Mr. Peradach Patanachan, Chief Executive Officer of Renewable Energy Business at B.Grimm Power Public Company Limited (SET: BGRIM), stated that B.Grimm Power Korea Limited (B.Grimm Power Korea), a wholly owned subsidiary of BGRIM, has acquired an additional 20.80% of Nakwol Blueheart Co., Ltd. (Nakwol 1) shares (raising its direct shareholding from 28.20% to 49% of Nakwol 1’s total issued shares).
Nakwol 1 is a legal entity established under the laws of the Republic of Korea and is the owner and developer of the Yeonggwang Nakwol Offshore Wind Power Project, with an installed capacity of 364.8 megawatts. This project is considered the first large-scale offshore wind power plant in South Korea to have received full permitting and is currently preparing for partial commercial operation (Partial COD) in the fourth quarter of 2025.
Nakwol 1 is a core strategic asset for the company in expanding a stable clean energy platform. The project enhances both medium and long-term revenue and profit bases and supports BGRIM’s target to reach 10,000 megawatts of total power generation by 2030.
Bualuang Securities stated that increasing the investment proportion in Nakwol 1 to 49% will strengthen long-term profit growth. It is expected that BGRIM will recognize investment benefits from late 2025 onwards.
Analysts estimate that in 2026, BGRIM will recognize profit from Nakwol 1 of around THB 200–300 million before realizing full-year profit of THB 400–500 million per year from 2027 onwards, supporting the company’s core profit outlook for continued growth.
Apart from the Nakwol 1 project, the company is negotiating to sign additional electricity purchase agreements with major Data Center providers looking to invest in AMATA Industrial Estate (Amata). This is expected to further support corporate client portfolio growth and long-term income.
The aforementioned positive investment expansion is the reason Bualuang Securities maintains a “BUY” rating on BGRIM with a target price of THB 22 per share, expecting core profit growth to return significantly from 2025 and robust cash flow from long-term power purchase agreements.
Krungsri Securities has revised up its earnings estimates for BGRIM for 2025–2027 by an average of 23% over previous estimates, supported by higher gross margin outlooks and significantly reduced fuel costs. The company’s net profit is now expected to grow at a 20% CAGR over the next three years.
The earnings upgrade is based mainly on two key assumptions: gross margin improvement to 17.0–17.6% during 2025–2027, and lower natural gas costs (estimated at THB 295/MMBTU in 2025, THB 284/MMBTU in 2026, and THB 274/MMBTU in 2027), with electricity prices maintained at THB 4.02/unit, THB 3.90/unit, and THB 3.80/unit, respectively.
A 96MW Data Center project is also included in the forecast, expected to begin partial commercial operation (COD) at 6MW per quarter from 2026, resulting in an initial share of loss of around THB 20–30 million. This will be replaced by a share of profit of about THB 400 million per year after completion of the 96MW project in 2028.
Expanding into the Data Center customer base will diversify revenue sources and enhance BGRIM’s profitability in the medium and long term, while lower gas costs will significantly support gross margin improvement.
The recommendation is therefore upgraded Krungsri Securities’ recommendation from “NEUTRAL” to “BUY”, and the 2025 target price is raised to THB 16.00 per share based on the SOTP valuation method, driven by improving earnings outlook and growth opportunities from new projects, especially in Data Centers and renewable energy.
