On Thursday at 2:46 PM (Bangkok time), the share price of Banpu Public Company Limited (SET: BANPU) rose by 3.50% or THB 0.50 to THB 14.80, with a trading value of THB 854.41 million.
Yuanta Securities (Thailand) noted that shares of BKV Corporation, a U.S. subsidiary of BANPU, rose by 7.4% in overnight trading. The market reacted positively to news that BKV had entered into an equipment purchase agreement valued at approximately $800 million, designated for the construction of a large-scale power plant with a planned capacity of about 1,200 megawatts.
The new power plant is expected to support a power purchase agreement with major data center or hyperscale operators. This is viewed as a significant positive factor for both BKV and BANPU, as the project’s scale is comparable to BKV’s existing Temple I and Temple II power plants in the United States, which have a combined capacity of approximately 1,400 megawatts.
Based on BKV’s latest closing price of $23.68 per share, this equates to a value of approximately THB 13.60 per BANPU share. This valuation suggests that BANPU’s current share price may have further upside potential or could be re-rated as its value increases. The brokerage maintains a ‘Buy’ recommendation on BANPU, with a target price of THB 19.00 per share.
