On Tuesday, the share price of CK Power Public Company Limited (SET: CKP) at the time of 4.00 p.m. was at THB 2.76, a THB 0.06 or 2.22% increase with a total trading value of THB 6.25 million.
Yuanta Securities (Thailand) states in its analysis that CKP is expected to post normalized profit of THB 900–1,000 million in 3Q25, representing growth both quarter-on-quarter and year-on-year.
This growth is despite some unplanned maintenance at the BIC gas-fired power plant, as the company benefits from seasonal water flow in Laos and lower financing costs at the Xayaburi hydropower plant. Notably, there has been no temporary shutdown of the hydropower facility during July–August 2025 due to excessive water, unlike the previous year.
Currently, the U.S. National Oceanic and Atmospheric Administration (NOAA) projects that the probability of the La Niña phenomenon will accelerate for the remainder of this year. Should La Niña materialize, water volume in Laos in 2026 is likely to be higher, providing potential for further earnings upgrades in subsequent periods.
CKP shares are trading at a price-to-book value (PBV) of only 0.8 times. Analysts believe there is room for a re-rating, supported by the company’s continued earnings recovery and a higher probability of La Niña. The recommendation remains “Buy,” with a fair value target of THB 3.60 per share.
