Analysts from Yuanta Securities (Thailand) note that after B.Grimm Power Public Company Limited (BGRIM) and Digital Edge established a joint venture—Digital Edge B.Grimm (TH) Holding Pte. Ltd—to invest in data center business in Thailand, market attention has revived.
Under the JV, BGRIM will hold a 40% stake and Digital Edge 60%, in a 96-megawatt (MW) data center project located within the Eastern Economic Corridor (EEC), with a total investment value of THB 24.52 billion. The facility aims to serve hyperscale clients expanding in Thailand.
Yuanta maintains a positive long-term outlook, viewing the official partnership with an international operator as a catalyst for BGRIM’s data center growth reputation. They estimate Phase 1 of the project will achieve commercial operation (COD) in early 2027, slightly later than the company’s original timeline by three months. Within a year of COD, occupancy is expected to reach 70%.
The analysts project the data center segment could generate profit contributions of THB 50–70 million for BGRIM in 2027, THB 150–200 million in 2028, and rise to THB 280–300 million annually from 2029 onwards. Such contributions could potentially increase BGRIM’s fair value by THB 0.70–1 per share (not yet integrated into current forecasts).
Yuanta maintains a year-end fair value at THB 13 per share, noting short-term positive momentum in the share price could reflect data center development news. However, the 9% increase in BGRIM shares over the past week has already priced in some positive factors. Going forward, profit recovery is seen as limited in the middle term due to an expected earnings decline this year, alongside concerns over electricity fee adjustments for renewable projects in Vietnam. Thus, Yuanta reiterates a “TRADING” recommendation.
Phillip Securities (Thailand) also sees the development as a positive step, as it clarifies BGRIM’s trajectory into the data center sector—a space with substantial long-term growth opportunities. Phillip highlights BGRIM’s strengths in power infrastructure as an advantage. However, with operational setup taking 1–2 years and uncertainties around the electricity tariff issue in Vietnam (which is still under negotiation and likely to result in a downward revision of their previous fair value estimate of THB 14.09 per share), the firm recommends only short-term trading speculation for now.
