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Electricity is the key: Why these 8 power plant stocks attract investors
Understand the Thai Society’s Challenges First
The development of a country in the 21st century has one core: Energy
No matter how large factories are, how big households become, charging stations, clinics, or playgrounds—all rely on electricity. This demand never stops. It may be the reason why power utility stocks are classified as “Defensive Stocks” (Safe Stocks) that provide consistent returns.
The Thai government sets the direction through PDP (Power Development Plan) and AEDP (Alternative Energy Development Plan), which serve as a map guiding Thailand’s power industry for the next 3-5 years. Long-term power purchase agreements thus become tools that help investors clearly calculate returns.
What Power Plant Groups Need to Learn Before Going All-In
Power plants are categorized into 3 sizes:
1) IPP (Independent Power Producer): Large private plants with capacity over 90+ MW
2) SPP (Small Power Producer): Medium-sized, capacity 10-90 MW
3) VSPP (Very Small Power Producer): Very small, capacity below 10 MW
In terms of technology, power stocks are classified based on energy sources:
8 Power Companies: Who Is Making Money?
BANPU: The Emperor of Power in Asia
Banpu Power is not just a Thai company; it is an international power producer operating across the Asia-Pacific region in over 8 countries (Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, USA)
The 41 plants/projects of BANPU give the impression that the company is building a cross-border energy network, with a total capacity based on investment share: 3,656 MW, with renewable energy accounting for 11.20%.
Latest figures: Revenue 90,673.73 million Baht | Profit 2,488.71 million Baht | Price 111.50 Baht
Status: YTD down 5.88%, but analysts set a target price of 8.00 Baht (Lowest 5.00 Baht)
GULF: A Full-Cycle Energy Giant
Gulf Energy is one of Thailand’s “local champions” in the power industry. Its business covers: electricity, gas, renewables, hydropower, and infrastructure.
Last year, GULF participated in over 100 social projects, indicating a company with strong dedication.
Latest figures: Revenue 64,896.44 million Baht | Profit 8,239.79 million Baht | Price 66.50 Baht
Status: YTD up 54.49% (Best figure in this table) Recently announced investments in renewable energy under the new PDP plan, with a budget of 90 billion Baht, including establishing NewCo and proposing VTO in ADVANCE and THCOM stocks. Analysts set a target of 68.00 Baht (Lowest 49 Baht)
GPSC: Global Innovation with 4S Strategy
Global Power Synergy leads in innovative and sustainable power. Its core businesses include: power, steam, industrial water, and utilities for international manufacturing.
Latest news: GPSC received a long-term loan of 7 billion Baht from 3 major banks (Public and Private) to advance clean power projects and support Net Zero goals.
Latest figures: Revenue 48,426.98 million Baht | Profit 2,292.55 million Baht | Price 46.25 Baht
Status: YTD down 3.09%. Target price 61.00 Baht (Lowest 43.50 Baht)
BGRIM: Power Plant + Multiple Businesses
B.Grimm Power started with power generation but expanded into health, lifestyle, real estate, and digital technology.
Recently signed a solar power purchase agreement with the government, marking a leading solar energy project in industry.
Latest figures: Revenue 28,344.78 million Baht | Profit 607.17 million Baht | Price 23.40 Baht
Status: YTD down 12.66%. Target price 31.06 Baht (Lowest 19.60 Baht)
EA: The Electric Fleet Moving Forward
Pure Energy has evolved from just power generation to leading in electric vehicles, Li-ion batteries, and charging stations.
Under the concept “Energy for The Future,” EA brings innovation and technology to develop clean energy. Commercial EVs and electric ships are results of this.
Latest figures: Revenue 10,368.81 million Baht | Profit 1,430.44 million Baht | Price 7.80 Baht
Status: YTD down 81.36% (Worst figure) But the company is advancing Thai-made electric trucks. Analysts set a target of 35.00 Baht (Lowest 5.00 Baht)
SSP: Renewable Energy University
Srisangkhom Power Corporation is a prominent growth company in Thailand, focusing on renewable and alternative energies.
Projects include: Solar Farm, Solar Rooftop, Renewable Energy, with plans to expand assets over 30 billion Baht, mostly in Asia.
Fitch maintains a “BBB+” credit rating, reflecting strong financial systems and long-term growth.
Latest figures: Revenue 1,709.90 million Baht | Profit 326.89 million Baht | Price 5.90 Baht
Status: YTD down 25.62%. Analyst target 8.90 Baht (Potential increase 50.85%)
CKP: Ch. Karnchang Changes Investment Mindset
CK Power (Ch. Karnchang) gained fame from construction contracting but now invests heavily in power plants: hydropower, cogeneration, solar.
Invests through 6 subsidiaries and joint ventures.
Latest figures: Revenue 5,111.09 million Baht | Profit -387.05 million Baht (Loss) | Price 3.70 Baht
Status: YTD up 19.02% (Because of the increase). Target price 5.20 Baht (Lowest 4.35 Baht)
GUNKUL: The Startup Turned Emperor
Gunkul is an inspiring example: starting with registered capital of 1 million Baht, it has grown into a business worth over 30 billion Baht.
Strengths: Produces and sells renewable energy to government and private sectors + Peer-to-Peer energy trading platform (New World)
In the next era, Volt will come in, B2C services will expand into a Marketplace with 9-10 energy products under development.
Latest figures: Revenue 5,002.69 million Baht | Profit 761.43 million Baht | Price 2.80 Baht
Status: YTD up 2.86%. Analyst target 5.00 Baht (Lowest 2.70 Baht)
Why Are Power Plant Stocks Attractive Now?
1. Continuous Electricity Demand
Electricity is a fundamental factor. Demand increases with economic growth, new businesses, industries, new homes, charging stations. Power plant returns are thus steady.
2. Government Policies Push
PDP and AEDP point toward cleaner energy, making solar and renewable energy companies grow continuously.
3. Long-term Power Purchase Agreements
Contracts with government or large corporations ensure predictable returns, giving investors peace of mind.
4. Defensive Stocks = Stability
Power stocks are classified as “Safe Stocks” because they feature: predictable cash flow, continuous profits, lower risk than cyclical stocks. This attracts investors seeking diversification.
Investment Strategies: 2 Options
Option 1: Direct Thai Stock Market
Open an account with Thai brokers such as Bualuang Securities, Kasikorn Securities, or Maybank Kim Eng.
Temporary trading programs: STREAMINGPRO or ASPEN (Both are popular)
Minimum: Buy 100 shares, e.g., buy GULF 100 shares @ 50 Baht = 5,000 Baht
If the price rises from 50 → 55 Baht, profit = 100 × (55-50) = 500 Baht
Option 2: CFD from Foreign Brokers
CFD (Contract for Difference) allows profit from price differences. Advantages:
Minimum: Start from $50 |Open an account in 3 minutes| Receive bonus $100 for new customers| Zero commission| Low spreads
Free Practice: $50,000 trading simulator before real trading
Summary: What Are Power Plant Stocks?
Power plant stocks are clever tools for investors seeking:
✓ Stable returns (No need to gamble on luck)
✓ Growth opportunities (Clean energy, renewables, new technologies)
✓ Portfolio stability (Electricity demand never stops)
The 8 companies mentioned, from giants like BANPU and GULF to GUNKUL, which grew from a tiny fund, all share the same core: Energy = Future
Risks are real (All investments carry risks), but the continuity and stability of this business make power stocks suitable choices for those who want a balance between seriousness and profit.