The share price of B.Grimm Power Public Company Limited (SET: BGRIM) rose 5.5% to THB 15.20 per share following an optimistic view from analysts for its performance moving forward.
The Investment Analysts Association (IAA) has set the average target price for 2025 at THB 16.94, with a high of THB 22 and a low of THB 14.
Bualuang Securities recommends “Buy” for BGRIM with a target price of THB 22, viewing that core profit will return to outstanding growth from 2025 onwards, with stronger cash flow from long-term power purchase agreements.
Finansia Syrus Securities also recommends “Buy” with a target price of THB 20, based on a SOTP (Sum-of-the-Parts) valuation methodology. The company sees performance in Q3/2025 as likely to recover, continuing into Q4/2025 and into the following year.
Additionally, the company has positive factors from its Asset Monetization plan to realign investment strategies in accordance with future power business trends. Demand for electricity is expected to substantially increase due to the expansion of data center, cloud, AI computing, crypto, EV, and robotic manufacturing businesses.
Krungsri Securities anticipates that normalized profit in Q4/2025 will grow year-on-year due to seasonal factors and a projected increase in gas cost. The pool gas price in Q4/2025 is expected to average 289 baht per MMBTU, as winter season drives higher energy demand. The recommendation is “Buy” with a target price of THB 19.
KGI Securities (Thailand) maintains its “Buy” recommendation, with a target price of THB 18.10 (DCF-WACC at 6.1%). Besides the market’s focus on the downward interest rate cycle, improved SPP margins, and direct PPA, KGI emphasizes additional positives from progress in the Nakwol1 project and potential asset monetization. However, BGRIM is considered a high-beta stock, resulting in higher volatility compared to its peers.
