Sermsang Power Corporation Public Company Limited

Yuanta Securities (Thailand) expects the regulations governing the 1,500MW community solar power procurement programme, announced in the Royal Gazette on 22 September 2026, to open for bids within this year. Each project is capped at 10MW and selection will be based on a quality-based competitive criteria. The brokerage views this positively for mid- to small-sized renewable power operators, since the small size of each project means developers must accumulate several projects before they become meaningful to earnings. It names GUNKUL, SSP and TSE as its top picks. Dr. Kathleen Maleenont, Chief Executive Officer of Thai Solar Energy (TSE), said the company aims to add at least 100 megawatts of offered generating capacity to serve demand for clean energy, particularly from data centres and the industrial sector, and is studying the use of battery energy storage systems alongside its projects. TSE is also pressing ahead with its Solar Big Lot programme of 28 projects with total offered capacity of 229.06MW, for which it has already signed 25-year power purchase agreements with the Provincial Electricity Authority. The first four projects, with combined capacity of 30.20MW, are expected to begin commercial operation in the second quarter of 2027, while the remaining 24 projects totalling 198.86MW will gradually reach commercial operation during 2028 to 2030. Once all 28 are complete, they are expected to generate more than 900 million to 1 billion baht in additional annual revenue. In addition, its community waste-to-energy plant with offered capacity of 8MW, which has secured a 28-year and 6-month concession with the Kor Rum subdistrict in Uttaradit province, is awaiting the signing of its power purchase agreement.

Strengthen Power Corporation Public Company Limited, or SSP, has announced a goal to double its asset size within the next 3-4 years. Chayut Leehajaroenkul, Chief Financial and Accounting Officer, disclosed on the Thanhoon Thangame program that the company has a portfolio of power plants in commercial operation and under development with total capacity in hand of more than 340 megawatts, and projects in hand totaling 800 megawatts. The company sees the draft Power Development Plan of Thailand, or PDP 2026, which sets a target of approximately 50,000 megawatts of generating capacity, as a major opportunity, as the new capacity in the draft plan is more than 100 times larger than the company's existing investment portfolio. If the conditions become clear and official, SSP is ready to consider raising its long-term total capacity target from 1,000 megawatts by 2033. On overseas investment, the company is in the process of investing in a 150-megawatt offshore wind power project in the Philippines, and is advancing a capital recycling model by selling the Yamaga power plant in Japan, which was invested at 500 million baht, returning 1 billion baht in cash. It will recognize an extraordinary profit and cash flow in the third quarter of 2026, helping to reduce the IBD/E ratio to approximately 2 times and opening room to safely move up to 3 times.

Analysts at Yuanta Securities assess that Sermsang Power Corporation Public Company Limited, or SSP, will benefit significantly from the draft PDP 2026, under which the first 12 years, 2026-2037, will add 38,800MW of generating capacity from solar power plants, both Solar and Solar+BESS. As SSP operates a 100% renewable energy power plant business, it has substantial room to grow in line with this plan, including the 1,500MW community solar project and additional renewable energy power plants in the Philippines. Currently SSP has an IBD/E of 2.1 times, based on data as of the second quarter of 2026, but if the sale of the Yamaga power plant in Japan is included, which will recognise an extraordinary gain of 300 to 500 million baht in the third quarter of 2026, IBD/E will fall below 2 times. And when considering the covenant at an IBD/E of 3.0 times, the company could invest as much as 8,000 million baht, equivalent to additional investment opportunities of no less than 266MWe, based on an investment cost of 30 million baht per MW. In addition, there are plans to sell investments in three more projects in Japan with a combined size of 56MW, expected to generate around 2.0 billion baht plus or minus in cash, equivalent to additional investable funds of 7.0 to 8.0 billion baht, or 200 to 300MWe. The analyst estimates 2026 profit at 691 million baht, up 12% year on year, driven by efficiency improvements to the solar panels at the SPN solar power plant and full-year recognition of revenue from the Leo 2 project in Japan, and has raised the 2027 forecast by 9% to 818 million baht, up 18% year on year, as even though the 30MW Yamaga project is sold, this is offset by community waste-to-energy plants with a combined capacity of 9MWe, where the 9MW WTE project is equivalent to roughly 90MW of solar projects. Normal profit for 2028 is expected at 1,208 million baht, up 48% year on year, from the inclusion of the 150MW Bago wind project in the Philippines, where electricity rates are about 50% higher than in Thailand, RE big lot projects with a combined capacity of 92MW, and the 17MW Xuejia solar power plant in Taiwan. All projects will reach commercial operation during the fourth quarter of 2027, representing an average growth rate of 25.0% per year, a three-year CAGR for 2025 to 2028. Following the upward revision to forecasts and a change in the valuation method to a PER of 16.0 times, the new fair value at the end of 2027 comes to 14.10 baht per share, calculated from a fair value at the end of 2028 of 15.50 baht per share and discounted back to 2027, based on a WACC of 9.9%. The current share price trades at a 2027 PER of only 11.1 times and a 2027 PBV of only 1.0 times, while SSP's market cap per MW in hand is only 13 times, compared with an average of 14 times for power plant companies in coverage excluding GULF, and compared with GUNKUL, which is likewise a 100% renewable energy power plant operator, at 21 times. The analyst therefore maintains a Buy recommendation for long-term investment, with a 2027 fair value of 14.10 baht.

Prime Minister Anutin Charnvirakul declared on the Gastech 2026 stage that Thailand will not choose between security and sustainability alone, but must have both at a price that people and businesses can afford. Natural gas and LNG remain the backbone during the transition, while energy sources are being diversified to reduce risks from global market prices. The government is preparing a 50 billion baht fund starting in mid-October to support households installing rooftop solar to cut electricity bills. Energy Minister Akanat Promphan is pursuing an LNG strategy alongside hydrogen, ammonia, and CCS, aiming for Net Zero 2050. Thailand is also opening applications for the 26th petroleum exploration and production licensing round covering over 60,200 square kilometers. In the first half of the year, the BOI received investment promotion applications exceeding 1.43 trillion baht, up 37% driven mainly by digital, clean energy, and technology. Warut Thammavaranucupt, Chief Executive Officer of Sermsang Power Corporation Public Company Limited, or SSP, is preparing to bid on projects under the draft PDP 2026, which sets new generating capacity in the first 12 years from 2026 to 2037 totaling over 50,900 megawatts, divided into 9,100 megawatts of CCGT, 300 megawatts of SMR, 24,300 megawatts of solar, 2,700 megawatts of wind, and 14,500 megawatts of BESS. SSP previously won FiT projects for 2022 to 2030 totaling 170.5 megawatts and currently has about 420 megawatts of projects in hand, including solar in Thailand and the Bago wind farm in the Philippines. It is preparing for commercial operation of two community waste-to-energy plants totaling 19.8 megawatts in the fourth quarter of 2026, with more than 146 megawatts of projects gradually coming online through 2030. The company aims to push its renewable energy generating capacity to 1,000 megawatts by 2032. The Securities and Exchange Commission has appointed Apisit Suksakorn as Assistant Secretary-General for the Digital Technology line, effective January 1, 2027, responsible for overseeing information technology risk, data management and analytics, and information technology. Meanwhile, Jintana Kingkaew, Deputy Managing Director of Siam Gas and Petrochemicals Public Company Limited, or SGP, received the Carbon Footprint for Organization, or CFO, certificate for the second consecutive year after the company began its carbon footprint assessment project in 2021.

SSP, or Sermsang Power Corporation, has announced it is fully ready, both financially and in terms of capability, to take part in the bidding for solar and wind farm projects under the draft national power development plan, or PDP 2026, which sets total new capacity of 50,900 megawatts over the first 12 years, from 2026 to 2037. The plan comprises 9,100 megawatts of combined-cycle power plants, 300 megawatts of small nuclear power plants, 24,300 megawatts of solar energy, 2,700 megawatts of wind energy and 14,500 megawatts of battery energy storage systems, before branching into options for clean energy goals after 2037, covering the CCS approach, renewable energy paired with energy storage systems, and a combination of both. Every option sets a clean energy share of no less than 65% in 2050. Chief Executive Officer Warut Thammavaranucupt said the company aims to expand its clean energy power plant portfolio and invest more in the country. In the past, SSP was among the successful bidders in the Feed-in Tariff renewable energy power purchase programme for 2022 to 2030, with a total of 170.5 megawatts, divided into seven solar power plants with total contracted capacity of 154.5 megawatts and two wind power plants with total contracted capacity of 16 megawatts, out of the first phase of the programme, which offered purchases totalling 5,203 megawatts. At present, the company is preparing for commercial operation dates for two community waste-to-energy plants with total installed capacity of 19.8 megawatts, expected to begin supplying electricity in the fourth quarter of 2026. It also has about 420 megawatts of projects in hand, comprising three solar farms in Thailand totalling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines, which will gradually reach commercial operation in 2027. In addition, it plans commercial operation dates for other projects continuing through 2030 for more than 146 megawatts, which does not yet include opportunities to win bids under the PDP 2026. The company targets expanding its renewable power plant capacity of all types to 1,000 megawatts by 2032 and expects to reach that sooner than anticipated.

SSP (Sermsang Power Corporation) has announced the completion of the sale of its "Yamaga" solar power plant project in Japan, with an installed capacity of 34.5 megawatts. The company will recognize a special gain in the third quarter of 2026, estimated by Asia Plus Securities at around 500 million baht. The proceeds will help strengthen liquidity, reduce debt, and open the way for new investments both domestically and internationally, particularly in the Philippines under the GEAP project and community solar in Thailand. Meanwhile, in the second half of the year, the company is supported by the summer solar season in Japan, the wind season in Thailand and Vietnam, as well as full-year revenue recognition from the LEO 2 solar farm and the repowering of the SPN power plant. Additionally, it is preparing for the commercial operation date of two community waste-to-energy power plants with a combined capacity of 19.8 megawatts in the fourth quarter of 2026, a first for SSP's portfolio. For the first half of 2026, net profit was 325.1 million baht, up 44.8%, and revenue from electricity sales was 1,572.1 million baht, up 5.9%. The company targets an installed capacity of 720 megawatts by 2027 and 1,000 megawatts by 2032. Asia Plus sets a fair price of 5.60 baht per share and notes that the stock is trading below its book value of 5.78 baht, with an expected dividend yield of around 4-5% per year.

Sermsang Power Corporation Public Company Limited (SSP) has closed a deal to sell the Yamaka power plant with a capacity of 34.5 megawatts, receiving nearly 1 billion baht, and is preparing to record a special gain in the third quarter of 2026. This sale is part of its portfolio of power plants already in commercial operation totaling over 330 megawatts, with more than 420 megawatts of projects awaiting operation to be added to the portfolio through 2030, as revealed by Chayut Lihacheronkul, Chief Financial Officer. Meanwhile, Business Alignment Public Company Limited (BIZ) received a perfect score of 100 on the AGM Checklist for 2026, achieving an excellent level for the third consecutive year, reflecting strong corporate governance standards. The Srithai group, led by Srithai Superware Public Company Limited (STA) and Srithai Gloves (Thailand) Public Company Limited (STGT), won 4 awards for organizations promoting the employment of persons with disabilities for 2026, continuing for the ninth year. Additionally, Bangkok Commercial Asset Management Public Company Limited (BAM) is preparing to establish 3 joint venture companies, with the first expected to materialize within the fourth quarter of 2026 to strengthen its asset management business.

SUPER is pushing full speed ahead with business expansion, preparing to COD an additional 102 megawatts of wind power capacity in Vietnam. This brings the total capacity of the two wind power projects under PPA to 129 megawatts. Meanwhile, the outstanding electricity payments from EVN, amounting to 3.5 billion baht, are becoming clearer, which will help bolster liquidity. The company is confident in its strong financial structure and is moving forward with reducing its D/E ratio to 1.94 times, targeting operational results in 2026 to grow as planned. As for SSP, its capital base is solid after closing the deal to sell its Japanese power plant for nearly 1 billion baht, and it will recognize the special gain in Q3/69 immediately. It is also preparing to gradually COD additional power plants totaling over 420 megawatts through 2030. Meanwhile, MMM is making an aggressive move by securing new work from BLESS under the Bless City Park project, Wongwaen-Lam Luk Ka Phase 3, for 23 units, valued at 80.5 million baht. The sale is expected to close by the end of 2026, with revenue recognition starting in Q4/69.

Brokers recommend gradually accumulating SSP shares, anticipating that the company's performance will enter a new growth cycle in 2026, supported by the new PDP plan and the operation of two waste-to-energy power plants, as well as the opportunity for an annual dividend yield of 4-5%. Analysts from Yuanta Securities (Thailand) expect normal profit for the third quarter of 2026 to be 120-140 million baht, growing from the previous quarter and the same period last year, driven by seasonal factors of solar power plants in Japan and wind power in Vietnam, as well as increased revenue from the SPN project and recognition of revenue from the Leo 2 project, which began commercial operation in November 2025. Meanwhile, the sale of the Yamaga project in Japan, with a capacity of 30 megawatts, is expected to recognize a special gain of approximately 500 million baht in the third quarter of 2026. Analysts from Asia Plus stated that normal profit has passed its trough and set a 2027 fair price at 5.6 baht, excluding the Bago wind project in the Philippines with a capacity of 150 megawatts, as it is still in the process of securing a PPA.

SSP (Sermsang Power Corporation) has completed the sale of its Yamaga solar power plant in Japan, with an installed capacity of 34.5 megawatts, and will immediately recognize a special gain in the third quarter of 2026. Mr. Chayut Leecharoenkul, Chief Financial Officer, stated that the proceeds from the sale will enhance liquidity, reduce interest-bearing debt, and strengthen the company's financial position. The company is also moving forward with expanding new renewable energy projects both domestically and internationally, totaling approximately 420 megawatts, and is preparing to bid in the PDP 2026 plan, which increases the renewable energy share to 60-80% to support data center investments and the digital industry. The second half of the year is expected to see growth from the high season for solar in Japan in Q3 and wind farms in Q4, as well as the COD of two community waste-to-energy plants totaling 19.8 megawatts in Q4/2026, with plans for COD of long-term projects totaling over 146 megawatts by 2030.

SSP, or Sermsang Power Corporation Public Company Limited, announced the closing of a deal to sell the Yamaga project, a solar power plant in Japan with an installed capacity of 34.5 megawatts, valued at 1 billion baht. The company will immediately recognize a special gain in the third quarter of 2026 to strengthen liquidity and reduce debt burden. Meanwhile, the company is preparing to bid in the new round of the PDP 2026, following the Ministry of Energy's draft plan to increase the renewable energy share to 60-80%, aiming for Net Zero 2050 and attracting data center investments. For the second half outlook, growth is expected from the high season for solar in Japan, wind power plants, and the full-year recognition of LEO 2, as well as the COD of two community waste-to-energy plants totaling 19.8 megawatts in the fourth quarter of 2026, with a long-term COD plan of another 420 megawatts within 2-3 years.

SSP (Sermsang Power Corporation) has closed the deal to sell its Yamaga solar power plant in Japan, with an installed capacity of 34.5 megawatts, and will book a special gain in the third quarter of 2026. Mr. Chayut Lihacharoenkul, Chief Financial Officer, stated that revenue from the deal will enhance liquidity and reduce interest-bearing debt, strengthening the financial position. The company will continue to expand new renewable energy projects both domestically and internationally, totaling approximately 420 megawatts within 2-3 years. Meanwhile, the second half of the year is expected to grow due to the high season for solar in Japan and wind farms, as well as the COD of two community waste-to-energy plants totaling 19.8 megawatts in the fourth quarter of 2026.

STARPRINT continues its success by winning the Design Excellence Award (DEmark 2026) for its innovative packaging work "Monster Bomb" in the packaging category, reflecting its potential to develop packaging innovations for sustainable growth and enhanced competitiveness. Meanwhile, SSP has fully cashed in after closing the sale of the Yamaga power plant in Japan, with an installed capacity of 34.5 megawatts, immediately booking a special gain in Q3/2026. It is also moving forward with expanding new renewable power projects both domestically and internationally, totaling about 420 megawatts, backed by a strong capital base and robust cash flow. As for SRICHA, it is confident that in the second half of 2026 through 2027, there will still be work from Thai Oil's Clean Fuel Project (CFP), including both existing contracts and additional work. Currently, the remaining backlog for the CFP project is approximately 3.9 billion baht, while it continues to monitor new project opportunities both in Thailand and abroad.

Sermsang Power Corporation Public Company Limited, or SSP, reported first-half 2026 results with net profit attributable to shareholders of 325.1 million baht, up 44.8 percent from the same period last year, while core operating profit was 311.5 million baht, up 18.5 percent. For the second-half outlook, the company expects continued growth. The third quarter of 2026 will be supported by the high season for solar power generation in Japan, before wind power plants in Thailand and Vietnam enter their high generation season in the fourth quarter of 2026. SSP is also preparing to begin commercial operation of two community waste-to-energy plants in late 2026, which can generate and sell electricity around the clock while also earning revenue from waste disposal fees. The company aims to push total capacity to 720 megawatts by 2027, before increasing to 1,000 megawatts by 2032.

Sermsang Power Corporation Public Company Limited, or SSP, reported first-half 2026 results with net profit attributable to shareholders of 325.1 million baht, up 44.8 percent, and core operating profit of 311.5 million baht, up 18.5 percent compared with the same period last year. The company expects continued growth in the second half, driven by the high season for solar power plants in Japan in the third quarter and wind power plants in Thailand and Vietnam in the fourth quarter, as well as full-year revenue recognition from the LEO 2 power plant and completed efficiency improvements at the SPN power plant. The company is preparing to bid for renewable energy project quotas under the PDP 2026 plan and will begin commercial operation of two more community waste-to-energy plants by the end of this year, targeting total capacity of 720 megawatts in 2027 and 1,000 megawatts by 2032.

Asia Plus Securities maintains a Neutral weighting on the power plant sector, while naming GULF and GUNKUL as standout stocks set to benefit from the new national power development plan, or PDP2026, which could add around 20,000 megawatts of new capacity. The draft PDP2026 for 2026 to 2053, approved by the subcommittee yesterday, includes four scenarios, each with renewable energy accounting for more than 60 percent of generation and up to 80 percent. Small modular reactors, or SMRs, are set at roughly 2,400 to 4,000 megawatts, with some scenarios exceeding 4,000 megawatts, during the first ten years of the plan. The Electricity Generating Authority of Thailand will remain the lead agency to study and implement the initial phase before opening further investment to the private sector. The plan still targets an average electricity tariff of no more than 4 baht per unit throughout the period. Direct power purchase agreements may no longer be capped at 2,000 megawatts as in the previous framework, to accommodate continued growth in electricity demand from data centers and AI. Asia Plus Securities recommends buying GULF with a target price of 80 baht, expecting normalized profit in 2026 to grow about 32 percent to 38 billion baht. It also recommends buying GUNKUL, raising its 2027 target price to 6.40 baht from 5.60 baht, after first-half normalized profit of about 1 billion baht, up 15.4 percent from a year earlier. The broker raised its 2026 and 2027 profit forecasts by 13.3 percent and 14.6 percent respectively, to about 2.1 billion baht and 2.2 billion baht. SSP remains a buy with a target price of 5.60 baht, while EGCO is rated Trading with a target price of 135 baht.

Three listed companies have disclosed continued growth prospects for the second half of 2026. TFG expects pig and chicken prices to have passed their lowest point, and its Thai Foods Fresh Market retail business has 748 branches, accelerating expansion to 875 branches by year-end, while investing in feed mills and farms in Vietnam. SSP posted first-half net profit of 325.1 million baht and electricity sales revenue of 1.5721 billion baht, and is preparing to sell power from two community waste-to-energy plants by year-end, with production capacity expected to more than double by 2028. DEMCO reported first-half net profit of 30.2 million baht, up 519.4 percent from the same period last year, with a backlog of 2.699 billion baht to be gradually recognised as revenue through 2028.

Sermsang Power Corporation, or SSP, is preparing to begin commercial operation of two community waste-to-energy projects with combined capacity of 19.8 megawatts within the fourth quarter of 2026, marking the company's first such projects. The company expects these plants to have a higher capacity factor than solar farms and wind farms because they can run around the clock. Chief Executive Officer Varut Thammavaranukup said the company has projects in hand that will gradually begin commercial operation over the next three years totaling about 300 megawatts, which will more than double electricity output by 2028 from current levels. These projects come from solar and wind power both domestically and in two new overseas markets, the Philippines and Taiwan. SSP is also interested in joining the community solar programme of the Energy Regulatory Commission and aims to expand its investment portfolio to 1,000 megawatts.

Yuanta Securities stated that Sermsang Power Corporation Public Company Limited, or SSP, reported a net profit of 61 million baht for the second quarter of 2026, swinging to a profit compared with the same period last year, but down 77 percent from the previous quarter. Excluding extraordinary items, core profit was 60 million baht, down 76 percent from the previous quarter but up 78 percent from a year earlier, broadly in line with the broker's forecast. Core profit fell from the previous quarter because revenue from wind power plants declined to 223 million baht, as wind projects in Thailand and Vietnam entered their low season, and because of planned maintenance shutdowns at the UPT biomass power plant. Meanwhile, core profit grew from a year earlier, supported by higher revenue from the SPN solar project after solar panel replacement was completed in the fourth quarter of 2025, and by higher solar irradiance in Thailand, Vietnam and Indonesia. SSP will hold an Opportunity Day event on 20 August. The broker expects core profit in the third quarter of 2026 at 120 to 140 million baht, returning to growth both from the previous quarter and from a year earlier, driven by seasonal factors at solar power plants in Japan and wind power plants in Vietnam, higher revenue from the SPN project, revenue recognition from the Leo 2 project, and government support policies for solar rooftop. In addition, the sale of the 30-megawatt Yamaga project in Japan is expected to be completed and to deliver an extraordinary gain of around 500 million baht in the third quarter of 2026. The broker is reviewing its estimates and raising its target price to reflect the inclusion of the 150-megawatt Bago wind project and other projects in its forecasts. It sees scope for the share price to rise further over the medium to long term, supported by an earnings trend entering a new growth cycle in 2026, and expects two community waste-to-energy power plants with combined capacity of 17 megawatts in Thailand to achieve commercial operation as planned in the fourth quarter of 2026. SSP is also one of the key players in bidding for power plants under the new PDP plan, with progress expected by September 2026, including the 1,500-megawatt community solar scheme. The broker therefore maintains a buy recommendation.

Sermsang Power Corporation Public Company Limited, or SSP, reported net profit attributable to shareholders for the first half of 2026 at 325.1 million baht, up 44.8 percent from the same period last year. Core operating profit was 311.5 million baht, up 18.5 percent, while revenue from electricity sales was 1.5721 billion baht, up 5.9 percent. Growth was supported by a full quarter of revenue recognition from the LEO 2 solar power project in Japan and efficiency improvements at the SPN solar farm in Thailand. For the second half of 2026, the company is preparing to begin commercial operation of two community waste-to-energy power plants with combined capacity of 19.8 megawatts, which are expected to start selling electricity in the fourth quarter of 2026 and mark SSP's first investment in waste-to-energy power plants. Over the next three years, the company has around 300 megawatts of projects under development and preparing for gradual commercial operation, spanning solar and wind power, which are expected to help more than double electricity output by 2028. SSP is also moving forward with investment expansion into the Philippines and Taiwan, and is interested in participating in community solar projects in Thailand, supporting its goal of raising total power generation capacity to 1,000 megawatts in the future.

Sermsang Power Corporation Public Company Limited, or SSP, expects normalised profit in the third quarter of 2026 to rebound strongly both quarter-on-quarter and year-on-year. Preliminary estimates put normalised profit at 120 to 140 million baht, driven by seasonal factors at solar projects in Japan and wind projects in Vietnam, higher revenue from the SPN project after improved generation efficiency and a full quarter of operations, and revenue recognition from the 16-megawatt Leo 2 project in Japan, which began commercial operations in November 2025. In addition, the company is in talks to sell the 30-megawatt Yamaga solar project in Japan, a deal expected to close and generate an extraordinary gain of around 400 to 500 million baht within the third quarter of 2026. Yuanta Securities maintains its end-2026 target price of 4.80 baht per share and a buy recommendation, seeing room for the share price to rise over the medium to long term as earnings recover after the profit adjustment from the expiry of the Adder tariff in the first quarter of 2025. SSP is also a key player in the bidding for renewable power plants under the new PDP plan and the 1,500-megawatt community solar scheme, and it expects to achieve commercial operation for two domestic community waste-to-energy projects totalling 17 megawatts as planned in the fourth quarter of 2026.