Stocks in the news (bgrim, cpf, gpsc, groreit, gulf, scb, ssp, top) 02.09.26
Company news
B.Grimm Power PCL is a Thai independent power producer supplying electricity and steam from gas-fired SPP/IPP plants and a growing renewable book (solar, wind and hydro) in Thailand and overseas. Cash flow is driven by contracted capacity payments, industrial steam and Ft/gas spreads; the share has rerated in 2026 from a depressed December 2025 print as new capacity and a firmer power tape came through.
| Market Cap (THB): 51.68B | Market Cap (USD): ~$1.56B (at ~THB 33.20/USD) |
| Current Price: THB 19.80 (as of 2 September 2026 last sale) | 52-Week Range: THB 10.30-21.40 |
| P/E Ratio: 34.9 (TTM) | P/BV: 1.52x |
| Dividend Yield: 2.1% (latest indicated) | Avg Daily Value: THB 200M-800M |
BGRIM — Split the group into four units and labelled the shift “Energy Tech”: BeyondBridge (DIaaS off the 216.76 km microgrid), B.Grimm INET (smart-estate JV), Digital Edge B.Grimm (96 MW Chonburi hyperscale DC, ~45% built, ฿26bn, first bits late-69, 300 MW target by 2573), plus the GreenLeap renewables book aimed at 10,000 MW / >50% RE by 2573.
BGRIM positions for PDP 2026 and data-center demand — BGRIM is restructuring its business into four platforms covering digital infrastructure, smart industrial estates, hyperscale data centers and regional clean energy. The move positions the company to capture opportunities from the new PDP and rising electricity demand from data centers. Its Chonburi hyperscale data center is targeted to begin partial operations in late 2026, while BGRIM targets 10,000MW of contracted capacity by 2030, with more than half from renewables.
Charoen Pokphand Foods PCL is Thailand’s integrated agro-industrial and food group, spanning livestock and aquaculture feed, farming, processing and branded food across Thailand and overseas platforms. Earnings swing with livestock and shrimp cycles, feed costs and baht commodity prices; the name screens as a high-yield SET50 staple trading below book after a modest year-to-date grind higher.
| Market Cap (THB): 188.50B | Market Cap (USD): ~$5.68B (at ~THB 33.20/USD) |
| Current Price: THB 23.10 (as of 2 September 2026 last sale) | 52-Week Range: THB 18.10-24.00 |
| P/E Ratio: 12.5 (TTM) | P/BV: 0.78x |
| Dividend Yield: 5.4% (latest indicated) | Avg Daily Value: THB 350M-900M |
CPF — Unit CPFFB (99.99% owned) is taking 51% of Brewfactory (BREW), a Surin bottled-water/mineral plant, for ฿334.7m. 43.6% bought today for ฿235.3m; another ฿99.4m of new shares within 30 days. BREW becomes a subsidiary.
Comment: That’s an interesting development. He who controls the water…
Global Power Synergy PCL is PTT group’s power flagship, running gas-fired IPP/SPP plants, cogeneration and a rising renewable and energy-storage book, with customers across industry and EGAT. Earnings mix contracted capacity with merchant/Ft exposure and associate income; the 2026 rerating tracks a stronger power tape and the option of further PTT asset injections and data-centre load.
| Market Cap (THB): 143.12B | Market Cap (USD): ~$4.31B (at ~THB 33.20/USD) |
| Current Price: THB 50.75 (as of 2 September 2026 last sale) | 52-Week Range: THB 30.00-55.75 |
| P/E Ratio: 20.9 (TTM) | P/BV: 1.34x |
| Dividend Yield: 3.7% (latest indicated) | Avg Daily Value: THB 350M-800M |
GPSC — Transfer of TOP’s Energy Recovery Unit missed the 31 Aug long-stop (build not finished). GPSC/ERU and TOP will talk again on 30 Oct. GPSC said that is not a waiver of rights under the asset-purchase deal.
Comment: See below.
Grande Royal Orchid Hospitality REIT with Buy-Back Condition owns the Royal Orchid Sheraton hotel on the Chao Phraya in Bangkok under a structure that includes a sponsor buy-back feature. Distributions track hotel occupancy, room rates and F&B; the unit is a small-cap SET hospitality REIT with a mid-single-digit indicated yield and light daily turnover versus the large-cap names in this snapshot.
| Market Cap (THB): 2.74B | Market Cap (USD): ~$82M (at ~THB 33.20/USD) |
| Current Price: THB 8.70 (as of 2 September 2026 last sale) | 52-Week Range: THB 7.00-9.35 |
| P/E Ratio: 9.5 (TTM) | P/BV: 0.92x |
| Dividend Yield: 6.4% (latest indicated) | Avg Daily Value: THB 0.3M-4M |
GROREIT seeks THB1.35bn debt extension — GROREIT is negotiating with GSB to extend repayment of THB1.35bn after ROH failed to exercise its agreed buyback of the Royal Orchid Sheraton Bangkok hotel. The trust is seeking an extension to address the repayment and potentially pave the way for the CB trading suspension to be lifted.
Comment: This is a mess, who’s responsible for it reaching this stage, OneAM? Or just good ol fashioned incompetence?
Gulf Development PCL is Thailand’s leading independent power producer after the Gulf–Intouch amalgamation, owning gas-fired IPP/SPP plants, LNG and a growing renewable book, plus a strategic stake in ADVANC. Earnings mix gas-spread power cash flow with telecom associate income; the 2026 rerating reflects both the combination and a firmer power and infra bid, even after a pullback from the late-August highs.
| Market Cap (THB): 915.08B | Market Cap (USD): ~$27.56B (at ~THB 33.20/USD) |
| Current Price: THB 61.25 (as of 2 September 2026 last sale) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 24.1 (TTM) | P/BV: 2.72x |
| Dividend Yield: 1.7% (latest indicated) | Avg Daily Value: THB 2.0B-3.5B |
GULF: 135MW of Thai solar projects commence operations — GULF’s two solar projects in Suphan Buri, with combined contracted capacity of 135MW, commenced commercial operations on 1 September and will supply EGAT under 25-year PPAs. The projects comprise a 68MW solar farm and a 67MW solar farm with battery storage. GULF expects another four solar projects totaling 235.6MW of contracted capacity to achieve COD in November–December 2026, supporting its renewable capacity ramp-up.
Comment: Had a kid pitch GULF as a short to me the other day, liked the idea of it…
SCB X PCL is the listed holding company for Siam Commercial Bank, spanning corporate, SME and retail lending, deposits, cards, wealth, insurance and digital platforms. It is a core SET50 financials name trading around book with a high indicated yield after an interim dividend declaration; 2026 performance has been a mid-single-digit grind rather than the sharper rerating seen in some power names.
| Market Cap (THB): 510.56B | Market Cap (USD): ~$15.38B (at ~THB 33.20/USD) |
| Current Price: THB 151.50 (as of 2 September 2026 last sale) | 52-Week Range: THB 125.00-160.00 |
| P/E Ratio: 11.7 (TTM) | P/BV: 1.02x |
| Dividend Yield: 6.6% (latest indicated) | Avg Daily Value: THB 1.2B-3.0B |
SCB and FWD launch new wealth-focused insurance product — SCB and FWD Life Insurance launched Multi Asset 14/6 (Index Linked), targeting mass-affluent and HNW customers with a combination of life protection, guaranteed returns and index-linked upside. The launch supports SCB’s focus on expanding bancassurance and wealth-management solutions.
Sermsang Power Corporation PCL is a regional renewable IPP with solar, wind, biomass and waste-to-energy plants in Thailand, Japan, Vietnam, Mongolia and Indonesia, plus solar-roof installation, investment/consultancy and a flexible-packaging sideline. The share trades below book with a mid-single-digit indicated yield after a solid 2026 recovery from the December 2025 close.
| Market Cap (THB): 6.31B | Market Cap (USD): ~$190M (at ~THB 33.20/USD) |
| Current Price: THB 5.05 (as of 2 September 2026 last sale) | 52-Week Range: THB 3.00-5.25 |
| P/E Ratio: 9.5 (TTM) | P/BV: 0.81x |
| Dividend Yield: 4.1% (latest indicated) | Avg Daily Value: THB 2M-10M |
SSP — Closed the sale of the 34.5 MW Yamaga solar farm in Japan. Special gain booked in Q3/69. Still has three Japan solar plants (56 MW) and ~420 MW of new RE to COD over the next 2–3 years.
Thai Oil PCL is Thailand’s largest oil refiner, operating the Sriracha complex and related aromatics, lube-base and power assets inside the PTT group. Earnings track refining margins (GRM), oil-price inventory effects and utilisation; the share has nearly doubled year-to-date from a depressed December 2025 close as crack spreads recovered, and it still screens on a low-single-digit TTM multiple.
| Market Cap (THB): 144.39B | Market Cap (USD): ~$4.35B (at ~THB 33.20/USD) |
| Current Price: THB 64.75 (as of 2 September 2026 last sale) | 52-Week Range: THB 33.00-68.75 |
| P/E Ratio: 4.6 (TTM) | P/BV: 0.82x |
| Dividend Yield: 2.7% (latest indicated) | Avg Daily Value: THB 1.3B-2.0B |
TOP: GPSC has announced that its planned acquisition of Thai Oil’s (TOP) Energy Recovery Unit — first approved at the 2019 AGM, to be bought via wholly-owned subsidiary ERU Co — has stalled. The conditions precedent under the Asset Purchase Agreement, notably completion of construction of the ERU itself, were not met by the 31 August 2026 long-stop date, so Closing (transfer of ownership) did not occur. GPSC and TOP are now in talks on how to proceed, targeting a conclusion by 30 October 2026. Critically, GPSC has expressly reserved all of ERU’s rights under the APA — signalling it is protecting itself against the delay rather than simply waiving terms.
Comment: This is amusing….especially as they’re under the same group. So in a nutshell this was signed in 2019….cost blow out, TOP is on the hook not GPSC…TOP needs GPSC to provide the power/steam for CFP so GPSC has TOP by the ballz.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| BGRIM.BK | $1.56B | 19.80 | 34.9 | 1.52x | 2.1% | ▲ +40.4% | View → |
| CPF.BK | $5.68B | 23.10 | 12.5 | 0.78x | 5.4% | ▲ +6.0% | View → |
| GPSC.BK | $4.31B | 50.75 | 20.9 | 1.34x | 3.7% | ▲ +41.0% | View → |
| GROREIT.BK | $82M | 8.70 | 9.5 | 0.92x | 6.4% | ▲ +17.6% | View → |
| GULF.BK | $27.56B | 61.25 | 24.1 | 2.72x | 1.7% | ▲ +46.7% | View → |
| SCB.BK | $15.38B | 151.50 | 11.7 | 1.02x | 6.6% | ▲ +9.0% | View → |
| SSP.BK | $190M | 5.05 | 9.5 | 0.81x | 4.1% | ▲ +55.9% | View → |
| TOP.BK | $4.35B | 64.75 | 4.6 | 0.82x | 2.7% | ▲ +79.9% | View → |
Sources: SET, Yahoo Finance, company IR and market data as of 2 September 2026 last sale. USD figures = THB market cap ÷ 33.20. Tickers queried as .BK. Not investment advice.
Corporate events
XD today — MJLF ฿0.18. CTARAF XN ฿0.1330. Rest is DRs (AMKR03, AMKR23, NETEASE80, PINGAN01, PINGAN80).
Pays today — 2S ฿0.12; 3BBIF ฿0.14; AAI ฿0.1416; KIAT ฿0.02; ML ฿0.11112 plus 1:2 stock.
Still open — FMT tender, 27.72m shares at ฿18, through 17 Sep. CIMBT, GLAND and LRH last-trade window starts tomorrow (3 Sep) ahead of delist on 12 Sep.
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