Asia Plus Securities said the Barlow Jonker Index, or BJI, reference coal price stood at 150.01 dollars per tonne on September 11, 2026, up 5.36 dollars per tonne, or 3.71%, from the previous week. The average since the start of 2026 to date is 130.40 dollars per tonne, up 23.59% from a year earlier. The supporting factor comes from higher demand in India after stockpiles at many power plants fell to critical levels. As of September 6, the number of power plants with critically low stockpiles rose to 58 from 45 earlier in the month, while coal volumes in India remain tight due to the impact of monsoon rains. There is also demand from China, Vietnam and South Korea, which are rushing to stockpile coal for winter power generation, along with the expansion of the AI and data center industries, as well as the sharp rise in oil and LNG energy prices caused by the conflict in the Middle East that has affected shipping routes through the Strait of Hormuz. The research team recommends trading the coal group in line with price direction and assesses BANPU's fair value for 2027 at 17.0 baht per share, with a buy recommendation, based on second-half 2026 earnings that are expected to grow from the first half of 2026 on higher coal production volumes and selling prices expected to hold steady at a good level.
Banpu Public Company LimitedAsia Plus backs BANPU with a buy rating and 17 baht target, citing higher coal demand from India, China, Vietnam and South Korea plus expected H2 2026 earnings growth on higher production volumes.
