We maintain BGRIM (BUY; FV THB 22) as our Top Pick in the power sector, given its highest sensitivity to declining natural gas costs and the resulting recovery in SPP margins. GPSC (BUY; FV THB 56) should also benefit from the same trend, although to a lesser extent. GULF (BUY; FV THB 80) remains attractive based on its strong fundamentals and sizeable project backlog, despite more limited direct benefits from lower fuel costs.

Attached Documents :

Energy-PowerPlant20261105.pdf