Thai energy market awakens: 8 power plant group stocks deliver strong performance

As the global economy continues to dance with renewable energy, Thai energy stocks are heating up. Especially from the perspective of investors seeking stability and steady profits. Power generation and distribution are considered “superior” businesses with long-term purchase agreements, unending demand, and support from government policies. Although the overall market is volatile, major energy companies still provide investors with a sense of security.

The Origin of Energy Stocks: Why Are They Called “Defensive Stocks”?

Electric power has a unique characteristic that sets it apart from other industries: it never stops, and there are no seasons. The continuous demand for electricity from factories, small businesses, and households results in a balanced profit curve for power plant companies. Power Purchase Agreements (PPAs) are also memorable for investors because they tell the story of how much and how long a company will earn from its assets.

Currently, energy stocks are a popular choice among investors of all levels, from beginners to experts. One main reason is the importance of energy. The government’s Power Development Plan (PDP) and Alternative Energy Development Plan (AEDP) set the direction for the country’s electricity generation planning for the coming years.

Various Forms of Power Generation: Choose Stocks According to Your Style

Power generation is governed by different authorities, offering many options:

Large Private Power Plants (IPP) with capacities over 90 MW, often large organizations or regional business groups.

Medium Private Power Plants (SPP) with capacities between 10-90 MW, typically managed at provincial or district levels.

Small Private Power Plants (VSPP) with capacities below 10 MW, often local projects or rooftop solar initiatives by government agencies.

This diversity provides investors with options to match their risk tolerance.

Smart Strategies for Choosing Power Stocks: Factors to Analyze

When selecting stocks of interest, investors should examine the growth strategy. How is the company expanding? Entering foreign markets? Increasing capacity? Forming new partnerships? These tell the story of the company’s future outlook.

Electricity demand moves in tandem with the economy. When the economy is thriving, electricity usage increases; when it slows down, demand decreases. That’s why investors must keep an eye on both national and global economic conditions.

Market Data: Overview of 8 Energy Companies

Energy Stock Options: Study Their Characteristics and Movements

( BANPU - Regional Leader

Banpu produces electricity under the concept of “Powering Society with Quality Megawatts.” It has 41 power plants across 8 countries, from Thailand to the US. Currently, its capacity based on investment proportion is 3,656 MW, with renewable energy accounting for 11.20%.

In the first half of this year, BANPU reported revenue of 90,673.73 million THB and net profit of 2,488.71 million THB. Its stock price is at 111.50 THB, with a year-to-date decrease of -5.88%. Analysts estimate a price range of 5.00-8.00 THB, with an average of 6.75 THB.

) GULF - Power on a Green Path

Gulf has learned from renewable energy projects, natural gas, and utility businesses. It announced a 5-year plan with a 90 billion THB investment, creating a new company (NewCo) and proposing acquisitions of VTO( securities of other firms, indicating strong expansion.

In the first five months, GULF generated revenue of 64,896.44 million THB and net profit of 8,239.79 million THB. Its current stock price is 66.50 THB, up +54.49% this year. Analysts consider a range of 49.00-68.00 THB, with an average of 56.92 THB.

) GPSC - Innovator in Technology

Global Power Synergy uses the 4S strategy—producing electricity, steam, and utilities. Recently, it secured a 7 billion THB loan from three financial institutions to kickstart clean energy projects targeting Net Zero.

In the first half, GPSC earned 48,426.98 million THB, with a net profit of 2,292.55 million THB. Its stock price is 46.25 THB, with a YTD change of -3.09%. The price range forecast is 43.50-61.00 THB, with an average of 53.46 THB.

( BGRIM - The Full-Cycle Player

BGRIM Power stands out with combined thermal and renewable energy management. Recently, it signed a solar power sale agreement with the government, expanding into health, lifestyle, real estate, and digital businesses.

Revenue for the first half is 28,344.78 million THB, with a profit of 607.17 million THB. Its stock price is 23.40 THB, down -12.66% since the start of the year. The forecast range is 19.60-31.06 THB, with an average of 26.66 THB.

) EA - Clean Energy Creator

Pure energy, from renewables to electric vehicles, charging stations, and Li-ion batteries. This year, it designed a Thai-made electric pickup truck environmentally friendly.

Revenue is 10,368.81 million THB, with a profit of 1,430.44 million THB. The stock price is 7.80 THB, down -81.36% since the beginning of the year. Analysts’ range is 5.00-35.00 THB, with an average of 17.33 THB.

( SSP - New Architecture in Energy

Suan Ryaak Solar Power, Solar Rooftop, Renewable Energy investments, and expansion on renewable energy assets totaling over 30,000 million THB across Asia.

Revenue is 1,709.90 million THB, with a profit of 326.89 million THB. Its stock price is 5.90 THB, down -25.62%. The rating is BBB+, with potential for growth to 50.85% next year. Analysts’ estimate ranges from 8.90 to 50.85 THB, averaging 26.66 THB.

) CKP - From Construction to Power Generation

CKP Power transitioned from a construction contractor to a power producer, with hydro, cogeneration, and solar projects, investing through six subsidiaries.

Revenue is 5,111.09 million THB, with a net loss of -387.05 million THB. Its stock price is 3.70 THB, up +19.02% since the start of the year. The forecast range is 4.35-5.20 THB, with an average of 4.70 THB.

( GUNKUL - Leader in Energy Trading Systems

Gunkul grew from a 1 million THB capital to a valuation over ten billion THB. Its core business is producing renewable energy for sale to government and private sectors, with a Peer-to-Peer Energy Trading Platform via Gunkul Spectrum.

Revenue is 5,002.69 million THB, with a profit of 761.43 million THB. Its stock price is 2.80 THB, rising +2.86%. In the future, Volt will play an increasing role, with 9-10 products under development. Analysts forecast 2.70-5.00 THB, with an average of 3.76 THB.

Why Are Energy Stocks on a Falling Plate?

) Numbers Tell the Story

Electricity demand never stops. Society needs hospitals lit, factories running, homes, shops—all driven by usage. This causes company revenues to fluctuate with demand but never truly halt.

( Government Policies Step In

The PDP and AEDP indicate that renewable energy will be the main focus. This drives new projects, giving confidence to power plant operators.

) Opportunities for Government Support

Sometimes, executives receive special privileges or mechanisms from the government, enabling new projects, capacity expansion, or entering new markets—all under systematic support.

Risks and Safety

Although the global market is volatile, energy stocks are “defensive,” protecting investors. Building reserve accounts or diversifying portfolios with energy stocks is a way for risk-averse investors to limit exposure.

How to Access Energy Stocks

Option 1: Thai Stock Market

If you want to own GULF, BGRIM, and others, the Thai stock market is convenient. Open an account with brokers like Bualuang Securities, Kasikorn Securities, or Maybank Kim Eng Securities. Different platforms like STREAMINGPRO and ASPEN are tools for traders.

The minimum purchase is 100 shares. For example, buying 100 GULF shares at 50 THB costs at least 5,000 THB. If the price rises to 55 THB, you make a 500 THB profit—quick and easy.

( Option 2: CFD via Foreign Brokers

For global trading, foreign companies offer CFD) (Contract for Difference), allowing both buy and sell with leverage, requiring less capital. Profits can be substantial.

Starting with a minimum of ### and opening an account in just 3 minutes, you might want to try trading first without risking your entire capital. Remember, investing involves risks—stay calm.

Final Thoughts and Summary

Based on analysis, energy stocks like GULF, GPSC, BANPU are leading the sector. They are true players in the energy space, with strong performance, financials, and outlooks—telling stories of stability for investors seeking sustainable income.

Electricity is the lifeblood of modern society. Energy stocks should be a key part of your portfolio, especially as the world shifts toward renewable energy. Choose stocks you like, analyze initially, and align with your long-term investment plan. The returns will follow.