On Monday at 2:16 PM (Bangkok time), the share price of BCPG Public Company Limited (SET: BCPG) surged by 6.13% or THB 0.50 to THB 8.65, with a trading value of THB 280.38 million.
B.Grimm Power Public Company Limited (SET: BGRIM) rose by 6.61% or THB 0.80 to THB 12.90, with a trading value of THB 491.77 million.
Gulf Development Public Company Limited (SET: GULF) gained 2.63% or THB 1.25 to THB 48.75, with a trading value of THB 1.12 billion.
KGI Securities (Thailand) sees strong momentum for BCPG, attributing to the improving prospects of the company’s power plant operations in the United States. The firm highlights that growing electricity demand—especially from the data center sector—is prompting significant investment in the U.S. energy sector, leading to expansions in power generation capacity.
Since early August 2025, the market has gained a clearer understanding of BCPG’s fundamentals, driven by two key developments. The first was a series of one-on-one meetings with major Thai institutional investors to explain the positive impact of a recent increase in Capacity Payment (CP) rates in the U.S. PJM market. This adjustment has increased confidence in BCPG’s U.S. gas-fired power plant project, which accounts for 857 MWe, or roughly 44% of the company’s total capacity.
The second event was an analyst briefing for BCPG’s second quarter results, where management emphasized the significance of the company’s U.S. operations. They pointed to surging electricity demand from data centers, fueled by the growth of AI and hyperscale technology, and also raised their capital expenditure (CAPEX) guidance. These factors have underscored the central role of U.S. power assets as BCPG’s main earnings driver, projected to contribute a substantial 45–60% of core profits between 2025 and 2027.
KGI Securities gave a ‘Buy’ recommendation for BCPG and raised its target price to THB 9.90 from THB 8.00 per share, reflecting improved earnings prospects and reduced impairment risks. The brokerage firm also anticipates other analysts in the market will follow with upward revisions to their earnings forecasts.
Investor confidence in BCPG’s U.S. projects has been further strengthened by the higher CP rates starting in the third quarter of 2025, while the downward trend in interest rates supports the company’s financial structure. Currently, BCPG maintains 38% of its debt in floating rates and 16% in dollar-denominated loans. Meanwhile, investors are also closely watching the outcome of the upcoming PJM CP auction for 2027/28, which is slated for announcement on December 17, 2025.
Separately, InnovestX Securities highlighted GULF’s potential benefits from strong foreign fund inflows and the declining bond yield environment, which support the investment outlook. GULF’s earnings in the second half of 2025 are expected to climb, underpinned by revenue from the 1,200 MW Jackson power plant (49% owned), which began recognizing new capacity payments in June, surging from $30 to $270 per MW per day.
Moreover, GULF’s 25 MW data center is set to begin contributing revenue from August onwards. The company also has plans to gradually commence commercial operations of new solar and Solar+BESS projects, further enhancing long-term growth potential.
