บทวิเคราะห์ (Research)

RATCH successfully turned its net profit upward from 3-year downtrend to uptrend in 2024, driven by the acquired Paiton coal-fired power plant and the additions of new capacity lineup that will continue into 2033E. More impressive strategic outcome is RATCH’s strong and growing EBITDA, which has been standing above THB5.2b thanks to the strong EBITDA from RAC in Australia, effectively enabling RATCH to pay high dividends in the past decades to offer a protection for shareholders. We initiated coverage on RATCH with BUY and a SoTP TP of THB33, applying different WACC for each new projects to reflect different risk-rewards. We believe RATCH is one of the most attractive power plays in SET given 1) RATCH’s visible and long-term secured capacity growth of 16%; 2) higher-margin and lower-risk capacity growths overseas; 3) potential EPS upsides from debt raised to fund M&As for further growth; and 4) attractive valuation trading at 13x 2025E P/E.