B.Grimm Power Bets on Offshore Renewables for Growth, Trims Target Price to THB16

BANGKOK – B.Grimm Power (BGRIM) is banking on offshore renewable energy projects to drive strong earnings growth, even as it trims its valuation outlook. The company maintained its BUY rating, projecting a robust three-year EPS CAGR of 20% between FY2025–28, supported by the commercial operation of 623MWe in projects under development.

The energy firm cut its end-FY2026 target price by 16% to THB16, citing a lack of progress on 559MWe worth of South Korean projects that were removed from forecasts. Still, progress on two offshore wind farms in South Korea, the Nakwol 1 and 2 projects, remains on track, with COD expected between late 2025 and 2027.

B.Grimm Power – Renewables

B.Grimm has also added 133MWe of solar projects in Malaysia and 128MWe in the Philippines to its pipeline, further diversifying its international portfolio. Revised assumptions for Thailand’s domestic power tariff boosted FY2025–27 earnings forecasts by up to 28%.

Meanwhile, the company is eyeing future upside from a planned 48MW data center in partnership with Digital Edge in Thailand. If operational by FY2028, the project could lift earnings by 9%.

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