P.S.P. Specialties Public Company Limited

P.S.P. Specialties Public Company Limited, or PSP, and Recycling Engineering Company within the PSP group have received Corporate Carbon Footprint, or CFO, certification for the third consecutive year, covering the operations of both offices and factories. Mr. Siam Suwanart, Manager of the Safety, Occupational Health and Working Environment Department at PSP, said the company had passed verification of its greenhouse gas emissions data by an accredited verification body and registered the certification with the Thailand Greenhouse Gas Management Organization, continuing from the previous year. The company received the CFO carbon label certification and passed the international organizational standard ISO 14064-1. PSP has prepared corporate carbon footprint reports continuously since 2023 and received its certificate from Dr. Wijarn Simachaya, Chairman of the Thailand Greenhouse Gas Management Organization, at the carbon label certification ceremony held at the Thailand Institute of Justice. This certification is considered a competitive edge in an era when global trade rules place greater weight on the low-carbon economy, including the European Union's Carbon Border Adjustment Mechanism, or CBAM, and the sustainable supply chain requirements of global trading partners. The company's export markets cover more than 50 countries across 5 continents worldwide. In 2025, PSP was able to reduce greenhouse gas emissions by 10,143 tonnes of carbon dioxide equivalent, or 4.59%, compared with 2024. In 2027, the company plans to bring in artificial intelligence, or AI, to help analyze and process greenhouse gas emissions data, and is preparing for assessment under the FTSE Russell ESG Scores within this year. For its long-term plans, PSP aims for Zero Landfill by 2029, a 5% reduction in energy use by 2030, and net zero greenhouse gas emissions, or Net Zero, by 2050.

Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities, said global AI investment is moving beyond chips to the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. As power per rack in data centres rises from several tens of kilowatts to roughly 600kW and could reach 1MW in the future, the key constraints are shifting to power delivery systems, cooling systems and data transmission. KKP sees two major technology shifts: 800VDC technology and the move to optical connectivity. KKP expects a new wave of FDI into Thailand in semiconductors, printed circuit boards, or PCBs, and advanced electronics, and estimates that major Thai industrial estate developers WHA and AMATA will see land sales rise by about 2,500 rai per year and 2,000 rai per year respectively. Several Thai listed companies are ready to meet this demand, including DELTA, which holds more than 50% of the overall market, as well as HANA, KCE, SMT, CCET, TRT, PSP and MGC.

The board of directors of P.S.P. Specialties (PSP) has approved an interim dividend payment of 0.30 baht per share, totaling 420 million baht. The ex-dividend date (XD) is set for September 18, with payment on October 5, 2026. This payment aligns with the company's policy of paying dividends twice a year and reflects a continuous increase since its listing on the stock exchange in 2023. The company reported a net profit of 801.46 million baht for the first half of 2026, up 52.6% from the same period last year, driven by higher revenue both domestically and internationally, improved margins from specialty products, and new business investments. The company continues to execute its JUMP+ plan for 2026-2028, targeting a net profit of 1,000 million baht by 2028, building on the record high of 853.5 million baht in 2025.

Yuanta Securities forecasts that PSP Specialties Public Company Limited, or PSP, will post a net profit in the second quarter of 2026 as high as 516 million baht, up 95% from the same period last year and 94% from the previous quarter, marking a new quarterly record. The main driver is an expected rise in gross margin to 21% from 15% in the first quarter of 2026 and 13.7% in the second quarter of 2025, following higher global oil prices due to the conflict in the Middle East, while raw material costs remain low thanks to efficient management. In addition, sales volumes are increasing on the back of orders, especially for transformer oil products and recycled chemicals, as some Middle Eastern producers have been affected by the war, prompting some customers to switch to recycled chemicals, thereby improving the performance of the recycling business. The analyst has raised net profit forecasts for 2026 and 2027 by 5 to 9 percent to 1.212 billion baht and 1.358 billion baht respectively, and revised the target price to 9.70 baht based on a price-to-earnings ratio of 10 times, while maintaining a buy recommendation.