On Wednesday at 11:27 AM (Bangkok time), the share price of B.Grimm Power Public Company Limited (SET: BGRIM) increased by 2.30% or THB 0.50 to THB 22.20, with a trading value of THB 338.67 million.
Yuanta Securities noted that the continuous growth of BGRIM’s share price in the past week could mainly be attributed to the support from short covering, while, according to the data from the Stock Exchange of Thailand (SET) on June 25, 2024, there were 4,108,600 million shares of BGRIM outstanding short positions.
Moreover, the price was also supported by the government’s Direct Power Purchase Agreement (Direct PPA) policy, offering power plant stocks increased opportunities for electricity sales. However, the analyst also cautions investors to diligently track early-stage developments, as well as the medium and long run as competition may intensify.
The analyst gave a target price for BGRIM at THB 29.25 per share.
