CGS International Securities (Thailand) (CGSI) provided a positive view following an analyst meeting with Ratch Group Public Company Limited (SET: RATCH). The brokerage firm highlights that by the second quarter of 2026, it expects to see more tangible progress on RATCH’s 2,000-rai land bank in Ratchaburi.
Potential developments for this land include the establishment of a green industrial estate, power supply to data centers, biogas production, and floating solar projects. RATCH has also attracted investor interest for potential acquisitions.
CGSI noted that there is strong demand for electricity from data centers, presenting the company with the opportunity to supply up to 300 MW, with 100–200 MW considered a commercially viable range. The outlook is also improving for upcoming community solar projects, direct power purchase agreements (PPAs), and the power development plan (PDP) 2025 framework, which is anticipated to be finalized by March 2026.
RATCH is actively exploring mergers and acquisitions within Thailand that are in line with these initiatives, while remaining open to expanding abroad in markets such as Australia, Indonesia, and the Philippines. As a result, CGSI has reiterated a ‘Hold’ rating for RATCH, with a target price of THB 29 per share.
