Gulf Energy Development Public Company Limited

Gulf Development Public Company Limited (GULF) plans to offer four tranches of debentures and digital debentures, with tenors of 4-10 years, to the general public between October 19-21, 2026. The debentures have been rated "AA-" with a "Stable" outlook by Tris Rating, reflecting the strength of its energy and infrastructure businesses, as well as stable dividend income from its stake in Advanced Info Service (ADVANC). Tranches 1, 2, and 4 will be offered through eight leading financial institutions at a price of 1,000 baht per unit, with a minimum subscription of 100,000 baht. Tranche 3 (digital debentures) will be offered through Krungthai Bank's "Paotang" application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per transaction. The company plans to use the proceeds to repay maturing debentures and to support investments in renewable energy and digital infrastructure, such as data centers, cloud, and AI. For the second quarter of 2026, the company reported a record core profit of 12.332 billion baht, up 74% from the same period last year, and total revenue of 50.294 billion baht, up 24%.

Innovest X Securities stated that the new Power Development Plan (PDP2026) is nearly complete, with public hearings scheduled for September 8, and it is expected to be approved by the National Energy Policy Committee within the end of 2026. The first auction is expected to take place in 2027, which will be a catalyst for a re-rating of utility stocks. The plan increases the share of clean energy to at least 65% and lifts the cap on Direct PPA from the previous 2,000 MW for the industrial sector and data centers. GULF has potential for additional investment of around 240-290 billion baht under a net debt-to-equity ratio of 1.0 times, while GPSC has potential for additional investment of around 95-114 billion baht under a net debt-to-equity ratio of 0.8 times. GUNKUL has flexible financing capacity of 39-44 billion baht, while BGRIM has more financial constraints due to a high net debt-to-equity ratio of 2.1 times, allowing only 23-28 billion baht in additional investment. GULF remains the top pick in the group, and GUNKUL is the wildcard pick, while GPSC and BGRIM are secondary picks.

The Ministry of Commerce reported that Thailand's export value in July 2026 stood at 34.8 billion US dollars, expanding 21.6% year-on-year, higher than the market's expectation of 17.8%. Meanwhile, imports for the same month were 38.4 billion US dollars, up 37.8%, lower than expected, resulting in a trade deficit of 3.61 billion US dollars, less than forecast. Products with good growth include rubber, processed chicken, pet food, processed canned seafood, and electronic goods. Stocks in these sectors, such as STA, GFPT, ITC, TU, DELTA, HANA, and KCE, benefit accordingly. In the first seven months of the year, exports totaled 232 billion US dollars, up 18.2%, while imports were 267 billion US dollars, up 37.8%, with a trade deficit of 35.4 billion US dollars. The Ministry of Commerce sees support from global demand for technology products and digital infrastructure, as well as accelerated imports to prepare for US trade policies. Meanwhile, brokers like Krungsri Securities and Phillip Securities view positively on export-related stocks and recommend top picks such as DELTA, HANA, KCE, AMATA, GULF, GPSC, KBANK, and KTB.

Mr. Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities (KSS), revealed that Thailand Focus 2026 sends a positive signal to the Thai capital market, with increased interest from foreign investors and Thailand's readiness as a new investment base, especially in the data center business amid the accelerating AI adoption trend. KSS assesses that the Fed is likely to hold interest rates until the end of the year and may cut rates later in the year, which would be positive for capital flows into emerging markets, including the Thai stock market. It views that foreign net selling on some days should not be used to judge the direction of fund flows based on a single day's data, while the return to long positions in TFEX is a signal to watch. On fundamentals, Thai listed companies' earnings have grown for six consecutive quarters and have the potential to expand further in Q3/2026, with this earnings cycle possibly longer than the 2010-2011 cycle, which saw growth for about seven consecutive quarters. KSS favors sectors that benefit from the investment cycle, including commercial banks, power plants, industrial estates, construction, and power grid businesses, and selects DELTA and GULF as top picks. DELTA is supported by the AI investment cycle, while GULF benefits from data center investment and the country's energy policy.

Asia Plus Securities Research Department stated that the overall stock market still faces pressure from inflation and bond yields that are likely to remain high. The average oil price in August remains higher than in July, although oil prices have recently started to decline due to hopes for the opening of the Strait of Hormuz. Meanwhile, El Niño has returned as another supply-side risk, with rainfall in the Panama Canal area below average, leading the Panama Canal to prepare to limit the number of transiting ships starting in September, which could increase transportation costs and exacerbate pressure on global food and commodity prices. Therefore, the global inflation picture has not fully eased. The latest US PCE for July stood at 3.7% year-on-year, slightly above expectations, causing US Treasury yields to rise. The market thus still faces risks from higher-for-longer yields, compressed P/E ratios, and slower fund flows into risk assets, especially growth stocks and those with high valuations. However, the Thai stock market is beginning to see additional support from a stronger baht, along with the Thailand Focus 2026 event held from August 26-28, which attracted around 220 foreign institutional investors from 74 institutions, with 78 listed companies meeting investors. This is an opportunity to boost confidence in Thai stocks among global fund managers, but such support is not yet sufficient to trigger fund flows into all stock groups. During this period, it is recommended to focus on selective buying with specific support factors rather than broad-based buying. The strategy thus emphasizes stocks with multiple layers of specific catalysts, including BGRIM, GPSC, and GULF, which benefit from softer oil/energy prices reducing fuel costs, while a stronger baht helps lower cost burdens and foreign currency debt. SCC and PTTGC are supported by lower oil prices, which ease feedstock/cost pressures. TTB and KKP stand out with attractive interim dividend yields, helping cushion market volatility. CK and STECON represent the domestic investment/infrastructure theme, which may be highlighted as key stories in presenting Thailand to foreign investors. DELTA has positive sentiment from NVIDIA's earnings released after market close, with NVIDIA reporting Q2 fiscal 2026 revenue of $96.2 billion, up 106% year-on-year, and data center revenue of $89 billion, up 117% year-on-year, underscoring that the AI infrastructure cycle remains strong, which supports sentiment for stocks in the electronics and AI supply chain. CENTEL has speculative interest from hopes of tourism stimulus measures, as well as Phuket tourism sentiment potentially boosted by entertainment and tourism activities during this period. PSL and RCL receive positive sentiment from El Niño, as the Panama Canal prepares to limit ship transits due to low rainfall, leading to longer voyage times and queues, reducing vessel supply and potentially pushing freight rates higher.

Krungsri Securities (KSS) expects the SET to move sideways/up today, with resistance at 1,614 and 1,630 points and support at 1,592 and 1,587 points. This is supported by accelerating AI CAPEX after NVIDIA reported better-than-expected earnings, and US PCE inflation rose slightly. Meanwhile, the Thailand Focus event highlights Thailand's strengths in attracting foreign investment, recommending three investment themes: stocks benefiting from AI CAPEX such as HANA, DELTA, and GULF, as well as power stocks and re-rating stocks.

GULF expects continued growth in H2 performance due to rising electricity demand from data center and electric vehicle expansion. It plans to commercially operate new power plants with a combined capacity of about 700 megawatts, including six solar and solar-plus-battery projects totaling 623 megawatts, which will gradually reach COD in September, November, and December, adding 600 million baht in annual profit. This includes the Chiang Mai community waste-to-energy plant (10 megawatts) slated for operation in October 2026, contributing 120 million baht annually, and 60-70 megawatts of rooftop solar under GULF1. The LNG import business is expected to import 5 million tons, generating 1.5 billion baht in profit, along with increased profit sharing from ADVANC. This year, total revenue and EBITDA are expected to grow 12-15%. The company also unveiled a five-year investment plan (2026-2030) worth 130-140 billion baht, focusing on renewable energy, natural gas power plants, LNG terminals, and digital businesses under Gulf Edge, such as data centers, cloud, and AI, as well as the Laem Chabang deep-sea port Phase 3 project. It plans to offer 20 billion baht in bonds in October 2026 to institutional, high-net-worth, and retail investors, including via the Paotang app, to refinance existing bonds and fund working capital and business expansion, with emphasis on overseas projects and data centers.

Yuanta Securities (Thailand) released an analysis after the Thailand Focus event, stating that the new Power Development Plan (PDP) will be positive for power plant stocks. It is expected that the new PDP will be clarified as early as September 2026, with a renewable energy share of no less than 60%, and will include Carbon Capture, Small Modular Reactor (SMR), and Direct PPA. The seminar featured Mr. Eknat Prompan, Minister of Energy, Dr. Harald Link, Chairman of B.Grimm Power Public Company Limited (BGRIM), and Mr. Yanis Ghitis, Chief of Commercial and Investment Officer of Digital Edge. Mr. Eknat stated that Direct PPA will help data centers access electricity at reasonable prices, and it is no longer limited to 2,000 megawatts, with all industrial groups allowed to participate. The 200 billion baht loan will support Solar Rooftop, Net Billing, and grid improvements. Dr. Harald Link said that Thailand's water supply is sufficient for many data centers, and seawater can be used. The research team favors GULF, GPSC, GUNKUL, and WHAUP, as well as data center-related stocks such as WHA, AMATA, and STECON.

TRIS Rating has assigned a rating of AA- to the new unsecured, non-subordinated debentures of Gulf Development Public Company Limited (GULF), with a total issue size of up to 20 billion baht and a tenor of no more than 10 years. The company will use the proceeds for business expansion and debt repayment. TRIS Rating also affirmed the company's corporate and existing debenture ratings at AA- with a stable outlook. The ratings reflect GULF's strong position in the power generation business, cash flows from long-term power purchase agreements, and dividends from its investment in ADVANC, but are constrained by its large investment plans. In the first half of 2026, EBITDA (excluding special dividends from ADVANC of 2.29 billion baht) stood at 3.62 billion baht. TRIS Rating expects the financial leverage ratio (debt to EBITDA) to remain below 7 times, despite significant planned capital expenditures over the next three years. As of June 2026, total debt excluding lease liabilities was 424 billion baht, of which senior debt amounted to 195 billion baht, representing 46% of total debt, which is expected to be maintained below 50%.

The Thai Bond Market Association revealed that the overall corporate bond issuance from the beginning of the year to August 20, 2026, totaled 507 billion baht, similar to the 517 billion baht in the same period last year. However, the number of issuing companies decreased from 123 to 105. The energy sector raised the most funds, particularly GULF, which has already issued 35 billion baht in bonds and plans to sell six new tranches in October. Meanwhile, major banks have halted bond issuance due to excess liquidity, such as Bank of Ayudhya and Kasikornbank, which had bonds maturing but did not issue replacements. Companies in the CP Group have turned more to short-term debt instruments, while PTT Group issued only 13 billion baht in new bonds against 22.5 billion baht in maturities. The association expects interest rates to remain stable until the end of the year, facilitating continued bond issuance, and targets full-year issuance of 880-900 billion baht.

Power plant stocks rose after KKPS turned more positive on Thailand's utility sector, citing the PDP 2026 plan and direct power purchase agreements to support data centers. At 10:58 a.m., BGRIM stood at 19.30 baht, up 3.76 percent, GULF at 63.75 baht, up 1.19 percent, and GPSC at 52.75 baht, up 4.46 percent. KKPS raised its profit forecasts for 2027 to 2030 for GULF by 12 to 26 percent, for GPSC by an average of 6 percent, and for BGRIM by an average of 15 percent. It also raised target prices for GULF to 75 baht, GPSC to 60 baht, and BGRIM to 25 baht, maintaining buy recommendations on all three. KKPS views the draft PDP 2026, expected to be released in September 2026, as potentially opening the way for additional capacity investment and marking the start of a re-rating for the whole sector. Meanwhile, Krungsri Securities said the draft PDP 2026 is being submitted to the energy minister for consideration, with public hearings expected in September 2026 before it goes to the National Energy Policy Council for review in October to November 2026. GPSC aims to capture about 25 percent of new capacity under PDP 2026, covering 2.2 gigawatts of solar power, 0.5 gigawatts of wind power, 0.5 gigawatts of hydropower, and independent power producer projects totaling 2 to 5 gigawatts. In the best-case scenario, this would require total investment of 195 to 236 billion baht and generate additional profit of 7.95 billion baht, adding 27.90 baht per share to the stock's fair value.

Third-quarter net profit of Thai listed companies is expected to expand from a year earlier but slow from the previous quarter, with the main support coming from higher energy prices, petrochemical spreads, mobile and internet service revenue, electronics demand, as well as new power generation capacity and profit from GULF's overseas power plant business. Meanwhile, higher jet fuel costs are pressuring the airline group, and narrowing interest margins are pressuring the banking group. Groups whose core profit is expected to grow from a year earlier are led by energy, petrochemicals and construction materials, supported by average Brent crude prices in July to August rising 28% from a year earlier and Singapore GRM refining margins rising 434% from a year earlier. The electronics group is supported by strong AI and data center demand, with DELTA Taiwan's power electronics sales in July growing 59% from a year earlier and 17% from the previous quarter. KCE expects PCB revenue may rise 17 to 19% from the previous quarter thanks to product price increases effective from July 1, which should lift average selling prices by about 9 to 10%. HANA is seeing IC capacity utilization recover, and AI-related products are expected to begin commercial production from the third quarter. The communications group is supported by mobile and internet service revenue. The hospital group expects revenue to return to growth both from a year earlier and from the previous month in July, supported by Thai and Middle Eastern patients, with flights from the Persian Gulf estimated to have recovered to pre-war levels since early July. The retail group saw same-store sales rise 1% from a year earlier in July, led by IT product retailers, with COM7 expecting total sales to grow 15% from a year earlier and ADVICE growing 17% from a year earlier. CPALL expects same-store sales to expand 0.5% from a year earlier on average in July to August, while Makro was flat and Lotus contracted 5% from a year earlier. The tourism group saw revenue per available room in July at AWC rise 26% from a year earlier, CENTEL rise 8% from a year earlier, ERW rise about 5% from a year earlier, and MINT rise 4% from a year earlier. Groups whose core profit is expected to decline from a year earlier are led by transport, pressured by higher jet fuel costs, banking, pressured by persistently narrowing interest margins, and meat, pressured by lower meat prices, with average pork prices in July falling 14% from a year earlier and chicken prices falling 1% from a year earlier. Meanwhile, the pet food export group expects sales to still grow 10% from a year earlier and 7% from the previous quarter in July. Analysts recommend being selective in stocks whose third-quarter earnings trends are still expected to grow strongly, have not seen sharp earnings downgrades over the past three months, and have clear positive factors supporting recovery. These include KCE in electronics, CBG in beverages, which expects domestic energy drink sales to grow 10% from a year earlier and Myanmar sales to grow 70% from a year earlier in the third quarter of 2026, ITC in pet food exports, BH and BDMS in hospitals, AOT and CENTEL in tourism and airports, and GPSC in power plants, which recognizes full-quarter profit from GHECO-One and Glow IPP power plants.

GULF has signed loan agreements for a combined facility of no more than 8.6 billion baht from six leading financial institutions to develop three wind power projects with total installed capacity of 208 megawatts and total investment value of approximately 11.7 billion baht. The three joint venture companies, namely Isan Clean Energy Company Limited, Alpha One Project Company Limited, and Alpha Two Project Company Limited, signed the loan agreements on 20 August 2026 with a 22-year loan tenor. GULF indirectly holds 60% in all three projects through Gulf Renewable Energy Company Limited, a wholly owned subsidiary of GULF, together with Alpha Energy Holding Company Limited, which indirectly holds 40%. The three projects are located in Mukdahan, Chumphon, and Prachuap Khiri Khan provinces, with installed capacities of 90, 48, and 70 megawatts respectively, under the Feed-in Tariff scheme for renewable energy purchases for 2022 to 2030. Power purchase agreements have been signed with the Electricity Generating Authority of Thailand at a fixed tariff of 3.1014 baht per kilowatt-hour for 25 years, with commercial operation scheduled for 2027. The lending financial institutions comprise Siam Commercial Bank, Bank of Ayudhya, Government Savings Bank, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation Singapore Branch, and Bank of China Hong Kong and Singapore Branches.

Several Thai listed companies announced business updates at the same time. GULF disclosed that three joint ventures signed project loan agreements totaling no more than 8.6 billion baht with a 22-year tenor to develop three wind power projects with combined capacity of 208 megawatts. Commercial operation dates are expected to be phased in during 2027, with 25-year power purchase agreements with EGAT. Meanwhile, SCGP is spending 9.846 billion baht through Siam Kraft Industry Company Limited, a wholly owned subsidiary, to expand gypsum board paper production capacity in Kanchanaburi province by another 400,000 tonnes per year, with commercial operations expected in the fourth quarter of 2028. MPJ reported second-quarter 2026 net profit of 51.1 million baht, up 69.2 percent, and first-half profit of 74.8 million baht, up 25.1 percent, while maintaining this year's revenue target of 1.264 billion baht, growth of 18 percent, and preparing capital spending of more than 1.14 billion baht over the next two to three years, including expanding its Laem Chabang container yard by another 28 rai, with service expected to begin in the second quarter of 2027. SUPER signed a long-term credit facility with the Bank for Investment and Development of Vietnam worth 8.3 trillion dong, or about 1.065 billion baht, to support phase one of the Soc Trang Wind Power Plant with capacity of 30 megawatts. The loan has a 15-year tenor. WICE unveiled its second-half 2026 strategy, moving forward with expanding its customer network and regional trade routes, while also entering the US market and expanding its service area to 158,020 square metres.

CGS International Thailand, or CGSI, has raised its year-end 2026 target for the SET Index to 1,690 points from 1,630 points, while lifting its market earnings per share estimate for this year by 8 percent. The move follows a 10 percent year-on-year and 14 percent quarter-on-quarter increase in combined net profit for the Thai listed companies it covers in the second quarter of 2026, led by the energy and petrochemical sectors. Excluding those two sectors, however, combined net profit fell 25 percent from a year earlier and 6 percent from the previous quarter. The research team recommends overweight positions in healthcare, tourism, consumer products, and industrial estates. It also updated its top picks, removing ERW and CRC and adding CPALL and PTT. The latest list consists of BH, PR9, THAI, PTT, CPALL, CPN, AMATA, WHA, GULF, TRUE, TFG, KBANK, MTC, and TIDLOR.

Krungsri Securities Public Company Limited, or KSS, said the US Treasury is preparing to increase the size of its long-dated government bond buybacks to at least 4 billion US dollars per operation, focusing on bonds with maturities of 10 to 20 years and 20 to 30 years, starting from 9 September 2026 onwards. The measure caused the yield on 30-year US government bonds to fall by 0.07%, while the 10-year yield fell by 0.04%, alongside a weaker US dollar and a recovery in global risk assets. KSS views this bond buyback as a measure to support liquidity and manage the average maturity of debt securities rather than as quantitative easing, because the US Treasury is using short-term Treasury bill issuance as the main funding source for buying back long-term bonds. These factors pushed the dollar index down to its lowest level in one month, while the baht strengthened to trade around 32.80 to 32.90 baht per US dollar, reflecting conditions that favour foreign capital inflows into Asian and Thai equity markets. In the medium to long term, the Thai economy should also benefit from foreign direct investment flowing into the ASEAN region, supporting the investment cycle in artificial intelligence infrastructure and data centres. This should be positive for commercial banking stocks as the main funding source, without concern over non-performing loan risk among SME businesses, because this credit cycle is being driven by large corporates and the government continues to provide assistance measures for SMEs. Stocks expected to benefit directly from easing bond yields and the technology trend include Delta Electronics Thailand Public Company Limited, or DELTA; KCE Electronics Public Company Limited, or KCE; Hana Microelectronics Public Company Limited, or HANA; Gulf Development Public Company Limited, or GULF; Global Power Synergy Public Company Limited, or GPSC; WHA Utilities and Power Public Company Limited, or WHAUP; Muangthai Capital Public Company Limited, or MTC; and Krungthai Card Public Company Limited, or KTC.

Bualuang Securities maintains an overweight stance on power plant stocks relative to the market, expecting the draft PDP2026 plan to be announced at the end of September. The plan still targets 60% renewable energy and an average electricity tariff of around 4 to more than 4 baht per unit. Data center power demand has a base case of 8,811 megawatts through 2050, and the first batch of 2,000 megawatts under direct power purchase agreements remains a near-term catalyst. The research team sees GULF, GUNKUL and WHAUP as clear near-term beneficiaries, while GPSC and BGRIM should see pressure ease as fuel cost pass-through and plant restarts improve in 2027. The brokerage currently recommends buying GULF with a target price of 82 baht, GUNKUL at 5.50 baht, and BGRIM at 20 baht, while target prices for GPSC and WHAUP are under review. Second-quarter 2026 operating results for the five power plant companies under coverage totaled 13.7 billion baht, up 36% from a year earlier and 15% from the previous quarter, on combined revenue of 85 billion baht, up 8% from a year earlier and 20% from the previous quarter. Combined net profit fell 76% from a year earlier to 16 billion baht because the second quarter of 2025 included a special item for GULF from the GULF-INTUCH merger of 56.1 billion baht. Excluding that item, the group's underlying profit picture remains strong. GULF posted core profit of 10.4 billion baht, up 46% from a year earlier and 11% from the previous quarter, driven by renewable and independent power producer businesses. GUNKUL reported 567 million baht, up 9% from a year earlier and 31% from the previous quarter, helped by EPC backlog recognition. WHAUP reported 502 million baht, up 116% from a year earlier and 150% from the previous quarter, as Gheco-One returned to full operation. GPSC and BGRIM remain pressured by gas and coal costs with delayed pass-through to the fuel tariff.

Stecon Group reported second-quarter 2569 net profit of 911 million baht, up 160% from the previous quarter and close to analyst expectations. The main driver was recognition of 736 million baht in dividends from its investment in GULF, while construction revenue rose 29% from the previous quarter to 9.345 billion baht, helped by accelerated revenue recognition from major backlog projects including the Orange Line, Purple Line, Den Chai double-track railway, data centers, the Clean Fuel Project, waste-to-energy plants, and Bangkok Mall. Data center projects played a particularly important role in this quarter's revenue growth. The construction gross margin was 7.16%, down slightly from the first quarter of 2569 due to pressure from higher material costs and oil prices, but this was partly offset by a higher share of high-margin private-sector work and efficient cost management. Selling and administrative expenses as a share of revenue fell to 3.2% from 4.1% in the first quarter of 2569, reflecting economies of scale after revenue increased. First-half 2569 construction revenue accounted for 47% of the full-year revenue estimate of 35 billion baht, but the research team is not concerned because construction contractors typically accelerate revenue recognition in the second half, and management has maintained its full-year revenue target. A key issue to monitor is growth in new backlog, especially data center work, which is becoming an important growth engine for STECON. The company is currently bidding for three additional data center projects worth about 22.5 billion baht in total, supporting its 2569 new work target of 50 billion baht. In addition, the return of public-sector investment after the new fiscal year begins in the fourth quarter of 2569 will be another important factor supporting backlog and earnings growth going forward. Asia Plus Securities maintains a positive view on STECON because the company is transitioning from a traditional construction contractor to a business with diversified revenue sources and long-term value-creation potential, especially in data centers, which give the company access to high-margin work and align with private-sector investment megatrends. With a strong order backlog and growth opportunities from future new projects, the research team keeps a buy rating on STECON with a 2570 target price of 23.00 baht based on sum-of-the-parts valuation, implying upside of about 39% from the current price.

Kasikorn Securities recommends BH and STECON as today's standout stocks, while assessing the SET Index range at 1,600 to 1,625 points after yesterday's close at 1,609.76 points, down 11.86 points or 0.73 percent, with selling pressure from foreign investors amid pressure from the 10-year US Treasury yield at around 4.65 percent and ongoing uncertainty in the Middle East, which kept Brent crude oil prices above 90 dollars per barrel. For BH, or Bangkok Dusit Medical Services Public Company Limited, Kasikorn gives a target price of 204 baht and expects second-quarter net profit for fiscal year 2026 at 1.89 billion baht, up 6 percent from the previous quarter and 2 percent from a year earlier. First-half net profit for 2026 is estimated at about 4 billion baht, up 100 percent from a year earlier and above expectations, with foreign patients remaining the main revenue driver, rising 3.8 percent year on year. For STECON, or Stecon Group Public Company Limited, Kasikorn gives a target price of 20.62 baht and expects second-quarter net profit for 2026 at 910 million baht, up 374 percent from a year earlier and 488 percent from the previous quarter, slightly above expectations, supported by dividend income from GULF. Excluding that dividend item, core profit was still higher than expected. The company has a backlog of about 114 billion baht, supporting revenue for around three years, and targets new contracts in 2026 of about 50 billion baht.

The cabinet has approved the appointment of Chanthanon Wannakhajorn as the new permanent secretary of the Ministry of Energy, effective 1 October 2026, replacing the incumbent who will retire from government service. Chanthanon is currently a special expert attached to the Prime Minister's Office and a director of PTT Oil and Retail Business Public Company Limited, or OR. Analysts at Bualuang Securities view that this appointment may slightly delay the announcement of Thailand's Power Development Plan 2026–2053, or PDP 2026, from September, but expect it to be announced within 2026. They assess that GULF can accommodate around 2,000–3,000 megawatts of new projects, GUNKUL around 500 megawatts, and BGRIM 500–1,000 megawatts, and recommend investing in the renewable energy sector, especially GULF and GUNKUL as top picks.

UBS has raised its target for the Thai stock market index to 1,680 points in its base case. In the best case, the index could climb to test a high of 1,840 points, while in the worst case it could fall to 1,460 points. The bank also recommends six top picks: CP All, Central Pattana, Gulf Energy Development, Krung Thai Bank, PTT, and True Corporation. At the same time, it has removed Advanced Info Service, Bangkok Dusit Medical Services, Berli Jucker, and Asset World Corp from its recommended list. Trading data from the start of the year through 17 August 2026 shows UBS has accumulated net sales of 5.50 billion baht, with net sales of 3.24 billion baht in August alone. Mongkol Puangpetra, managing director of Apollo Wealth Securities, views the 1,680-point level as a target many parties have already assessed, but reaching 1,820 points would be very challenging. Even though second-quarter profit for the Thai stock market hit a record high of about 380 billion baht, and trailing twelve-month profit reached 1.2 trillion baht, he recommends gradually selling to lock in profits when the index approaches 1,630 to 1,650 points, and keeping an eye on PTT and PTT Exploration and Production, which may pay higher-than-normal dividends.

The Thai Bond Market Association expects the bond market to remain steadily strong in the second half, especially high-rated corporate bonds from large companies that can still raise funds easily, amid nearly 18 trillion baht in bank deposits ready to flow into the bond market. Ms. Ariya Tiranaprakij, Managing Director of ThaiBMA, told Than Hoon that in the remainder of 2026, about 340 billion baht of corporate bonds will mature, and new issuance to refinance and raise fresh funds is expected to be no lower than that. Energy and retail groups such as GULF and the CP Group remain highly popular, while the 10-year savings bond with a 2.8% coupon sold out in 21 seconds, reflecting strong demand for safe assets. On default risk, most property groups are in the debt extension category, but they still have tangible assets as backing. Finance companies enjoy higher confidence, as seen in narrower credit spreads. The top 10 bond issuers have interest coverage ratios above 3 times and debt-to-equity ratios below 2 times, which is considered very safe. ThaiBMA expects long-term government bond yields will not return to 3.5 to 3.6 percent as in the past, because the economy is growing slowly, household debt is high, and an ageing society is keeping inflation low. This limits the Bank of Thailand's ability to raise rates, making it a good time for the private sector to lock in costs with long-term bonds instead of short-term bank loans. ThaiBMA recommends selective investment in investment grade bonds and secured bonds for high yield.

The Office of the National Economic and Social Development Council reported that gross domestic product in the second quarter of 2026 expanded 1.9% from a year earlier, slowing from 2.8% in the first quarter but above the market forecast of 1.7%. The main support came from private investment, which grew strongly in line with investment promotion applications, while private consumption slowed to 1.9% from 3.3% in the previous quarter amid higher domestic energy prices, and government spending was weak because disbursement had already been accelerated earlier. Yuanta Securities expects consumption to recover clearly in the third quarter from the full-quarter impact of the Thai Chuay Thai Plus measures, and government spending to accelerate toward the end of the fiscal year. It maintains a positive view on construction contractors, power plants, industrial estates, retail, and food and beverage, citing stocks CK, STECON, GUNKUL, GULF, FORTH, SAMART, EPG, BJC, CPALL and CBG. The planning agency also raised its GDP forecast for this year to 2.0 to 2.5% from 1.5 to 2.5%, and lowered its inflation forecast to 1.5 to 2.0% from 2.0 to 3.0%, which helps ease pressure on monetary policy tightening.

KGI Securities has raised its 2026 SET index target to 1,820 points after second-quarter 2026 profit for companies under its coverage came in 10% above expectations. Combined profit was 302 billion baht, up 13% from both a year earlier and the previous quarter. Excluding the energy and petrochemical sectors, however, profit fell 26% year-on-year and 6.2% quarter-on-quarter, due to a high base from GULF's special profit in the second quarter of 2025. The research team said 40% of stocks under coverage beat earnings expectations, 41% were in line, and 20% missed. Electronics, transport, and banking delivered strong results, while tourism and media were broadly neutral. Momentum in earnings-per-share upgrades is peaking and is expected to stabilise over the rest of the year. The new target still implies 12% upside from current levels, but it is quite challenging because earnings upgrades are concentrated in the energy sector, which is cyclical and trades at a lower price-to-earnings ratio than other sectors. Stocks that still offer upside to target prices include CPALL, CPN, KBANK, KTB, and GULF.

Kasikorn Securities said private investment in the second quarter of 2026 grew 13.4 percent, the highest in 11 years, supported by investment flows into S-Curve industries such as electronics, AI, and clean energy. Exports grew 12.5 percent, reflecting economic restructuring toward a New Economy production base, even as GDP slowed to 1.9 percent due to pressure from energy, inflation, and weaker consumption. The research team views this as positive for industrial estates, electronics, data centers, and clean energy, including WHA, Amata, Delta, Hana, KCE, and Gulf, driven by accelerating FDI and new infrastructure investment.

The subcommittee drafting Thailand's Power Development Plan, or PDP2026, has considered four scenarios for the main fuel mix in power generation. Each scenario has renewable energy accounting for more than 60 percent of power generation, up to a maximum of 80 percent, while the share of small modular reactors, or SMRs, is set within a range of about 2,400 to 4,000 megawatts. Some scenarios may exceed 4,000 megawatts. During the first 10 years of the plan, the Electricity Generating Authority of Thailand, or EGAT, will remain the lead agency to study and carry out the initial phase of projects, after which private sector investment is expected to be opened up further in the future. The draft plan will be submitted to the Minister of Energy for consideration within this week, and public hearings are expected to begin by early September, before the plan can be announced in time within this year. The research unit of Asia Plus Securities said the PDP2026 will be a positive factor for power plant operators over the medium to long term, because it opens opportunities for a new investment cycle in power plant projects, especially renewable energy, and allows expansion into energy storage systems as well as SMR technology. Meanwhile, electricity demand from data centers and AI will be another key driver of investment in the power system, particularly demand for stable electricity from clean energy sources, and the opening of direct power purchase agreements will allow large electricity users to procure renewable power directly. The research unit selected top picks including Gulf Development Public Company Limited, or GULF, with a target price of 80 baht, and Gunkul Engineering Public Company Limited, or GUNKUL, with a target price of 6.40 baht. Krungsri Securities viewed progress on energy measures and plans as a positive factor for stocks in the infrastructure and power technology theme, with standout names including GULF, Global Power Synergy Public Company Limited, or GPSC, WHA Utilities and Power Public Company Limited, or WHAUP, and GUNKUL. In trading on August 17, 2026, power plant stocks rose, led by WHAUP closing at 8.20 baht, up 5.81 percent, GPSC closing at 49.50 baht, up 2.59 percent, BGRIM closing at 18.20 baht, up 2.82 percent, GULF closing at 65.25 baht, up 1.16 percent, and GUNKUL closing at 5.15 baht, up 0.98 percent.

Sino-Thai Engineering and Construction Public Company Limited, or STECON, reported second-quarter net profit of 911 million baht, up 77.8 percent from the same period last year and 159.7 percent from the previous quarter. The strong performance was driven mainly by dividend income from its investment in GULF of 736 million baht and construction revenue that grew 8 percent from a year earlier to 9.345 billion baht. The company is bidding for three additional Data Center projects worth about 22.5 billion baht in total to support its target of 50 billion baht in new contracts this year. Most analysts maintain buy recommendations, with the highest target price of 23 baht from Asia Plus Securities, while Dao Securities recommends hold with a target price of 19 baht. However, second-half profit is likely to slow compared with the second quarter because there will be no further dividend income from GULF.

Asia Plus Securities assesses that the power plant and renewable energy power plant group posted normalised profit in the second quarter of 2026, rising 18.4 percent quarter on quarter to 18.4 billion baht. The main driver was GULF, whose normalised profit rose sharply quarter on quarter from recognising dividend income from KBANK and growth in other income. The IPP power plant group also improved as electricity demand entered the high season in summer. GPSC likewise ran its IPP plants more, while GUNKUL benefited from the high season for solar and from trading and EPC businesses that continued to be recognised along with government infrastructure investment. Meanwhile, BGRIM, RATCH, BCPG and SSP saw normalised profit in the second quarter of 2026 decline quarter on quarter due to higher gas costs and seasonally weaker wind. For the third quarter of 2026, the group's normalised profit is expected to decline quarter on quarter from the high base in the second quarter of 2026. IPP players such as GULF and RATCH are expected to see electricity sales volumes soften after the high season, while SPP players such as BGRIM and GPSC are pressured by gas costs that are likely to remain elevated. Only operators with a high proportion of power plants in the United States, such as EGCO and BCPG, are expected to report better results quarter on quarter thanks to summer in the United States, while renewable energy players such as CKP, BCPG and SSP are expected to improve along with the high season for water and recovering wind. For full-year 2026, the group's normalised profit is still expected to grow year on year, with GULF as the main driver from gradually recognising projects that reach commercial operation as planned. GUNKUL is supported by government investment policy, and SSP begins to recognise new projects. EGCO is expected to see profit recover year on year from a low base as planned maintenance shutdowns decline. The investment strategy focuses on selective buying, with GULF at a fair value of 80 baht and GUNKUL at a fair value of 0.90 baht as top picks, given their 2026 profit outlook that remains notably strong year on year and support from new business opportunities under government policy plans. The expected weakening of third-quarter 2026 profit is viewed as merely a pause from the high level of second-quarter 2026 profit, and investors are advised to look for opportunities to gradually accumulate when share prices weaken.

Asia Plus Securities' research department said second-quarter 2026 profits of Thai listed companies were the highest on record, beating expectations by about 13%, but still lagging US tech stocks, where NASDAQ beat expectations by 53%, causing some funds to rotate into tech stocks and keeping Thai stocks under pressure and hard to move. It recommends stocks with supportive factors, namely PTT, GULF, GPSC, BGRIM, and stocks expected to post standout third-quarter profits, namely CPF, BDMS, BH, PR9, and KCE. Data from 594 companies, representing 98% of market capitalisation, show second-quarter 2026 net profit surged to 386 billion baht, growing 10.8% quarter-on-quarter and 12.5% year-on-year, with the energy sector contributing as much as one-third of profits. Commodity-linked stocks such as energy, petrochemicals, food, and agriculture accounted for as much as 44% of total market profit, compared with the normal level of about 30%. First-half profit already accounted for more than 60% of full-year estimates, making third- and fourth-quarter profit targets of only about 19% per quarter, or roughly 228 billion baht, not difficult to achieve. There is also a chance that full-year EPS estimates will be revised upward at year-end, adding upside to the SET Index.

GULF is preparing to invest in a data center estate of at least 1,000 megawatts to meet rental demand that has reached around 2,000 to 3,000 megawatts. Construction will begin as soon as the government provides clarity on electricity tariffs, since land has already been prepared. Yuanta Securities Thailand said GULF will invest on its own and build its own power plants for the data centers after the government removed limits on electricity volumes under the direct power purchase agreement scheme. Krungsri Securities said GULF aims to develop the data center estate in two plots of 2,000 megawatts and 500 megawatts through GEDC02-04, with land already secured, and sees limited impact from electricity tariff constraints because power costs account for only a small share of total project costs. Both brokers maintain buy recommendations, with Yuanta setting a target price of 91 baht per share and Krungsri setting a 2027 target price of 77 baht per share.

Krungsri Securities expects the SET index to recover today, with resistance at 1,630 and 1,635 points and support at 1,607 and 1,598 points. US consumer inflation in July 2026 came in at 3.4 percent year on year and 0.1 percent month on month, down from 3.5 percent year on year, in line with expectations. This led the market to cut the probability of a Fed rate hike at the September meeting to 38 percent from 50 to 60 percent previously. On the domestic front, second quarter market earnings beat expectations, accelerating to 11.8 percent from 11.0 percent, and the 2026 power development plan shows signs of progress. The subcommittee drafting the plan met on August 17 and concluded a plan to expand power generation capacity by 20,000 megawatts, and may adjust direct power purchase agreement criteria to support data center demand. Top picks are GULF, KCE and HANA.

Yuanta Securities forecasts that Stecon Group Public Company Limited, or STECON, will see its 2026 net profit rise 85% to 1.702 billion baht, driven mainly by the recognition of a special dividend from GULF worth 763 million baht in the second quarter of 2026. That would push the quarterly net profit to 902 million baht, up 157.1% from the previous quarter and 76.1% from a year earlier. Core operating profit excluding the dividend is expected at 240 million baht, supported by construction revenue projected at 9.155 billion baht, thanks to accelerated revenue recognition from government projects and private-sector data centres. The analyst raised the target price to 17.7 baht per share, based on a five-year average PER of 20.53 times, but maintained a Trading recommendation, as the current price offers only 3.51% upside and already reflects much of the positive view.

Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

Thaicom is set to rebrand as Gulf Space Technology to expand its business from a satellite operator to a full-spectrum space technology company. Chief Executive Officer Dr. Piyaawat Jariyasetthaphong revealed that the company will integrate geostationary and low Earth orbit satellites, while accelerating the expansion of Earth observation data services and developing a data platform to support the data center and AI businesses of Gulf Group. Most recently, it secured a contract from PTT to use satellite data for monitoring gas pipeline routes, and is in the process of seeking permission to build a ground station to provide broadband internet via LEO satellites in partnership with Amazon, as well as collaborating with Globalstar to offer direct-to-device services. On the satellite plan, Thaicom 4 will extend its lifespan until the end of 2026, Thaicom 9 is expected to begin service in the third quarter of 2027, and Thaicom 10 has been postponed to the first half of 2029, with 50% of its capacity already pre-sold.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

Gulf Energy Development Public Company Limited, or GULF, reported second-quarter 2026 core profit of 10.405 billion baht, up 12% from the previous quarter and 47% from a year earlier, marking a new all-time high. The result was boosted by dividend income from Kasikornbank of 2.842 billion baht. The research unit of Yuanta Securities Thailand expects core profit in the third quarter of 2026 will not grow from the previous quarter due to the absence of the Kasikornbank dividend, but should still grow year-on-year. It maintains a target price of 91 baht and a buy recommendation. Meanwhile, the research unit of Asia Plus Securities notes that first-half 2026 core profit accounts for 56.7% of its full-year estimate, and keeps a target price of 80 baht with a buy rating. The research unit of Land and Houses Securities has raised its target price to 72 baht and maintained a buy recommendation, saying first-half 2026 core profit represents 72% of its full-year forecast, reflecting potential for upward estimate revisions.

Gulf Development Public Company Limited, or GULF, reported core profit for the second quarter of 2026 at 10.405 billion baht, up 12 percent from the previous quarter and 47 percent from a year earlier, after booking dividends from KBANK of 2.842 billion baht. This marks a new quarterly record for core profit. The company also booked an extraordinary gain from the disposal of its investment in the Pak Lay project of 1.928 billion baht and a foreign exchange gain of 113 million baht, bringing net profit to 12.446 billion baht. Total revenue came in at 44.5 billion baht, up 18 percent from the prior quarter and 16 percent from a year ago. Revenue from IPP power plants rose on higher dispatch, while the renewable energy business saw revenue drop 23 percent from the previous quarter because the first quarter of 2026 included a retroactive revenue booking for a Vietnam wind project. However, revenue was up 80 percent from a year earlier, thanks to a 597-megawatt Solar plus BESS project that began commercial operation in the fourth quarter of 2025. Gross profit stood at 7.354 billion baht, down 9 percent from the prior quarter. Excluding the 636 million baht retroactive revenue from the Vietnam wind project, gross profit would have declined only slightly, due to the impact of higher natural gas prices on SPP power plants. SG&A expenses rose 81 percent from the previous quarter and 47 percent from a year earlier to 1.713 billion baht, mainly because of a one-time restructuring expense in Oman of about 500 million baht. Yuanta Securities expects core profit in the third quarter of 2026 to be flat from the second quarter, as there will be no dividend from KBANK, but still higher than a year ago, supported by the Solar plus BESS project, the high season for GGC, and a growing profit contribution from ADVANC, which is expected to increase every quarter. The stock trades at a price-to-earnings ratio of 30 times for 2026 and 29 times for 2027, not yet factoring in opportunities from the Power Development Plan and data centers. The company expects clarity on a hyperscale data center investment of about 500 megawatts this year. Yuanta maintains a target price of 91.00 baht and a buy recommendation.