Kasikorn Securities stated in its analysis that CK Power (CKP) is likely to receive support from the performance of the Xayaburi hydropower plant (XPCL) in the second half of 2026, following high water flow, no planned shutdowns, and lower financial costs. Meanwhile, the Nam Ngum 2 hydropower plant (NN2) remains weak due to low water inflow. CKP reported normal profit of 210 million baht in Q2/2026, down 41% year-on-year but up 81% quarter-on-quarter, missing the research department's estimate by 17% due to lower-than-expected total revenue and higher-than-expected financial costs. The profit decline was mainly due to weaker performance from NN2 (46% owned by CKP) and Bang Pa-in Cogeneration (BIC) (65% owned by CKP), while the quarter-on-quarter recovery was driven by higher electricity sales from SPP plants and improved profit sharing from XPCL. The research department has a neutral view on the data, with management expecting XPCL to remain a key profit driver in H2/2026, while NN2 is expected to gradually return to normal from an exceptionally high base last year. For the Luang Prabang hydropower project (LPCL), construction progress reached 77% as of June 2026, with commercial operation still targeted for early 2030. CKP has invested 13,344 million baht out of its total equity investment commitment of 20,934 million baht. Kasikorn Securities maintains a "Buy" recommendation with a target price of 3.00 baht, based on the sum-of-the-parts (SOTP) valuation method under a weighted average cost of capital of 6.7%. Key risks include a severe or prolonged super El Niño event.
CK Power Public Company LimitedKasikorn Securities maintains Buy with 3.00 baht target, expecting H2/2026 profit recovery led by XPCL running at full capacity.
