lower North American shale gas costs, and growth at Indovinya and Indovida. Self-help measures and the S&OE system improved production efficiency and inventory management, lifting operating cash flow after maintenance capital expenditure to 25.9 billion baht and reducing net debt from 236 billion baht to 226 billion baht, bringing net debt to equity down to 1.56 times and achieving the full-year target ahead of schedule. WHA Utilities and Power Public Company Limited, or WHAUP, posted second-quarter 2026 net profit of 532 million baht, up 276 percent year on year, pushing first-half profit to 835 million baht, up 129 percent, as the water and power businesses continued to grow. First-half water revenue rose 35 percent, while solar rooftop private PPAs reached 384 megawatts and the equity power portfolio stood at 1,070 megawatts. In the second half, the company plans to expand renewable energy in response to the new PDP and the first phase of direct PPAs totalling 2,000 megawatts. On the contest for the NBTC chairmanship, Prime Minister and Interior Minister Anutin Charnvirakul said he has signed a submission seeking a royal command to remove Dr. Saran Boonbaichaipruek from the positions of chairman and commissioner of the NBTC. Minor International Public Company Limited, or MINT, said MFG International Holding Singapore Pte. Ltd., a subsidiary of MINT, has invested in 100 percent of Bonchon International Inc., with the transaction to be completed within August 2026. Bonchon International Inc. owns the Bonchon brand intellectual property for territories outside the Americas. It has issued and paid-up capital of 406,580,000 won, divided into 40,658 ordinary shares with a par value of 10,000 won each, for a total net value of 50 million US dollars, or approximately 1.65 billion baht, plus additional adjustments based on asset values at closing. The funding source is a loan from financial institutions. The purpose of the investment is to acquire Bonchon intellectual property for territories outside the Americas, which will increase royalty and franchise fee income. After the share acquisition, Bonchon International Inc. becomes a subsidiary of MINT.

Krungsri Securities reports that WHA Utilities and Power posted strong second-quarter 2026 core profit of 502 million baht, up 116% year-on-year and 150% quarter-on-quarter, beating the research house and market expectations by 7% and 12% respectively. The result was driven by a simultaneous recovery in both water and power businesses. Water sales volume grew notably by 10% from a year earlier, while the IPP power plant Gheco-1 ran at full capacity for the entire quarter amid lower coal costs. As a result, first-half 2026 core profit accounted for 47% of the full-year estimate of 1.5 billion baht, compared with 39% in the first half of 2025. The research team expects third-quarter 2026 core profit to remain elevated at around 500 million baht, supported by continued growth in water sales volume, higher capacity charges, and the ongoing recovery at Gheco-1, despite some impact from long-term gas costs. WHAUP is seen as a structural beneficiary of the data center investment theme in Thailand, while its valuation remains undemanding, trading at a three-year forward PEG of just 0.74 times. Krungsri therefore recommends buy and switches to a 2027 target price of 9.7 baht per share, based on a sum-of-the-parts methodology.

Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

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.

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.

Kasikorn Securities estimates WHAUP's normalised profit for the second quarter of 2026 at 385 million baht, up 75.6% year-on-year and 81.7% quarter-on-quarter. The growth is driven by a recovery in profit sharing from associates, expanding water sales, and increased solar power generation capacity. Profit sharing from associates this quarter is projected at 325 million baht, rising 81.6% from a year earlier and 348.9% from the previous quarter, thanks to the restart of the GHECO-One power plant. Revenue is expected at 865 million baht, up 13.1% year-on-year but down 22.6% quarter-on-quarter, due to lower excess water capacity service income. Kasikorn Securities maintains a buy rating and a target price of 8.75 baht, factoring in upside from a 200-megawatt direct PPA project, which is estimated to add 270 million baht in annual profit. In a best-case scenario, capacity could reach up to 500 megawatts.

Bualuang Securities expects net profit of Thai listed companies in the second quarter of 2026 to expand 24 percent from the same period last year and rise 2 percent from the first quarter, supported by higher energy prices, petrochemical spreads, mobile and internet service revenue, lower network costs, demand for electronic components for artificial intelligence and data centers, as well as new power generation capacity and profits from GULF's overseas power plant business. Meanwhile, the meat sector is pressured by lower meat prices, the banking group by narrowing interest margins, and the hospital group by fewer cash-paying patients and a slowdown in non-urgent treatments. Bualuang Securities highlights two investment approaches: picking stocks with still-strong second-quarter profit trends such as PTT, PTTGC, TRUE, ADVANC, AMATA, GULF, GUNKUL, and WHAUP, and gradually accumulating stocks with weak prices but expected strong profit recovery in the second half, such as CBG, ERW, CPF, and BTG.

Bualuang Securities forecasts total net profit of listed companies in the second quarter of 2026 to grow 24 percent compared to the same period last year, and 2 percent from the previous quarter. Supporting factors include the energy and petrochemical sectors benefiting from improved oil prices, refining margins, and petrochemical spreads, as well as continued growth in telecommunications, electronics, industrial estates, retail, and hotels. Meanwhile, banking, meat, and hospital sectors still face pressure. Bualuang Securities recommends two investment strategies: selective play in stocks with still-strong profit growth and no earnings estimate cuts, such as PTT, PTTGC, ADVANC, TRUE, AMATA, GULF, GUNKUL, and WHAUP; and bargain hunting in stocks whose profits have passed their trough and are expected to recover in the second half, such as CBG, ERW, CPF, and BTG.

Bualuang Securities expects the Stock Exchange of Thailand index to climb to 1,700 points by the end of 2026, supported by foreign fund inflows projected to reach 160 billion baht in net buying for the full year. This follows net purchases of around 70 billion baht since the start of the year, driven by strong earnings growth among listed companies, particularly in the energy and petrochemical sectors, and the appeal of high dividend yields in Thai equities. For the second half, the investment strategy focuses on selective stock picking in sectors with positive catalysts. These include power plant operators benefiting from green energy demand, with recommendations for GULF, GPSC, GUNKUL, and WHAUP. The electronics sector is recovering in line with global cycles and AI investment, with KCE as a top pick. Commercial banks offering high dividends are favored, with KBANK and KTB highlighted. Tourism and hotel stocks, where earnings have bottomed out, are represented by ERW and AWC. Consumer goods and food companies poised to gain from hotter weather include CBG and CPF. In portfolio allocation, Bualuang Securities advises investors who can tolerate risk to allocate 60 to 70 percent to equities, split into 30 percent Thai stocks and 70 percent foreign stocks, with the remainder in debt instruments and bonds, primarily focusing on Thai debt securities.

Yuanta Securities forecasts WHAUP's normalised profit in the second quarter of 2026 at 353 million baht, up 76% from the previous quarter and 52% from a year earlier. The main driver is a swing back to profit contributions from the Gheco-One power plant after it resumed full-quarter operations with higher efficiency, along with recovering water demand and rising electricity sales revenue. Although surplus water usage income is expected to decline to 50 million baht, the research team has raised its 2026 and 2027 profit forecasts by 3% and 7% respectively, and adjusted the target price to 10.10 baht, maintaining a buy recommendation.

Kasikorn Securities holds a positive view on the Thai economy after the Ministry of Finance raised its 2026 economic growth forecast to 2.5% from 1.6%. A key factor is private investment, which is expected to expand by as much as 9%, driven by projects receiving investment promotion from the Board of Investment, especially in data center businesses. This has led to outstanding growth in machinery and equipment investment. The Office of the National Economic and Social Development Council is scheduled to announce second-quarter 2026 GDP figures on August 17, 2026. Kasikorn Securities expects investment to be the most prominent growth engine compared with other economic components, and this may prompt several research houses, including Kasikorn Securities, to raise their GDP forecasts going forward. Currently, Kasikorn Securities maintains its 2026 GDP forecast at 2.0%, seeing room for upward revisions in private consumption at 2.2% and investment at 4.5%. Meanwhile, the export sector continues to show better-than-expected trends, though the positive impact may be partially offset by expanding imports. For investment strategy, Kasikorn Securities remains positive on stocks related to investment and infrastructure, namely Krung Thai Bank, Gulf Energy Development, WHA Utilities and Power, CH. Karnchang, and Bangkok Expressway and Metro.

Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.

Phillip Securities Thailand says support from banks reporting strong results and speculation on second-quarter 2026 earnings are expected to drive positive sentiment, as bank earnings have come in better than Bloomberg consensus. Yesterday, KKP and TTB reported earnings per share exceeding Bloomberg consensus by 15.46 percent and 9.26 percent respectively, raising hopes that other bank stocks reporting today will also deliver positive results. There is also expectation that after the remaining bank stocks report, analysts will raise their target prices. Meanwhile, government measures are seen as another boost, especially for domestic stocks, after the deputy transport minister announced plans to propose revised state welfare card criteria to the cabinet, and the finance ministry will propose assistance for those who lost eligibility through the Thai Chuay Thai Plus 60/40 program in August to September 2026. Additionally, there is anticipation of tourism measures from the tourism ministry, which is preparing to request a central budget of 1.75 billion baht for the Thai Thiew Thai Plus project. The Middle East situation remains a concern. Although Iran said talks with the US can continue, Houthi rebels have declared a naval blockade against Saudi Arabia, pushing West Texas Intermediate crude oil prices up 0.9 percent to close at 83.2 dollars per barrel. Phillip expects the SET index to swing sideways to up within a range of 1,640 to 1,660 points, with a strategy of speculating on second-quarter 2026 earnings across several sectors. One recommended group is stocks expected to benefit from Chinese investment, namely Advanced Info Service, Amata, Gunkul, Gulf Energy, Rojana, WHA Corporation, and WHA Utilities and Power.