On Monday at 11:15 AM (Bangkok time), the share price of B.Grimm Power Public Company Limited (SET: BGRIM) rose by 4.03% or THB 0.50 to THB 12.90, with a trading value of THB 180.43 million.
As per Kasikorn Securities (KS), BGRIM has announced that its subsidiary will invest in the convertible bonds of Unison, a wind turbine manufacturer listed on South Korea’s KOSDAQ exchange. The total investment in the convertible bonds will amount to THB 704 million, representing 85% of the entire offering. The remaining THB 123 million, or 15%, will be invested by Dr. Harald Link, BGRIM’s Chairman.
Unison, with a market capitalization of approximately THB 7.3–7.5 billion, is a key player in the South Korean wind turbine sector. This transaction marks BGRIM’s significant entry into the South Korean wind turbine supply chain.
The convertible bond structure offers a high annual coupon rate of 12%, compounded quarterly, with a maturity of approximately two years, set to expire in May 2027. Additional features include a put option exercisable after six months, a call option after twelve months with a 3% premium, and the convertibility into Unison shares starting in May 2026, with the conversion price subject to monthly adjustments within a specified range.
This investment is closely linked to the Nakwol wind project, which has a planned capacity of 365MW and in which BGRIM holds a 49% stake. As of April 2026, the project’s construction progress stood at 78%. This strategic investment is anticipated to enhance BGRIM’s supply chain capabilities, particularly in turbine procurement and project development, thereby mitigating construction risks and strengthening the potential for stable long-term returns.
Kasikorn noted that the convertible bond offers an attractive return of up to 12% per annum, or approximately THB 80 million, with a potential for BGRIM to recognize special gains from this acquisition in the second quarter. However, concerns remain regarding the company’s leverage, which is considered relatively high, given the increasing risks in the power sector due to surging energy prices in 2026.
Based on these considerations, the brokerage maintains a ‘Hold’ recommendation, with a target price of THB 15.00 per share.
