INVX 7/4/2566 :

Prefer MAKRO AOT BDMS vs Cut target price/ Earnings of CPF to Bt 26, 1Q'66 loss -1,200 mil./ Today XD SCC Bt 2/SIRI 382.15 mil.from W8 trade /SIRI to replace STARK in SET 100 / DELTA AGM meeting for par split approval

Monday 10/4/2566 XD BANPU Bt 0.75/ BPP Bt 0.30

Today US Good Friday Holiday

ERC announced the result of new RE power plants with total

capacity of 4,852.26MW, comprising 49% for solar farm, 20% for solar farm plus battery energy storage and 31% wind. This fell short of its plan of 5,203MW as no winner for biogas power plants (335MW).

BGRIM announced that it won 339.3MW in this round (161.26MWe), mainly for solar farm. This is equivalent to 6% of current equity MW and the power projects will gradually commence operation in 2026-2030.

GPSC won 16MW (2 solar farm projects). The company plans to re-submit projects which are not selected in this round when the next bidding is opened.

Comment: We view that the impact of this RE result on listed companies under our coverage is mixed. Though this could be a slight catalyst for share price, earnings contribution remains to be seen. The key risk is the actual timing of PPAs to be signed which could delay the startup of the projects. Our top pick for the sector remains GULF, whether or not it could win this RE projects given its strong portfolio and projects in the pipeline.