Perfect Chance to “Buy the Dip” for BGRIM at the Lowest Price in 3 Months!!
BGRIM has fallen at the lowest price in three months. Brokers all recommend to "BUY" as the company will be starting to realize an income from COD in succession.
21 พ.ย. 2561

B.GRIMM Power Public Company Limited (BGRIM) has fallen to ฿24.90/share at 16:00, decreased 3.30%, the lowest in three months since August 15, 2018, having 57% upside from the previous target price at ฿39.00/share.
 
LH Securities recommends “BUY” in its analysis, giving the target price at ฿30.00/share. BGRIM reported ฿795 million of profit from its 3Q18 performance, while the income from the operation was 533 million (exclude deficit from FX-14 and profit from BGYSP), decreased 8% YoY.
The profit in 3Q18 was due to:
1) BGRIM received fully three-months income from the 74MW ABPR4 power plant that previously started its feeding on June 2018.
2) BGRIM received higher demand from consumers, 7% QoQ from EGAT and 4% QoQ from the industrial group.
 
Meanwhile, the ongoing projects for the total of 478 MW are as follows:
1) 83% completion of 31 MW Solar Power Plant for State Agencies and Agricultural (BGRIM holds 100%), expecting COD in December.
2) 93% completion of 15 MW Nam Che Hydro Power Plant (BGRIM holds 72%), expecting COD in 2Q19.
3) 30% completion of 420 MW Solar Power Plant DTE1&amp;2 (Xua Cau). BGRIM holds 55% of its share and expects the COD in June 2019.
4) 5% completion of 257 MW Phu Yen Solar Power Project (BGRIM holds 80%) in Vietnam, expecting COD in June 2019.
 
As for the ABP1 Power plant and  ABP2&amp;BPCL1 that the contract for operation will be expired on 2019 and 2022, respectively, are being discussed and waiting for approval from the Energy Policy and Planning Office on whether the contract to be replaced and extended.
 
Earlier, KTB Securities has recommended “BUY” for BGRIM’s shares at ฿39.00/share as BGRIM remains the top pick in power plant stocks with constant growth over 40% per year. While the CAGR on 2017-2022 will be supported by power plants with a total capacity of over 1.1 GW (+96% from current capacity) that will be starting to realize an income from COD in succession.
KTB Securities sees that the share is undervalued and now is the opportunity for speculation.
 