Coal Stocks Outperform SET Index since Russian Invasion, BANPU Gains 34% to Date

Thai Coal stocks have been outperforming the SET Index this year, especially after the invasion of the Russian army on Ukraine in late February, resulting in an energy supply crunch and led to soaring coal prices.

24 Aug 24 Feb % Change
since Invasion
% Change
% Change
BANPU 14.50 10.80 34.26 15.08 36.79
AGE 4.32 3.64 18.54 13.68 54.78
LANNA 24.10 18.70 28.88 24.87 58.55
.SETI 1631.55 1662.72 -1.87 4.03 -1.57

The share price of Thailand’s leading coal company Banpu Public Company Limited (SET: BANPU) rose 36.79% this year and 34.26% since the Russian invasion on February 24, 2022.

The share price of Asia Green Energy Public Company Limited (SET: AGE) rose 54.78% in 2022 and 18.54% since February 24.

The Lanna Resources Public Company Limited (SET: LANNA) gained 58.55% this year and 28.88% since the invasion.

Meanwhile, Thailand’s stock exchange benchmark SET Index fell 1.57% this year and dropped 1.87% since the invasion.


CGS-CIMB (Thailand) Securities stated that the rise in coal stocks was due to tight supply in Europe after Russia cut gas supply through its pipeline to retaliate western sanctions, resulting in European countries having to burn more coal to replace an absence of natural gas.

Meanwhile, oil prices were also edging higher after the invasion as a source for natural gas replacement as well.

Gross refining market rose to $12.59 per barrel, near its two-month high.