บทวิเคราะห์ (Research)

We maintain a negative outlook on the power sector due to structural challenges, weak earnings, and an uncertain tariff outlook. Despite a decline in share prices, power stocks remain unattractive, with low PBVs and weak growth prospects. SPPs, particularly B. Grimm Power (BGRIM.BK/BGRIM TB)*, face weaker demand amid economic slowdown and trade war tensions. The ongoing tariff reduction risks, coupled with inflation and investment difficulties, further depress sentiment. While Gulf Energy Development (GULF.BK/GULF TB)* is our top pick for 2Q25F, we maintain our Neutral sector rating and remain cautious, as current valuations do not yet present a compelling entry point for most stocks given the outlined risks