On Thursday, Global Power Synergy Public Company Limited (SET: GPSC) closed at THB 48.25, a THB 1.75 or 3.76% increase with a total trading value of THB 719.93 million.
Maybank Securities (Thailand) maintains a positive outlook on GPSC, highlighting key support factors from the opportunity to extend Power Purchase Agreements (PPA) for its IPP and SPP power plants amid the global shortage of gas turbines. This shortage could lead the Electricity Generating Authority of Thailand (EGAT) to consider extending existing IPP PPAs to maintain the stability of the power grid.
GPSC has submitted requests to extend contracts for core assets, including the Glow IPP power plant (677 MW), whose contract will expire in 2028, the Huay Ho power plant (102 MW), expiring in 2029, and the RPCL plant (350 MW), expiring in 2033.
Additionally, GPSC is well-positioned to seize new opportunities from conventional power generation under the country’s new Power Development Plan (PDP 2026), totaling approximately 3.5 GW. The company has already prepared land and received environmental impact assessment approval for 1,400 MW of capacity. At the same time, the company is seeking sales opportunities with data center clients, a new and rapidly growing customer segment.
On the financial side, Maybank estimated that after the Gheco-One power plant completes its maintenance, performance is likely to recover for the remaining nine months of the year, offsetting losses from the first quarter’s shutdown thanks to better operational efficiency and a reduced impact from coal stockpiles.
Although there have recently been force majeure events from some customers, reducing sales volume by about 2 – 3%, power demand from industrial users (IU) remains strong. GPSC is increasing the proportion of contracts linked to gas prices for IU customers to 70% from 63% to reduce margin volatility. This aligns with the growing trend among data center operators to use an electricity tariff structure based on LNG prices under the government’s ladder-rate mechanism.
For international businesses, Maybank noted that while AEPL in India operates up to 7 GW, its profit contribution to GPSC remains limited, resulting in the market not fully reflecting the asset’s value in the share price. Nevertheless, the planned IPO of AEPL on the Indian stock market, expected in 2027, may serve as a value catalyst and provide an opportunity for GPSC to consider a partial stake sale.
Domestically, GPSC targets signing PPAs with data center groups totaling 300 MW in 2026, representing another key growth opportunity. However, the analyst firm sees increasing uncertainty regarding asset acquisitions within the PTT Group and the ERU project, given their close association with PTT’s affiliates.
Overall, Maybank maintains its positive outlook on GPSC, driven by opportunities for PPA renewals, the recovery of the Gheco-One plant, resilient power demand from industrial customers, and new prospects from data centers. The recommendation remains “Buy” with a target price of THB 50 per share.
Additionally, Thailand’s Constitutional Court on Thursday ruled by a majority vote of 7 to 2 that the government’s emergency THB 400 billion loan decree does not violate the constitution, clearing a major legal hurdle for the administration’s economic and energy revamp policies.
The ruling has dissolved a major policy bottleneck, unleashing immediate buying momentum across major utility and green energy players that are heavily positioned to benefit from the decree’s planned infrastructure investments, particularly the second half of the borrowing scheme, which dedicates THB 200 billion specifically to structural energy adjustments, carbon credit networks, and the expansion of the domestic EV ecosystem.
