Stocks in Focus on December 20, 2021: ETC and ACE

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on December 20, 2021.


Last week, the Energy Ministry announced that it is preparing a package to purchase 840MW of new renewable energy capacity in mid-2022, including 200MW in solar farms in 2023, 200MW in wind farms in 2024, 140MW in biomass and biogas in 2023, and 300MW in waste-to-energy (WTE) in 2022. The proposal will be submitted to the cabinet for consideration in 1Q22 and the Energy Regulatory Commission (ERC) will open the bidding by mid-2022.

FSS International Investment Advisory (FSSIA) wrote in Thailand – Utilities research, raising ETC as one of the best players to win some of the 300MW WTE capacity in 2022, followed by ACE.


FSSIA has given a “BUY” recommendation on Earth Tech Environment Public Company Limited (SET: ETC) with a target price at ฿3.80/share.

FSSIA expected ETC to be the most likely winner of the industrial waste (IW) WTE growth potential and ACE as the most likely winner of the municipal solid waste (MSW) WTE growth opportunities. ETC, a subsidiary of Better World Green (BWG TB, NR), operates three IW WTE power plants with a total installed capacity of 20MW and a contracted capacity of 16.5MW. FSSIA believed ETC could secure at least 5MW of new IW WTE capacity in 2022.


FSSIA has given a “BUY” recommendation on Absolute Clean Energy Public Company Limited (SET: ACE) with a target price at ฿3.60/share.

The investment advisory firm pointed out that ACE operates nine biomass power plants, two MSW-based WTE power plants, and one gas-fired small power producer (SPP). FSSIA believed the company will be able to leverage its strength in biomass and WTE to secure 5-10MW of new WTE capacity in 2022.

ACE has been able to achieve a higher availability factor of over 85% and a capacity factor of over 80% on average, despite the challenges presented by feedstock procurement and price controls. This reflects that ACE is one of Thailand’s most efficient operators of renewable biomass, biogas, and WTE power plants, and is likely to  win more WTE capacity growth under the upcoming 300MW available for bidding in mid-2022.