Three battery manufacturing stocks, GPSC, EA, and BANPU, rose on Tuesday as investors anticipated the National Electric Vehicle Policy Committee’s decision on a new incentive package for EVs.
As of 11.00 a.m. Thai time, the share price of Global Power Synergy Pcl. (SET: GPSC) rose THB1.75/share, or 2.60%, to THB69.00/share, with a trading value of THB369 million.
The share price of Energy Absolute Pcl. (SET: EA) rose THB1.75/share, or 1.99%, to THB89.75/share, with a trading value of THB290 million.
The share price of Banpu Pcl. (SET: BANPU) rose THB0.20/share, or 1.50%, to THB13.50/share, with a trading value of THB269 million.
According to sources familiar with the matter, the Revenue Department will propose a new incentive package for electric vehicles to the National Electric Vehicle Policy Committee on September 22. The electric vehicle incentive package, designed to encourage Thailand’s EV industry, will include tax credits and subsidies.
Investment firm Asia Plus Securities named GPSC, EA, and BANPU as the three battery manufacturing stocks most poised to reap the rewards of the new electric vehicle incentive package. The reason for this is that GPSC has partnered with PTT to create battery plants in Thailand and China, while EA has the largest battery facility in the Southeast Asia region. At the same time, Banpu Next, a wholly owned subsidiary of BANPU, has purchased 47% of the outstanding shares of Durapower, a Chinese battery plant owner.