Analysts from four securities firms estimate that B.Grimm Power Public Company Limited (SET: BGRIM)’s normalized profit in 4Q25 is likely to grow both year-on-year and quarter-on-quarter. This is primarily supported by natural gas costs decreasing faster than changes in electricity rates, alongside gradually recognizing income from new projects. As a result, many research houses continue to recommend a “Buy” rating for BGRIM.
Yuanta Securities (Thailand) anticipates normalized profit in 4Q25 at THB 486 million, growing both YoY and QoQ, surpassing previous expectations due to gas costs falling faster than electricity rates and increased service revenue in line with progress on projects in South Korea. The analyst firm has raised the target price to THB 17 per share and expects profits to continue recovering in 2026 as wind projects in South Korea gradually commence COD (Commercial Operation Date) from late 2Q26 to 3Q26.
Land and Houses Securities expects normalized profit in 4Q25 to be THB 508 million, increasing by 23% from the previous quarter and by 55% from the same period a year prior, due to a reduction in loss sharing, increased service income, and lower gas costs. The recommendation has been upgraded to “Buy” from “Speculative Buy” with a target price of THB 16.4.
KGI Securities (Thailand) forecasts normalized profit in 4Q25 at THB 510 million, up 55% YoY and 23% QoQ, driven by higher service income, improved small power producer (SPP) business margin, lower gas costs, and reduced loss sharing, despite SG&A expense pressure. The “Buy” recommendation is maintained with a 2026 target price of THB 15.5.
Krungsri Securities predicts normalized profit in 4Q25 at THB 629 million, up 92% YoY and 14% QoQ, due to improved gross profit margin and Core Equity Income turning into a THB 100 million profit. The “Buy” recommendation is reiterated with a target price of THB 19.
Investors are closely monitoring BGRIM’s 4Q25 earnings announcement today (February 24, 2026) to determine whether it meets analysts’ forecasts.
