Ratch Group Public Company Limited, an energy and infrastructure company, engages in the generation and sales of electricity and steam in Thailand, Australia, Singapore, Indonesia, and internationally. The company operates through four segments: Domestic Electricity Generating, Domestic Renewable Energy, International Power Projects, and Domestic Related Business and Infrastructure. It generates electricity through natural gas, coal, and fuel oil, as well as invests in renewable power generation including solar, wind, biomass and hydro power. The company also offers power plant operation and maintenance services, as well as invests in the power energy business. Ratch Group Public Company Limited was incorporated in 2000 and is headquartered in Nonthaburi, Thailand.
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8 Companies Pay Interim Dividends, BCP Leads at 3 Baht
At least eight Thai listed companies announced interim dividend payments following board meetings on August 25, 2026, with most setting the XD date between September 7-9. Leading the way, BCP pays 3.00 baht per share, followed by TISCO at 2.00 baht, RATCH at 0.70 baht, TIPH at 0.50 baht, OR at 0.30 baht, HMPRO at 0.16 baht, TTB at 0.081 baht (up 23% from last year), and CIMBT at 0.0385 baht. RATCH's total payout is approximately 1,522.50 million baht, while OR's total is 3,600 million baht.
RATCH pays interim dividend of 0.70 baht per share
The board of RATCH Group Public Company Limited, or RATCH, has approved an interim dividend for the first half of 2026 at 0.70 baht per share, totaling 1.5225 billion baht. The record date for shareholders entitled to receive the dividend is 9 September 2026, with payment on 24 September 2026. RATCH shares closed at 36.75 baht, unchanged, on turnover of 106.3 million baht.
Three listed companies have announced interim dividend payments from their first-half operating results. TISCO will pay 2 baht per share, with the ex-dividend date on September 7, 2026, and payment on September 21, 2026. RATCH will pay 0.70 baht per share, totaling 1.52 billion baht, with the ex-dividend date on September 8, 2026, and payment on September 24, 2026. TTB will pay 0.081 baht per share, with the ex-dividend date on September 7, 2026, and payment on September 25, 2026.
RATCH expects 2026 EBITDA to reach 15 billion baht
Ratch Group Public Company Limited, or RATCH, expects earnings before interest, taxes, depreciation and amortization, or EBITDA, for 2026 to meet its target of 15 billion baht. The second half is expected to be higher than the first half's 7.62 billion baht, driven by revenue recognition from a 71.05 megawatt solar power plant in the Philippines and a 5.5 megawatt hydropower plant in Vietnam, both scheduled to begin commercial operation in the fourth quarter of 2026. Group Chief Executive Officer and Managing Director Nitas Voraphanphiphat said the company is studying mergers and acquisitions of two power plant projects in Indonesia with combined capacity of about 340 megawatts, with clarity expected by December 2026. Current capacity stands at about 9,483.99 megawatts, comprising 68.57 percent fossil fuels and 31.43 percent renewable energy. The company has set an investment budget of 10 billion baht this year and is preparing to bid for projects under the PDP 2026 plan, while also showing interest in investing in a sustainable aviation fuel project in Turkey with capacity of 100,000 tonnes per year.
RATCH allocates 10 billion baht investment budget, eyes power plant auctions in Thailand and Indonesia
Ratch Group Public Company Limited, or RATCH, has set an investment budget of 10 billion baht this year for existing and new projects, while preparing to bid for renewable power plant projects in Thailand and seeking investment opportunities in Indonesia. Mr. Nitas Voraphonpipat, Group Chief Executive Officer and Managing Director, said the company targets EBITDA growth this year at 15 billion baht and renewable energy revenue of no less than 15 percent of total revenue. It expects to recognize revenue from a solar power plant with equity capacity of 71.05 megawatts in the Philippines and a hydropower plant with equity capacity of 5.5 megawatts in Vietnam, both scheduled for commercial operation this year. For investment in Indonesia, the company has prepared an expansion plan for the Paiton power plant in East Java, a 1,000-megawatt combined-cycle power plant, and is studying the feasibility of investing in a 200-megawatt gas engine capacity expansion project and a 140-megawatt combined-cycle power plant with cooling system in Batam.
Ratch Group Public Company Limited reported net profit of 2.628 billion baht for the first half of 2026, with earnings before interest, tax, depreciation and amortisation of 7.62 billion baht and total revenue of 26.015 billion baht. Of that revenue, 96 percent came from the power generation business, amounting to 24.866 billion baht, split between revenue from main fuel power plants of 22.506 billion baht and renewable power plants of 2.36 billion baht. Revenue from other businesses was 1.149 billion baht. Group Chief Executive Officer Nitas Voraphanphiphat said performance was supported by wind power plants in Australia and hydropower plants in Laos, while the company expects two renewable power projects in the Philippines and Vietnam to begin commercial operation this year, with combined capacity attributable to the company of 76.6 megawatts. At the end of June 2026, the company had total assets of 245.655 billion baht, total liabilities of 131.235 billion baht and shareholders' equity of 114.42 billion baht, with a debt-to-equity ratio of 1.15 times and return on equity of 10.56 percent.
RATCH falls 4.46% after Krungsri Securities cuts 2026-2028 profit forecasts by 16%
RATCH shares dropped 4.46% to 37.50 baht after Krungsri Securities turned negative on second-quarter 2026 core profit of 1.3 billion baht, down 41% year-on-year and down 1% quarter-on-quarter. This leaves first-half profit at only 38% of the full-year 2026 estimate, due to weak profit contributions from Hongsa, Paiton, and renewable power plants. The broker cut its 2026-2028 profit forecasts by an average of 16% to 5.5, 7.0, and 8.5 billion baht respectively. It also expects third-quarter 2026 profit to decline year-on-year because of the Hongsa plant maintenance shutdown and weaker hydropower output. Krungsri Securities downgraded RATCH to Neutral with a 2027 target price of 40 baht.
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.
The Stock Exchange of Thailand index opened at 1,656.19 points, up 10.19 points or 0.62 percent. CGSI estimates the SET Index's trading range at 1,635 to 1,650 points and is approaching a test of the key resistance level at 1,650 points amid concerns over tensions in the Middle East. Meanwhile, investors are watching earnings reports from major technology companies this week, including Alphabet and Intel. For stock recommendations, CGSI recommends RATCH, citing that the renewal of the RG contract until 2034 and the full consolidation of HKP starting from the fourth quarter of 2025 will enhance earnings visibility. It has raised net profit estimates by 22 percent for 2026, 37 percent for 2027, and 24 percent for 2028, and upgraded the recommendation to buy, with a profit target of 39.00 baht and a stop-loss at 37.50 baht. As for MOSHI, it expects second-quarter 2026 net profit to rise 16 percent year-on-year, with efficient product management and a higher proportion of imported goods supporting sales growth and maintaining margins in the second half of 2026, with a profit target of 41.00 baht and a stop-loss at 38.00 baht.
Brokers highlight top picks: KKP profit beats expectations, AMATA buoyed by FDI
Several brokers have issued fundamental stock picks, with Kiatnakin Phatra Bank, or KKP, receiving positive recommendations from multiple houses after reporting stronger-than-expected second-quarter 2026 earnings. Maybank noted a profit of 2.1 billion baht, up 51 percent year-on-year and 9 percent quarter-on-quarter, beating market forecasts by 19 percent. Meanwhile, Krungsri Securities raised its 2026 to 2028 profit estimates by 10 percent per year and expects 2026 profit to grow 32 percent, driven by outstanding wealth management business. Pi Securities pointed to a net profit of 2.2 billion baht and a decline in the NPL ratio to 3.5 percent. For other sectors, KGI Securities assessed that Amata Corporation, or AMATA, saw second-quarter 2026 profit surge from 140 million baht a year earlier to 1.17 billion baht, supported by record-high investment promotion applications and accelerating data centre investments. Meanwhile, CGS International upgraded Ratch Group, or RATCH, to buy after the renewal of the Ratchaburi power plant contract until 2034 and full consolidation of HKP from the fourth quarter of 2025.