The new PDP plan unlocks over 1 trillion baht in clean energy investment. KKPS highlights GULF, STECON, and KTB as top stock picks.

Kiatnakin Phatra Securities assesses that Thailand's new power generation capacity development plan will be a key turning point for the energy sector, boosting new investment to over 1 trillion baht. It points out that power plant, industrial estate, construction, and banking sectors will benefit significantly, highlighting GULF, STECON, and KTB as top stock picks.

Date: 5 June 2569 Kiatnakin Phatra Securities (KKPS) A recent analysis report on Thailand's new Power Development Plan (PDP) has been released, highlighting the plan as a key driver of long-term investment in clean energy and the country's electricity infrastructure.

KKPS Thailand's electricity demand is projected to almost double from approximately 35 gigawatts (GW) currently to 74 gigawatts by 2050. This growth is primarily driven by the expansion of electric vehicles (EVs) and data centers, aligning with the country's goal of achieving net-zero greenhouse gas emissions by 2050.

The report indicates that investments under the new PDP plan will total more than 1 trillion baht, divided into approximately 994,000 billion baht for expanding new power generation capacity, around 200,000 billion baht for developing a smart grid system, and approximately 200,000 billion baht for installing rooftop solar power generation systems, provided the government can implement its supporting measures as targeted.

In the long term, KKPS also believes that the Thai energy sector will become more open to private sector participation, especially in Direct Power Purchase Agreements (Direct PPA). Currently, a pilot project of 2 gigawatts has begun to support the needs of data centers and the industrial sector, and this is expected to expand continuously in the future.

The industrial sectors that will directly benefit include power plants, industrial estates, construction contractors, and banks.

KKPS views Gulf Development Public Company Limited (GULF) as the biggest beneficiary in the power plant sector, given its status as the country's largest private power producer with a market share of approximately 27%, and its strong financial position to support new investments.

Meanwhile, STECON Group Public Company Limited (STECON) stands out in the construction sector due to its experience in constructing large-scale, hyperscale power plants and data centers.

Krung Thai Bank Public Company Limited (KTB) also benefited from increased demand for loans and financial services, particularly in the real estate sector.

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