Ratch Group Public Company Limited

Yuanta Securities (Thailand) has raised its fair value for Ratch Group, or RATCH, to 46.25 baht per share from 32 baht, and upgraded its recommendation from Trading to Buy, implying roughly 25.9% upside from the share price of 36.75 baht on October 1, 2026. In an analysis dated October 2, 2026, the brokerage said it holds a positive view on several new investment opportunities whose prospects became clearer in late 2026, particularly the renewal of the power purchase agreement, or PPA, for the Ratchaburi power plant and the opportunity to sell electricity to data center operators. Currently, units 1-2 of the RG power plant, with combined capacity of about 1,470 megawatts, saw their contracts expire in October 2025, while three remaining units with total generating capacity of about 2,175 megawatts are due to see their contracts expire in November 2027. If the PPAs are not renewed, the company has the option of selling the output to data center operators, and is in talks with about five to six customers, each of which needs no less than 300 megawatts, while the existing site and infrastructure can support demand of up to about 1,400 megawatts. In addition, the draft PDP 2026 plan, which covers 2027-2037 and targets an increase in total power generation capacity of about 50 gigawatts, is another positive factor. It comprises about 24.3 gigawatts of solar power, nearly 14.5 gigawatts of wind power, about 2.7 gigawatts of natural gas-fired plants, about 9.1 gigawatts of hydropower and the first small modular nuclear reactor, or SMR, with capacity of about 300 megawatts. For the third-quarter 2026 outlook, the research team expects RATCH to post normal profit of about 1.4 billion to 1.6 billion baht, up from the previous quarter, after the RG and HKP power plants returned to more efficient operation and with no major maintenance shutdowns. SG&A expenses are also likely to fall on a seasonal basis, but profit is expected to decline from the same period a year earlier, partly because of the impact of the expiry of the PPAs for units 1-2 of the RG power plant from October 2025.

RATCH Group Public Company Limited, or RATCH, disclosed that RE Green Energy Company Limited, an indirect subsidiary wholly held by the company through Ratchaburi Energy Company Limited, registered a total of 4 new subsidiaries on 2 October 2026 to support the group's future plans to expand investment in the renewable energy business. The four new companies are RE Grow Green Company Limited, Phu Luang Green Energy Company Limited, Phu Tawan Energy Company Limited, and Wang Thong Grow Green Company Limited. Each company has registered capital of 100,000 baht, for a total of 400,000 baht, divided into 10,000 ordinary shares with a par value of 10 baht per share, with 25 percent of the registered capital paid up as of the incorporation date. The source of funds is the working capital of RE Green Energy Company Limited.

Prateep Tangmatitham, a major shareholder of RATCH Group Public Company Limited, or RATCH, has clearly reduced his shareholding. He now holds 18,845,650 shares, or 0.87%, down from 27,335,450 shares, or 1.26%, marking his lowest stake in six years compared with 31,930,650 shares, or 1.47%, on September 3, 2025. This reduction earned him gains from share price appreciation and dividends proportional to his holding of about 13.19 million baht, after RATCH announced an interim cash dividend of 0.70 baht per share, payable on September 24, 2026. RATCH shares rose 29.66% during 2026. In the latest shareholder structure, the Electricity Generating Authority of Thailand is the largest holder with 978,750,000 shares, or 45.00%, followed by the Electricity Generating Authority of Thailand Savings Cooperative Limited with 128,224,936 shares, or 5.90%, and the Social Security Office with 101,870,550 shares, or 4.68%. Tisco Securities recommends a hold rating on RATCH with a fair value of 37.00 baht, viewing data centers as a potentially significant growth opportunity. RATCH is studying the development of a data center hub to support peak electricity demand of 1,400 megawatts and is in talks with five to six potential data center customers.

RATCH Group Public Company Limited, or RATCH, plans to upgrade from a large-scale power producer, or IPP, to a full-service energy solutions provider to serve the power needs of data center operators. It will bring its existing IPP power plants whose power purchase agreements are gradually expiring back into service, refurbishing them to supply electricity and water to major data center operators. Its key strength is a roughly 500-rai plot in Ratchaburi province, zoned purple and equipped with comprehensive infrastructure, including natural gas pipelines, power stations, transmission lines, water sources, and an operations and maintenance team. Supplying electricity and water this way will not take resources away from the public, because usage will not exceed the original specifications of the two units whose contracts have already expired. On overseas investment, RATCH is in talks with local partners in Indonesia to prepare a competitive bid for a large-scale natural gas-fired IPP power plant project of about 500–700 megawatts, which is awaiting the Indonesian government's announcement of a new power development plan. At the same time, the company has studied small modular reactor, or SMR, nuclear power technology, and believes the government, through the Electricity Generating Authority of Thailand, should take the lead first. It has set an average investment budget of about 10 billion baht per year, covering projects in the pipeline, the expansion of IPP projects in Indonesia, and SMR feasibility studies. It also aims to adjust its generation capacity mix between natural gas and renewable energy to 50 to 50, from about 30 percent renewable energy at present.

Analysts have released dividend estimates for 2026 covering five power plant stocks. InnovestX Securities expects GULF to pay a dividend of 1.79 baht per share, maintaining an OUTPERFORM rating with a target price of 78 baht. KGI Securities (Thailand) expects RATCH to pay a dividend of 1.50 baht, upgrading its recommendation to Buy with a new target price of 43 baht, up from 29 baht, and expects EGCO to pay a dividend of 6.50 baht, upgrading its recommendation to Buy from Hold with a new target price of 145 baht, up from 125 baht. Yuanta Securities (Thailand) expects GPSC to pay a dividend of 1.31 baht with a target price of 66.50 baht, maintaining a Buy rating and naming it a Top pick in the power plant sector for the fourth quarter of 2026. DAOL Securities (Thailand) expects BGRIM to pay a dividend of 0.58 baht with a Buy recommendation and a new target price of 25 baht, up from 20 baht. The main supporting factor comes from the Power Development Plan 2026, or PDP 2026, which will add new generating capacity including solar, wind, and gas power plants, as well as Direct PPA and the data center business.

The research team at Asia Plus Securities said that on September 11 the government discussed and prepared to tighten data center criteria, aiming to reach a conclusion within September 2026. Under the plan, data center operators will bear higher electricity rates, and the state will consider using the revenue difference to help reduce the public's power bills. It may also set conditions requiring operators to invest in or procure clean energy alongside their data center investment, review new site locations with greater emphasis on safety and suitability of the area, and close past legal loopholes that allowed BOI applications for projects developed in urban areas. The research team views this as structurally positive for the power plant sector, expecting it to add incentive for large electricity users in the data center group to manage long-term costs by procuring clean power through Direct PPA mechanisms directly with power plant operators. Meanwhile, stricter measures against building data centers in city centers will help push data center operators to move into industrial estates such as the EEC, which benefits SPP power plant operators that have expanded networks and provide full utility services in those areas. The research team recommends a Selective Buy strategy in the power plant group with large renewable energy portfolios and readiness in terms of land or networks in industrial estates, naming GULF with a fair value of 80 baht and BGRIM with a fair value of 22 baht as top picks. Related stocks or those with plans to invest in the data center business, such as GPSC, EGCO, RATCH and GUNLUL, are expected to receive positive sentiment from the growth opportunities in the clean power market going forward.

Krungsri Securities has a positive view on the power plant sector, naming Gulf Development (GULF) and Global Power Synergy (GPSC) as top picks, with 2027 target prices of 77 baht and 61 baht respectively. Following a public hearing on the new draft Power Development Plan for Thailand (PDP2026) on 10 September 2026, Krungsri Securities sees a mix of positive and negative factors. On the positive side, the Energy Policy and Planning Office is considering extending the operating life of gas-fired IPP power plants in the first five years of the plan. Expected beneficiaries include GPSC through the 677-megawatt Glow IPP plant and Ratch Group (RATCH) through the 3,645-megawatt RG plant. On the negative side, the Direct PPA policy allowing direct power trading between producers and users still lacks regulatory clarity, and investors must keep watching the rules for third-party access to the transmission network and the wheeling charge rate from the Energy Regulatory Commission. The research team maintains a positive investment weighting on the power plant sector, citing the opportunity to benefit from the expansion of the data centre business and new power generation capacity under PDP2026 that is not yet included in its forecasts. It favours operators with strong capital bases, ready land, and a proven track record in project development.

Today's stocks to watch include several companies announcing plans and earnings outlooks. ICHI is confident of standout growth in the second half, with revenue this year reaching 9,000 million baht. It is pushing ahead into the fertilizer business, with a three-year plan to lift revenue to 1,500 million baht, and is teaming up with COCOCO to launch a coconut water jelly drink, targeting sales of 15 million baht this year. Meanwhile, GPSC and RATCH received positive news as the Energy Policy and Planning Office is set to extend the operating life of gas-fired power plants in the first five years of the PDP 2026 plan, with hopes for extensions for the 677-megawatt GLOW IPP plant and for Ratch Group's 3,645-megawatt Ratchaburi plant to qualify. Target prices were set at 61 baht per share for GPSC and 41.40 baht per share for RATCH. VIH hinted at standout growth in the third quarter of 2026, benefiting from treatment of complex diseases, which supports higher margins, with cash reserves of more than 1,400 million baht and a push toward medical excellence by 2028. KTMS signaled a strong showing in the third quarter of 2026, accelerating the opening of 11 new dialysis branches and installing 36 to 64 additional dialysis machines, supporting a 2026 revenue target of 800 million baht. OSP said the third quarter of 2026 will grow in line with plan, highlighting premium beverages as the main driver, with its automation system in Ayutthaya having already cut costs by more than 300 million baht, and it is confident revenue this year will grow at a single-digit rate. BAM is adjusting its business model toward asset management, focusing on net profit and cost control, driving an asset-light model with assets of 100,000 to 120,000 million baht and eyeing profit of 2,000 million baht.

Asia Plus Securities stated that the PDP2026 plan, which opens for public hearing today, sets a new capacity framework for 2026-2037 totaling 50,900 megawatts, comprising 24,300 megawatts of solar, 14,500 megawatts of BESS, 9,100 megawatts of CCGT, 2,700 megawatts of wind, and 300 megawatts of SMR. The broker views that gas-fired power plants remain crucial for system stability, thus presenting an opportunity for GPSC, EGCO, and RATCH, which have plants nearing expiration that can be renewed. Meanwhile, the research arm favors GULF and GUNKUL as outstanding plays aligned with the plan's direction, given their strong fundamentals and expertise in renewable energy. However, as the public hearing is still in its early stages, there is no clear auction timeline yet, but it is expected that capacity allocation will be distributed among multiple players such as GPSC, BGRIM, RATCH, EGCO, SSP, and SPCG.

Analysts from Asia Plus Securities stated that the review of criteria for setting up data centers in Bangkok's urban areas, following environmental and safety complaints, will push operators to relocate investments to the EEC zone, which has more complete infrastructure. It is expected that power plant stocks GPSC, EGCO, RATCH, and GUNKUL will benefit in the long term. Meanwhile, GULF has a data center already in operation with 25 megawatts in Samut Prakan, and is developing another 38 megawatts in the EEC, with plans to expand by an additional 100 megawatts. BGRIM has a joint project with Digital Edge of 96 megawatts in the EEC, with the first phase of 48 megawatts expected to begin partial operations in the fourth quarter of 2026.

Shares of Ratch Group, or RATCH, rose 3.29% to 39.25 baht after the company signaled a proactive shift toward renewable energy and data centers. KGI upgraded its recommendation to Outperform and raised its 2027 target price to 43 baht from 29 baht. The company plans to use its 2,000-rai Ratchaburi power plant site, which has a total capacity of 3.7 gigawatts, to develop data centers, with customers expressing demand for up to 1,400 megawatts of electricity. Meanwhile, it is de-emphasizing the renewal of power purchase agreements, or PPAs, due to uncertainty over the PDP2569 plan, and is instead focusing on data centers, which offer higher returns, even though PPA renewal could add up to 2.1 gigawatts of capacity. The company is also bidding on projects in Indonesia with a total capacity of up to 1 gigawatt, and plans to reduce its second-half 2026 dividend to 0.70 baht per share from 0.80 baht to retain cash flow for investments. KGI cut its core profit estimates for 2026 and 2027 by 20% and 10%, respectively, but raised 2028 by 8% after incorporating assumptions of PPA renewals for RATCHGEN's three production units, each with a capacity of 720 megawatts, starting commercial operation in 2028.

Land and Houses Securities noted that RATCH is in talks with 5-6 data center operators to utilize the former RG power plant site, which has the potential to support up to 1,400 megawatts. The company benefits from low land costs and comprehensive infrastructure. Meanwhile, RATCH, together with partners, is preparing to bid for a large gas-fired power plant in Indonesia of about 1,000 megawatts, which is an expansion of the Paiton power plant and is part of Indonesia's long-term power development plan. The company has set an investment budget of 20 billion baht over the next five years to expand renewable energy both domestically and internationally, aiming to increase the renewable energy share to 40% by 2035 and 50% by 2040, up from the current 31% of its 9,484 megawatt capacity. Additionally, RATCH announced an interim dividend of 0.70 baht per share, down from the usual 0.80 baht, to prepare capital for growth. As a result, brokers have upgraded their recommendation to "Buy," viewing the stock as transitioning from a dividend stock to a growth stock.

At least eight Thai listed companies announced interim dividend payments following board meetings on August 25, 2026, with most setting the XD date between September 7-9. Leading the way, BCP pays 3.00 baht per share, followed by TISCO at 2.00 baht, RATCH at 0.70 baht, TIPH at 0.50 baht, OR at 0.30 baht, HMPRO at 0.16 baht, TTB at 0.081 baht (up 23% from last year), and CIMBT at 0.0385 baht. RATCH's total payout is approximately 1,522.50 million baht, while OR's total is 3,600 million baht.

The board of RATCH Group Public Company Limited, or RATCH, has approved an interim dividend for the first half of 2026 at 0.70 baht per share, totaling 1.5225 billion baht. The record date for shareholders entitled to receive the dividend is 9 September 2026, with payment on 24 September 2026. RATCH shares closed at 36.75 baht, unchanged, on turnover of 106.3 million baht.

Three listed companies have announced interim dividend payments from their first-half operating results. TISCO will pay 2 baht per share, with the ex-dividend date on September 7, 2026, and payment on September 21, 2026. RATCH will pay 0.70 baht per share, totaling 1.52 billion baht, with the ex-dividend date on September 8, 2026, and payment on September 24, 2026. TTB will pay 0.081 baht per share, with the ex-dividend date on September 7, 2026, and payment on September 25, 2026.

Ratch Group Public Company Limited, or RATCH, expects earnings before interest, taxes, depreciation and amortization, or EBITDA, for 2026 to meet its target of 15 billion baht. The second half is expected to be higher than the first half's 7.62 billion baht, driven by revenue recognition from a 71.05 megawatt solar power plant in the Philippines and a 5.5 megawatt hydropower plant in Vietnam, both scheduled to begin commercial operation in the fourth quarter of 2026. Group Chief Executive Officer and Managing Director Nitas Voraphanphiphat said the company is studying mergers and acquisitions of two power plant projects in Indonesia with combined capacity of about 340 megawatts, with clarity expected by December 2026. Current capacity stands at about 9,483.99 megawatts, comprising 68.57 percent fossil fuels and 31.43 percent renewable energy. The company has set an investment budget of 10 billion baht this year and is preparing to bid for projects under the PDP 2026 plan, while also showing interest in investing in a sustainable aviation fuel project in Turkey with capacity of 100,000 tonnes per year.

Ratch Group Public Company Limited, or RATCH, has set an investment budget of 10 billion baht this year for existing and new projects, while preparing to bid for renewable power plant projects in Thailand and seeking investment opportunities in Indonesia. Mr. Nitas Voraphonpipat, Group Chief Executive Officer and Managing Director, said the company targets EBITDA growth this year at 15 billion baht and renewable energy revenue of no less than 15 percent of total revenue. It expects to recognize revenue from a solar power plant with equity capacity of 71.05 megawatts in the Philippines and a hydropower plant with equity capacity of 5.5 megawatts in Vietnam, both scheduled for commercial operation this year. For investment in Indonesia, the company has prepared an expansion plan for the Paiton power plant in East Java, a 1,000-megawatt combined-cycle power plant, and is studying the feasibility of investing in a 200-megawatt gas engine capacity expansion project and a 140-megawatt combined-cycle power plant with cooling system in Batam.

The Stock Exchange of Thailand index opened at 1,656.19 points, up 10.19 points or 0.62 percent. CGSI estimates the SET Index's trading range at 1,635 to 1,650 points and is approaching a test of the key resistance level at 1,650 points amid concerns over tensions in the Middle East. Meanwhile, investors are watching earnings reports from major technology companies this week, including Alphabet and Intel. For stock recommendations, CGSI recommends RATCH, citing that the renewal of the RG contract until 2034 and the full consolidation of HKP starting from the fourth quarter of 2025 will enhance earnings visibility. It has raised net profit estimates by 22 percent for 2026, 37 percent for 2027, and 24 percent for 2028, and upgraded the recommendation to buy, with a profit target of 39.00 baht and a stop-loss at 37.50 baht. As for MOSHI, it expects second-quarter 2026 net profit to rise 16 percent year-on-year, with efficient product management and a higher proportion of imported goods supporting sales growth and maintaining margins in the second half of 2026, with a profit target of 41.00 baht and a stop-loss at 38.00 baht.

Several brokers have issued fundamental stock picks, with Kiatnakin Phatra Bank, or KKP, receiving positive recommendations from multiple houses after reporting stronger-than-expected second-quarter 2026 earnings. Maybank noted a profit of 2.1 billion baht, up 51 percent year-on-year and 9 percent quarter-on-quarter, beating market forecasts by 19 percent. Meanwhile, Krungsri Securities raised its 2026 to 2028 profit estimates by 10 percent per year and expects 2026 profit to grow 32 percent, driven by outstanding wealth management business. Pi Securities pointed to a net profit of 2.2 billion baht and a decline in the NPL ratio to 3.5 percent. For other sectors, KGI Securities assessed that Amata Corporation, or AMATA, saw second-quarter 2026 profit surge from 140 million baht a year earlier to 1.17 billion baht, supported by record-high investment promotion applications and accelerating data centre investments. Meanwhile, CGS International upgraded Ratch Group, or RATCH, to buy after the renewal of the Ratchaburi power plant contract until 2034 and full consolidation of HKP from the fourth quarter of 2025.