Finansia Syrus Securities released an analysis stating that B.Grimm Power Public Company Limited (SET: BGRIM) has a clearer profit growth outlook, supported by its expansion into the data center business and ongoing investments in overseas power plant projects.
Meanwhile, natural gas costs are declining, interest rates remain low, and the fuel adjustment charge (Ft) is stable. All of these factors will significantly expand the company’s gross profit margin.
The securities company estimated that BGRIM’s net profit for 2025–2026 will grow by 23% and 26%, respectively, driven by increased production capacity and improved cost management.
The target price is set at THB 17 per share, with a “BUY” recommendation maintained to reflect the company’s recovery outlook and long-term growth potential.
However, the Energy Regulatory Commission (ERC) is preparing to implement a pilot project for Direct Power Purchase Agreements (DPPA) totaling 2 gigawatts for data centers using Third Party Access network arrangements.
If announced within this year, it will be a positive factor for private power producers, particularly SPP groups with data center clients, including BGRIM, which is well positioned to fully benefit from this transition.
