On Tuesday at 4:19 PM (Bangkok time), the share price of B.Grimm Power Public Company Limited (SET: BGRIM) gained 3.91% or THB 0.50 to THB 13.30, with a trading value of THB 354.16 million.
Krungsri Securities (KSS) maintains a positive stance on BGRIM, estimating a normalized profit for 4Q25 at 629 million baht, a rise of 92% year-on-year and 14% quarter-on-quarter. This improvement is attributed to stronger gross margins from international EPC project revenue and steady earnings from SPP power plants.
The broker also expects core equity income to return to profit, with enhanced core operations supporting an anticipated annual normalized profit upside of about 4% for 2025.
Krungsri anticipates a temporary retreat in recurring profit for the first quarter of 2026 due to restructuring in pool gas and Arctic Blast projects. However, a rebound is expected in the second quarter as the company recovers from a soft performance in 2Q25, which had been affected by gas charge collections from PTT.
Longer-term, the analyst favors BGRIM’s potential for sustained SPP margin recovery, driven by downward trends in LNG and pool gas prices amid rising U.S. gas supply. A ‘Buy’ recommendation is reiterated, with a 2026 target price of 19 baht per share.
InnovestX Securities shares a similar outlook, projecting higher normalized profit in 4Q25 on both an annual and quarterly basis. This forecast is underpinned by improved SPP power plant margins due to gas cost reductions outpacing the Ft rate adjustments, as well as increased service revenue, partially offset by elevated SG&A expenses.
InnovestX maintains a positive view into 2026, citing continued SPP margin expansion and additional revenue from new project commencements. The brokerage sustains an ‘Outperform’ rating, setting a mid-2026 price target of 18.50 baht per share.
