Globlex Securities projects that B.Grimm Power Public Company Limited (SET: BGRIM) is entering a new S-curve growth phase, pivoting from its traditional SPP-driven power portfolio towards AI-driven earnings, with a major emphasis on meeting burgeoning data center power demand. This shift is expected to create significant earnings growth, as the company seeks to reduce margin risks impacted by government tariff interventions seen over the past decades.
The brokerage forecasts a robust net profit compound annual growth rate of 25.5% for BGRIM over 2025-2028, with profits rising from THB 1.7 billion in 2025 to THB 2.2 billion in 2026, THB 3.1 billion in 2027, and THB 3.7 billion in 2028. This growth will be fueled by both new demand and increased capacity, with committed and visible projects set to contribute an additional THB 0.4-0.8 billion to annual net profit from 2027 onwards.
Key drivers include secured earnings from the company’s existing and upcoming SPPs (250MW total), its hydropower portfolio in the U.S. (406MW), and new capacity like the 740MW Nakwol 1&2 wind farms, all contributing through 2030. Additionally, future projects under Thailand’s new Power Development Plan 2026 (PDP 2026) as well as IPPs in Malaysia are positioned as further growth catalysts, potentially adding THB 1.2-1.7 billion net profit per year from 2028 onwards.
The rising power demand from data centers is set to become the nucleus of BGRIM’s earnings, expected to add THB 0.4-1.6 billion in annual net profits through 2027-2030. The company benefits directly from both the expansion of data center facilities and the surging need for electricity to power its operations.
Reflecting these prospects, Globlex maintains its ‘Buy’ rating on BGRIM, raising its sum-of-the-parts target price from THB 20.00 to THB 25.00 per share. The upgrade captures expected EPS growth for 2026-2028 and incorporates the impact of multiple new projects, with the bulk of earnings accretion expected from 2028 onwards.
