Thai Energy Stock Market: 8 Outstanding Power Generation Companies to Watch in 2024

Why Power Utility Stocks Are a Stable Choice

In the current environment of high market volatility, energy stocks or Defensive Stocks are popular among institutional investors and retail investors seeking to reduce risk, because electricity is a vital consumption commodity that cannot be replaced, both in the production sector and households. Demand remains stable. Meanwhile, large power companies have clear cash flows and benefit from government policies supported by the PDP and AEDP plans, resulting in long-term, stable power purchase agreements with predictable revenue streams.

How to Analyze Power Utility Companies for Portfolio Suitability

Before investing, investors should consider four key factors:

1. Long-term Expansion Plans - Check how the company plans to invest in new projects, such as establishing additional power plants or entering renewable energy markets.

2. Industry Trends - Electricity demand increases with economic development, especially in the East Coast region of the US, creating high industry opportunities.

3. Power Purchase Agreements - Capacity, contract duration, and revenue recognition rates are primary factors in ensuring consistent profits.

4. Energy Type - Companies producing renewable energy, such as solar, wind, and hydroelectric, have high growth potential, while natural gas offers high stability.

Comparison of Leading Power Utility Stocks

8 Power Utility Stocks to Watch

GULF: A comprehensive energy leader benefiting from the new PDP

Gulf Energy Development is a true integrated power producer covering electricity, gas, renewable energy, and utilities. Recently announced a 90-billion-baht investment plan over five years to support the government’s new capacity development plan. A NewCo has been established, and there are proposals to acquire securities (VTO) in ADVANCE and THCOM stocks.

Latest 6-Month Performance: Revenue of 64,896.44 million THB, net profit of 8,239.79 million THB
Current Price: 66.50 THB | YTD: +54.49%
Analyst Estimates: Max 68.00 THB, Min 49 THB, Avg 56.92 THB

BANPU: A regional quality energy producer

Banpu Power is a prominent global power producer operating 41 projects across Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, and the US. Currently, capacity based on investment is 3,656 MW, with 11.20% from renewable energy.

Latest 6-Month Performance: Revenue of 90,673.73 million THB, net profit of 2,488.71 million THB
Current Price: 111.50 THB | YTD: -5.88%
Analyst Estimates: Max 8.00 THB, Min 5.00 THB, Avg 6.75 THB

GPSC: Leader in innovation and sustainability

Global Power Synergy focuses on strategic management through the 4S plan, primarily producing and distributing electricity, steam, and industrial water. Recently secured a 7-billion-baht loan from government and private banks to push clean energy projects and achieve Net Zero.

Latest 6-Month Performance: Revenue of 48,426.98 million THB, net profit of 2,292.55 million THB
Current Price: 46.25 THB | YTD: -3.09%
Analyst Estimates: Max 61.00 THB, Min 43.50 THB, Avg 53.46 THB

BGRIM: Expert in combined heat and renewable energy

B.Grimm Power specializes in power generation from combined heat and renewable energy plants. Recently signed solar power purchase agreements with government sectors. Beyond core business, the company has expanded into healthcare, lifestyle, real estate, and digital technology.

Latest 6-Month Performance: Revenue of 28,344.78 million THB, net profit of 607.17 million THB
Current Price: 23.40 THB | YTD: -12.66%
Analyst Estimates: Max 31.06 THB, Min 19.60 THB, Avg 26.66 THB

EA: Modern pioneer in clean energy technology

B.Grimm operates under the vision “Energy for The Future,” applying innovation in renewable energy, energy storage, and electric vehicles. This year, they are promoting an electric pickup truck “Thai-made” for entrepreneurs and environmental sustainability.

Latest 6-Month Performance: Revenue of 10,368.81 million THB, net profit of 1,430.44 million THB
Current Price: 7.80 THB | YTD: -81.36%
Analyst Estimates: Max 35.00 THB, Min 5.00 THB, Avg 17.33 THB

SSP: Leading renewable energy pioneer

Srisawad Power is prominent in solar, renewable, and alternative energy projects. In 2024, plans to expand assets over 30 billion THB, focusing on regional investments in Asia. Rated “BBB+” by TRIS, reflecting strong financial health and long-term growth.

Latest 6-Month Performance: Revenue of 1,709.90 million THB, net profit of 326.89 million THB
Current Price: 5.90 THB | YTD: -25.62%
Analyst Estimates: Price may rise to 8.90 THB, up about 50.85%

CKP: A power company rooted in asset value

CK Power is known for large-scale construction, now expanding into power generation and sales, with diverse projects including hydro, cogeneration, and solar, invested through six subsidiaries and joint ventures.

Latest 6-Month Performance: Revenue of 5,111.09 million THB, net loss of -387.05 million THB
Current Price: 3.70 THB | YTD: +19.02%
Analyst Estimates: Max 5.20 THB, Min 4.35 THB, Avg 4.70 THB

GUNKUL: Rising star in renewable energy and energy trading platform

Gunkul Engineering grew from registered capital of 1 million THB to a valuation over 30 billion THB, with strengths in power generation and sales from renewable sources, serving both government and private sectors. Recently introduced Peer-to-Peer Energy Trading Platform produced by Gunkul Spectrum, aiming to transform into a B2C and Marketplace system with 9-10 energy products under development.

Latest 6-Month Performance: Revenue of 5,002.69 million THB, net profit of 761.43 million THB
Current Price: 2.80 THB | YTD: +2.86%
Analyst Estimates: Max 5.00 THB, Min 2.70 THB, Avg 3.76 THB

Types of Power Utility Stocks to Understand

Power companies are categorized by energy source:

Solar Power - Represents renewable energy that is environmentally friendly and offers long-term profit potential.

Hydropower - Suitable for areas with natural water sources, providing steady returns.

Natural Gas - Considered a clean and efficient energy source for electricity generation.

Nuclear Power - Highly complex and subject to government policy risks.

Other Renewables - Wind, biomass, tidal energy, aimed at reducing reliance on non-renewable energy.

Why Power Utility Stocks Should Be in Your Portfolio

Higher Returns Than Deposits - Power stocks carry risks similar to other equities but offer significantly higher returns than bank deposits.

Consistent and Predictable Profits - Power generation businesses have ongoing demand, making long-term profits stable and predictable.

Growth Opportunities - Companies can launch new power plants and increase capacity to meet rising demand.

Supported by Government Policies - The government provides incentives and support for energy investments to promote industry growth.

How to Access Power Utility Stocks

Option 1: Through Thai Stockbrokers - For stocks listed on the Thai Stock Exchange, such as GULF and BGRIM, open an account with reputable brokers like Bualuang Securities, Kasikorn Securities, or Maybank Kim Eng Securities. Use trading platforms like STREAMINGPRO or ASPEN. Minimum 100 shares. Example: Buy 100 GULF shares at 50 THB = 5,000 THB. If the price rises to 55 THB, profit = 500 THB.

Option 2: Through International Brokers - Trade via CFD (Contract for Difference). Advantages: trade both long and short, leverage, lower capital requirement, diverse products. Example: Using the MiTrade platform, open an account in 3 minutes with a starting investment of $50, receive a $100 bonus, zero commission, low spreads, and a free demo account with $50,000.

Summary and Future Outlook

Power utility stocks are considered a core defensive (Defensive Stocks) group because electricity is essential for daily life and industrial production worldwide. Energy security is a key issue. Investing in these stocks is akin to diversification within a portfolio for general investors and those willing to accept some risk, as the industry outlook in Thailand depends on economic growth and public policy support. Investors interested in this sector should continuously monitor national capacity development plans and corporate announcements.