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Sermsang Power Corporation Public Company Limited (SSP.BK)

Q3 2026
▲3

SSP gains on solar sale, Japan season, and new projects

  • Yamaga solar sale closed SSP completed the sale of its Yamaga solar project for 1 billion baht, reducing debt and adding a one-time gain of 300–500 million baht, which supports the company's financial position.

    This is a major completed transaction that directly boosts earnings and strengthens the balance sheet.

  • Japan high season and Leo 2 boost Q3 profit Q3 profit is expected at 120–140 million baht, driven by Japan's solar high season and the Leo 2 project, while H1 profit already rose 44.8% to 325.1 million baht.

    This explains the expected earnings growth in the quarter and highlights operational strength.

  • Waste-to-energy plants and policy support Two waste-to-energy plants (19.8 MW) start commercial operation in late 2026, and Thailand's PDP 2026 and rooftop-solar subsidy support SSP's expansion toward its 1,000 MW goal.

    These developments provide visible growth catalysts and align with supportive government policies.

  • Analyst Buy rating but risks remain Yuanta rates SSP Buy with a 14.10 baht target, but risks include heavy reliance on asset-sale gains, uncertain PDP bidding, and potential policy execution disappointments.

    This captures the positive analyst view while acknowledging the key risks that could affect future performance.

September 2026
▲4

SSP cashes in on Yamaga sale and eyes Thailand's huge new power plan

  • Yamaga sale completed, 1 billion baht cash in SSP closed the sale of its 34.5 MW Yamaga solar farm in Japan, receiving 1,001.30 million baht. The deal adds cash, cuts debt, and will book a special gain of 300–500 million baht in Q3 2026, boosting reported profit and giving SSP money to fund new projects.

    This is the period's biggest concrete event, directly lifting earnings and funding capacity.

  • SSP ready to bid in PDP 2026, targeting 1,000 MW by 2032 Thailand's draft PDP 2026 plans 50,900 MW of new capacity, mostly solar and wind. SSP says it is ready to bid, building on its existing 420 MW pipeline and 170.5 MW of earlier FiT wins. Winning more projects would grow revenue for years and supports its 1,000 MW goal.

    The new national power plan is the main long-term demand driver for SSP's growth.

  • Yuanta keeps Buy, raises target to 14.10 baht Yuanta maintained its Buy rating and lifted SSP's target price to 14.10 baht, citing PDP 2026 growth, higher 2027 earnings, and a stronger balance sheet after Yamaga. It also noted plans to sell three more Japanese projects for about 2 billion baht, which would fund further expansion.

    A fresh analyst upgrade with a higher target directly supports investor confidence and the share price.

  • Government backs rooftop solar with 50 billion baht fund Thailand's prime minister announced a 50 billion baht fund from mid-October to help households install rooftop solar, alongside a clean-energy push. This policy support could expand the solar market and benefit SSP's project pipeline and engineering business over time.

    New government money for solar adds a policy tailwind that can lift future demand for SSP's projects.

Latest
▲4

SSP cashes in on Yamaga sale and eyes Thailand's huge new power plan

  • Yamaga sale completed, 1 billion baht cash in SSP closed the sale of its 34.5 MW Yamaga solar farm in Japan, receiving 1,001.30 million baht. The deal adds cash, cuts debt, and will book a special gain of 300–500 million baht in Q3 2026, boosting reported profit and giving SSP money to fund new projects.

    This is the period's biggest concrete event, directly lifting earnings and funding capacity.

  • SSP ready to bid in PDP 2026, targeting 1,000 MW by 2032 Thailand's draft PDP 2026 plans 50,900 MW of new capacity, mostly solar and wind. SSP says it is ready to bid, building on its existing 420 MW pipeline and 170.5 MW of earlier FiT wins. Winning more projects would grow revenue for years and supports its 1,000 MW goal.

    The new national power plan is the main long-term demand driver for SSP's growth.

  • Yuanta keeps Buy, raises target to 14.10 baht Yuanta maintained its Buy rating and lifted SSP's target price to 14.10 baht, citing PDP 2026 growth, higher 2027 earnings, and a stronger balance sheet after Yamaga. It also noted plans to sell three more Japanese projects for about 2 billion baht, which would fund further expansion.

    A fresh analyst upgrade with a higher target directly supports investor confidence and the share price.

  • Government backs rooftop solar with 50 billion baht fund Thailand's prime minister announced a 50 billion baht fund from mid-October to help households install rooftop solar, alongside a clean-energy push. This policy support could expand the solar market and benefit SSP's project pipeline and engineering business over time.

    New government money for solar adds a policy tailwind that can lift future demand for SSP's projects.

August 2026
▲4

SSP's profit rebound and new projects drive growth outlook

  • Strong Q3 profit expected on seasonal solar and asset sale SSP expects Q3 normalised profit of 120–140 million baht, up sharply from last year, helped by Japan solar high season and a full quarter from the Leo 2 project. A potential 400–500 million baht gain from selling the Yamaga solar project could further boost earnings.

    This directly signals a near-term earnings rebound that supports the share price.

  • First-half profit jumps 44.8% with 300 MW pipeline SSP reported H1 net profit of 325.1 million baht, up 44.8% year-on-year, on higher electricity sales. The company has about 300 MW of solar and wind projects under development that should more than double output by 2028, supporting long-term growth.

    Confirms strong financial performance and a clear growth path, key for investor confidence.

  • Waste-to-energy plants to start commercial operation in Q4 2026 Two community waste-to-energy plants (19.8 MW total) are 85% complete and set to begin commercial operation in late 2026. They will generate steady revenue around the clock and earn waste disposal fees, marking SSP's first move into this segment.

    New revenue stream with higher capacity factor than solar/wind, boosting future earnings.

  • New power plan and solar subsidy support growth Thailand's draft PDP2026 targets over 20,000 MW of new capacity, mostly renewables, and a million-rooftop solar subsidy could boost SSP's EPC business. SSP is also eyeing community solar and expansion into the Philippines and Taiwan.

    Policy tailwinds open new project opportunities and support long-term capacity goals.

▲4

SSP's profit rebound and new projects drive growth outlook

  • Strong Q3 profit expected on seasonal solar and asset sale SSP expects Q3 normalised profit of 120–140 million baht, up sharply from last year, helped by Japan solar high season and a full quarter from the Leo 2 project. A potential 400–500 million baht gain from selling the Yamaga solar project could further boost earnings.

    This directly signals a near-term earnings rebound that supports the share price.

  • First-half profit jumps 44.8% with 300 MW pipeline SSP reported H1 net profit of 325.1 million baht, up 44.8% year-on-year, on higher electricity sales. The company has about 300 MW of solar and wind projects under development that should more than double output by 2028, supporting long-term growth.

    Confirms strong financial performance and a clear growth path, key for investor confidence.

  • Waste-to-energy plants to start commercial operation in Q4 2026 Two community waste-to-energy plants (19.8 MW total) are 85% complete and set to begin commercial operation in late 2026. They will generate steady revenue around the clock and earn waste disposal fees, marking SSP's first move into this segment.

    New revenue stream with higher capacity factor than solar/wind, boosting future earnings.

  • New power plan and solar subsidy support growth Thailand's draft PDP2026 targets over 20,000 MW of new capacity, mostly renewables, and a million-rooftop solar subsidy could boost SSP's EPC business. SSP is also eyeing community solar and expansion into the Philippines and Taiwan.

    Policy tailwinds open new project opportunities and support long-term capacity goals.

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