Electricity Generating Public Company Limited, together with its subsidiaries, generates and sells electricity to government sector and industrial users primarily in Thailand, Laos, the Philippines, Indonesia, Australia, South Korea, Taiwan, and the United States. It operates through Electricity Generation and Other Businesses segments. The company generates electricity from various resources, such as biomass, hydropower, solar and wind power, battery energy, and fuel cell. It also involved in operation, maintenance, engineering and construction services to power plants, petrochemical plants, oil refineries and other industries; coal mining, management, and oil pipeline business. The company was incorporated in 1992 and is based in Bangkok, Thailand.
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Energy Transition & Power Demand
Asia Plus highlights GULF and GUNKUL as top picks for PDP2026 plan
Asia Plus Securities maintains a Neutral weighting on the power plant sector, while naming GULF and GUNKUL as standout stocks set to benefit from the new national power development plan, or PDP2026, which could add around 20,000 megawatts of new capacity. The draft PDP2026 for 2026 to 2053, approved by the subcommittee yesterday, includes four scenarios, each with renewable energy accounting for more than 60 percent of generation and up to 80 percent. Small modular reactors, or SMRs, are set at roughly 2,400 to 4,000 megawatts, with some scenarios exceeding 4,000 megawatts, during the first ten years of the plan. The Electricity Generating Authority of Thailand will remain the lead agency to study and implement the initial phase before opening further investment to the private sector. The plan still targets an average electricity tariff of no more than 4 baht per unit throughout the period. Direct power purchase agreements may no longer be capped at 2,000 megawatts as in the previous framework, to accommodate continued growth in electricity demand from data centers and AI. Asia Plus Securities recommends buying GULF with a target price of 80 baht, expecting normalized profit in 2026 to grow about 32 percent to 38 billion baht. It also recommends buying GUNKUL, raising its 2027 target price to 6.40 baht from 5.60 baht, after first-half normalized profit of about 1 billion baht, up 15.4 percent from a year earlier. The broker raised its 2026 and 2027 profit forecasts by 13.3 percent and 14.6 percent respectively, to about 2.1 billion baht and 2.2 billion baht. SSP remains a buy with a target price of 5.60 baht, while EGCO is rated Trading with a target price of 135 baht.
Electricity Generating Public Company Limited, or EGCO, reported second-quarter 2026 core profit of 45 million baht, down 95 percent from the previous quarter and 98 percent from a year earlier, coming in far below analyst expectations. The main reason was higher-than-expected tax expenses. Yuanta Securities said first-half core profit accounted for only 25 percent of its full-year forecast of 4.056 billion baht, implying downside of about 10 percent, and that it is seeking additional information from the company on taxes. The broker expects third-quarter core profit to recover to 1.0 to 1.2 billion baht, helped by seasonal factors at hydropower plants in Laos and natural gas power plants in the United States, as well as a full quarter of higher availability payments. Yuanta maintained its buy recommendation with a target price of 187 baht per share for the end of 2027 and expects a dividend of 6.50 baht per share per year, representing a yield of 5.0 percent.
EGCO first-half profit 1.538 billion baht, cash on hand 31.8 billion baht
Electricity Generating Public Company Limited, or EGCO, reported first-half 2026 results with total revenue of 19.179 billion baht and net profit of 1.538 billion baht, while cash and cash equivalents on hand reached 31.811 billion baht. President Thawatchai Samranwanich said the support came from cost management at IPP power plants in Thailand, especially the BLCP plant, which benefited from lower fuel costs, and the Kaeng Khoi plant, which saw higher electricity sales. Hydropower plants in Laos, including Nam Theun 2 and Xayaburi, also delivered better results from seasonally higher water levels, while growth in the data center and AI business in the United States supported revenue at Linden Cogen, where EGCO increased its stake to 38 percent as of 30 June 2026. The company had total assets of 224.391 billion baht and shareholders' equity of 101.381 billion baht, with a strategy of pursuing asset recycling alongside investment in quality assets for long-term growth.
Krungsri Securities highlights 7 standout stocks for Q2 2026 earnings season
Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.
Tisco points to strong Q2 recovery for power plant stocks, led by GULF's profit growth
Tisco Securities expects the power plant sector to report strong second-quarter 2025 results, with combined net profit of the companies under its coverage, excluding RATCH, estimated at approximately 15.7 billion baht, up 26 percent from the previous quarter but down 77 percent from the same period last year due to a high base that included extraordinary items from GULF's merger. GULF is expected to post the most outstanding profit growth from the prior quarter, with core profit forecast to rise 74 percent year-on-year, driven by dividends from KBANK, seasonally better performance at its IPP power plants, and the restart of the Jackson power plant in the United States. EGCO is forecast to report net profit of 841 million baht, down from both the previous quarter and the same period last year, weighed by weaker results at the Paju power plant in South Korea, the Yunlin wind farm in Taiwan, and projects in the United States, as well as the impact of a power purchase agreement change at the Quezon plant in the Philippines. GPSC's net profit is expected to increase 5 percent from the prior quarter but decline 11 percent year-on-year, supported by the restart of the GHECO-One plant, while its SPP business continues to face pressure from higher natural gas and coal costs. BGRIM is forecast to report net profit of 656 million baht, down from the previous quarter but up significantly from a year earlier, as it laps large foreign exchange losses, although pressure persists from rising natural gas costs and credit losses in Vietnam. Tisco maintains a positive view on the power plant sector, recommending a buy on GULF with a target price of 82 baht, EGCO with a target of 144 baht, and GPSC with a target of 51 baht, while recommending a hold on BGRIM with a target of 14.80 baht, and picks GULF as the top stock in the group.
Three brokers split on EGCO, highest target at 187 baht
Three brokers have issued differing recommendations and target prices for EGCO shares. Yuanta Securities recommends a buy with a target of 187 baht, Asia Plus Securities suggests speculative trading at 135 baht, and KGI Securities advises a hold at 125 baht. Yuanta expects second-quarter 2026 core profit of 610 million baht, down from the previous quarter and the same period last year due to seasonal factors in the United States, the Yunlin wind project, and a shutdown at the Paju power plant. However, it forecasts a recovery in third-quarter 2026 profit to between 1.2 and 1.4 billion baht. Asia Plus has cut its 2026 and 2027 profit estimates by 30.4 percent and 22.8 percent respectively, following the partial sale of stakes in the BPU and KLU projects, and expects third-quarter 2026 profit to recover thanks to the summer season in the United States and the rainy season for hydropower plants. Meanwhile, KGI estimates second-quarter 2026 net profit at 630 million baht, down 71 percent from a year earlier, and sees downside risk to full-year 2026 profit. However, it notes that valuation is not expensive and a dividend yield of around 5 percent should help limit the stock's downside.
Brokers still bullish on EGCO despite sharp Q2 2026 profit slowdown, expect Q3 2026 recovery into high season
Most brokers continue to recommend buying or holding shares of Electricity Generating Public Company Limited, or EGCO, even though they expect second-quarter 2026 earnings to slow sharply. Core profit is forecast at 430 to 894.2 million baht, down 77 percent from a year earlier and down 23.4 to 56 percent from the previous quarter, as equity income from associates fell across several projects. For example, the Paju ES power plant was pressured by higher gas costs, the Yunlin wind farm faced a low-wind period, and US power plants underwent planned maintenance shutdowns. However, brokers see a strong recovery trend in the third quarter of 2026, with core profit expected to rebound both quarter-on-quarter and year-on-year to a range of roughly 800 million to 1.4 billion baht, driven by the high season for hydropower plants and the summer season for US plants, as well as higher revenue recognition. In addition, EGCO has positive factors from growth opportunities under the new PDP plan, potential expansion into the data center business, a strong financial position, and an attractive dividend yield of 4 to 5.6 percent per year.
EGCO Group Ranks Top 3 in DJ BIC Global Sustainability Index for Emerging Market Electric Utilities
EGCO Group has been ranked among the top three globally in the Dow Jones Best-in-Class Indices, or DJ BIC, for 2026 in the electric utilities category within the emerging markets index. The company passed the assessment with outstanding performance across all dimensions of future risk, including portfolio management, environmental stewardship, and people development, under the ONE EGCO ONE GOAL concept. It has also set a roadmap to achieve carbon neutrality by 2040 and net-zero greenhouse gas emissions by 2050.
Asia Plus says SPP power plant stocks face pressure after ERC caps electricity tariff at 3.95 baht per unit for September–December 2026
Asia Plus Securities' research department assesses that the Energy Regulatory Commission's decision to cap the variable electricity tariff for the September–December 2026 period at 16.23 satang per unit, resulting in a total tariff of 3.95 baht per unit, will be a negative factor for SPP power plant operators. This is because the natural gas price assumption used in the calculation has risen by about 4.6% to 363.5 baht per million BTU, while the fuel cost pass-through mechanism remains constrained by the tariff cap through the Clawback subsidy. BGRIM is expected to be the most affected, followed by GPSC. IPP players such as GULF, EGCO, and RATCH face limited impact because their power purchase agreements allow them to pass costs on to the government. The research department views that this issue may pressure SPP group share prices in the short term, but in the medium to long term, earnings will recover in line with the expected decline in gas prices and clarity on the PDP2026 plan in the second half of this year. GULF is selected as a top pick due to its limited impact and strong fundamentals, while BGRIM and GPSC are recommended for gradual accumulation on price corrections.