Which Power Generation Stocks Are Worth Your Attention? Here's a Deep Dive Into 8 Top Performers

Question

Power generation stocks have quietly become one of the most stable wealth-building categories in the Thai market. Unlike the crypto roller coaster, these utilities provide steady cash flows and genuine underlying value. Let’s break down why they matter and which ones are actually worth your portfolio space.

Why Power Stocks? The Unglamorous Truth

Electricity isn’t optional. As economies grow, power demand grows with them. This creates a natural income stream for power producers—they’re essentially running a recurring revenue machine. The Thai government’s Power Development Plan (PDP) and Alternative Energy Development Plan (AEDP) guarantee demand signals for decades ahead.

Power stocks are classified by energy source: solar (SOLAR POWER), hydroelectric (HYDROPOWER), natural gas, nuclear, and renewables (wind, biomass, tidal). Each has different risk profiles and growth trajectories.

The 8 Heavy Hitters: Performance Snapshot

BANPU (111.50 THB | YTD: -5.88%): The regional heavyweight with 41 power plants across 8 countries. Recent 6-month revenue hit 90.6 billion THB with 2.5 billion THB net profit. Current capacity: 3,656 MW equivalent, with 11.2% from renewables. Analysts peg fair value around 6.75 THB average.

GULF (66.50 THB | YTD: +54.49%): The biggest mover on this list. Full-cycle energy player generating 64.9 billion THB revenue and 8.2 billion THB profit in H1. Just announced a massive 5-year, 900 billion THB renewable energy push with plans to create a new holding company (NewCo) and acquire stakes in ADVANCE and THCOM.

GPSC (46.25 THB | YTD: -3.09%): Innovation-focused utility with 48.4 billion THB revenue and 2.3 billion THB profit. Recently secured 7 billion THB in long-term financing from state and private banks to accelerate clean energy projects and hit Net Zero targets.

BGRIM (23.40 THB | YTD: -12.66%): Diversified beyond power—real estate, health, digital tech divisions. Q2 revenue: 28.3 billion THB, profit: 607 million THB. Just locked in solar PPA contracts with the government.

EA (7.80 THB | YTD: -81.36%): The bloodbath here masks real potential. This is the EV + battery play—Thai-made commercial EVs, charging infrastructure, Li-ion batteries. Revenue 10.4 billion THB, profit 1.4 billion THB. Down 81% YTD but analysts see 17.33 THB fair value.

SSP (5.90 THB | YTD: -25.62%): The growth story. Solar farms, rooftop solar, renewable projects across Asia. H1 revenue 1.7 billion THB, profit 327 million THB. Planning 30,000+ billion THB asset expansion across Southeast Asia this year. Maintained BBB+ credit rating.

CKP (3.70 THB | YTD: +19.02%): The comeback kid. Originally construction-focused, now diversified into hydroelectric, cogeneration, and solar via 6 subsidiaries. H1 revenue 5.1 billion THB (though net loss of 387 million THB). Up 19% YTD despite losses.

GUNKUL (2.80 THB | YTD: +2.86%): From 1 million THB startup to 30+ billion THB powerhouse. Focuses on renewable energy sales to government and private sectors. H1 revenue 5 billion THB, profit 761 million THB. New game-changer: peer-to-peer energy trading platform (Volt) launching soon with 9-10 products in development.

The Real Value Play

These aren’t glamorous, but they’re dependable. Power demand grows with GDP. Governments mandate clean energy targets. Long-term power purchase agreements lock in revenue for 10-20 years. This is the opposite of speculation—it’s infrastructure.

The renewable energy shift is real. Solar capacity expansion, EV charging networks, battery storage—these are structural tailwinds, not temporary hype. SSP and GUNKUL are particularly positioned for this transition.

How to Buy

Thai stocks (GULF, BGRIM, GPSC): Open a brokerage account with local brokers (Bualuang Securities, Kasikornbank Securities, etc.). Minimum order: 100 shares. STREAMING PRO and ASPEN are the go-to trading platforms.

International exposure: Use CFD brokers like MiTrade. Trade Thai power stocks (and global energy assets) with leverage. Minimum deposit $50, bonus $100 for new accounts, zero commission. You can practice with $50,000 virtual money first.

Bottom Line

Power stocks are the “defensive stocks” of emerging markets—boring but bulletproof. They’re not here for moonshots; they’re here for steady returns and capital preservation. In a portfolio shaken by crypto volatility and tech turbulence, these utilities provide ballast.

GULF’s 54% YTD gain shows these aren’t stagnant either. When the government commits billions to renewable infrastructure (which it is), the money flows to players like SSP, GUNKUL, and BGRIM. The momentum is real, the fundamentals are solid, and the long-term thesis is undeniable.

⚠️ Disclaimer: Investment carries risk. Past performance ≠ future results. Do your own research before putting money in.