Mr. Nitus Voraphonpiput, Chief Executive Officer of RATCH Group Public Company Limited (SET: RATCH), informed “Kaohoon” that the company’s performance outlook is expected to steadily improve from 4Q25 onwards through to 2026, following the commercial operation (COD—Commercial Operation Date) of overseas power plants, especially those in Australia.
The company also aims for continual overseas investment expansion to increase revenue for RATCH Group, both in its core electricity business and new businesses to create a new S-Curve, particularly targeting markets in Turkey and Malaysia. Presently, it is considered a multinational investment company with assets exceeding THB 200 billion.
Nevertheless, RATCH is interested in investing in Thailand. However, due to unclear policies and a continual decline in returns, the company sees greater business opportunities abroad.
“The new businesses the company is interested in investing in now include biodiesel, Sustainable Aviation Fuel (SAF) business, and Small Modular Reactor (SMR) or small-scale nuclear power plants,” said the CEO.
Mr. Nitus further stated that shares of RATCH remain among the outstanding stocks that fundamental and dividend-seeking investors should not overlook. RATCH is classified among power plant stocks that offer the highest dividend yield in the industry, averaging about 6% per year, making it particularly attractive in a fluctuating market environment.
Meanwhile, RATCH maintains a steady payout ratio, paying THB 1.60 per share annually, split into two payments per year, reflecting the stability of its cash flow and its potential to deliver long-term returns. This is a key positive factor that continues to attract both institutional and retail investors holding RATCH shares.
Most recently, the company’s Board of Directors resolved to pay an interim dividend for 2025 from retained earnings, at a rate of THB 0.80 per share. The XD is on 2 September 2025, record date on 3 September 2025, and payment on 18 September 2025, based on the first half operating result of 2025. Another payment will be made for the full-year period ending 31 December. The company previously paid dividends in May.
RATCH has prepared an annual investment budget of THB 15 billion to expand its power business in Thailand, Australia, Indonesia, Lao PDR, Vietnam, and the Philippines. In 2026, there are plans to invest in new power plants in Thailand, Lao PDR, and Indonesia.
For Australia, funding will come from RATCH-Australia Corporation Limited (RAC), which is 100% owned by RATCH and currently has over AUD 200 million in accumulated cash. Australia is considered a strategic market, with RAC contributing 19% of the group’s half-year revenue, or THB 2.94 billion, and revenue is expected to rise if new projects achieve COD as planned.
Currently, RAC has a total generation capacity of 2,095 MW, encompassing three gas-fired power plants and nine renewable power plants. Most recently, it developed the Synchronous Condenser project at the Townsville gas turbine power plant to stabilize the Queensland power system—serving as a model to add value from retiring power plants.
For its 5-year business plan (2025–2029), RATCH targets Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) to reach THB 30 billion, with an average annual growth of about 5% from the current achievement of over THB 15 billion, which is ahead of the original 2027 target, due to lower financial costs and strong partner confidence.
