1. Thailand Stocks

  2. •

    Utilities

  3. •

    Alternative power generation
Sermsang Power Corp. Public Co. Ltd.

Sermsang Power Corp. Public Co. Ltd.

7.60
THB
-0.10
(-1.30%)
0.54EPS
7.46P/E
4.95BMarket Cap
Nov 16Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
- -
0.24
0.71
0.28
0.46
0.72
1.32
2.09
2.28
2.24
2.67
2.5
2.59
Basic EPS, GAAP
-0.02
0.41
0.37
0.34
0.39
0.44
0.6
0.69
0.95
0.59
0.58
0.45
0.53
Free Cash Flow per Basic Share
- -
0.1
-0.55
-1.39
-2.02
-1.17
-0.11
0.1
1.32
1.36
0.8
-0.82
-0.97
Dividend per Share
- -
- -
- -
- -
0.15
0.16
0.08
0.01
0.19
0.06
0.1
0.2
0.33
Book Value per Share
0.35
0.65
1.01
2.7
2.88
3.08
3.64
4.54
5.66
5.9
5.96
6.06
6.21
Tangible Book Value per Share
0.34
0.62
0.57
2.16
2.1
2.24
2.79
3.59
4.97
5.28
3.63
3.82
3.75
Basic Weighted Avg Shares
1,227
1,227
1,227
1,003
1,227
1,227
1,227
1,243
1,367
1,373
1,297
1,256
1,249
Sales/Revenue/Turnover
- -
293
869
284
560
882
1,616
2,597
3,117
3,072
3,466
3,146
3,235
Operating Margin (%)
- -
218.06
68.28
172.52
112.19
94.57
68.73
51.91
47.41
45.59
45.34
41.1
40.38
Depreciation Expense
- -
- -
119
120
214
317
533
751
920
857
1,024
1,041
1,100
Net Income, GAAP
-30
499
449
340
482
546
736
859
1,302
812
754
562
663
Effective Tax Rate (%)
- -
- -
- -
2.37
0.36
2.17
2.66
6.56
2.9
9.8
9.39
8.39
6.44
Profit Margin (%)
- -
170.19
51.62
119.75
86.02
61.84
45.56
33.08
41.76
26.44
21.77
17.87
20.49
Working Capital
-373
-113
174
1,018
868
103
603
-1,295
3,097
2,895
-803
102
-47
LT Debt
1,849
2,178
3,251
4,062
6,868
8,783
10,183
11,415
11,770
10,603
11,479
14,826
16,186
Total Equity
431
794
1,297
3,422
3,858
4,005
4,804
6,374
8,277
8,467
8,100
7,947
8,162
Return on Invested Capital (%)
- -
20.79
- -
7.41
6.52
5.94
7.38
6.78
8.6
6.15
6.46
4.85
4.84
Return on Capital (%)
- -
20.79
- -
7.57
6.58
5.8
6.63
6.2
8.69
6.67
6.56
4.91
4.84
Return on Common Equity (%)
- -
81.38
44.09
14.94
14.09
14.91
17.84
16.6
19.06
10.28
9.62
7.39
8.76

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2,647
2,601
2,321
LT Borrowings
14,108
14,619
15,448
LT Finance Leases
718
723
738
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,249
1,249
1,249
Market Capitalization
4,046
4,471
4,945

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,612
3,887
3,176
Cash, Cash Equivalents & STI
1,505
2,458
1,846
Accounts Receivable, Net
713
748
673
Inventories
28
31
45
Total Current Liabilities
3,510
3,621
3,223
Payables & Accruals
774
966
851
ST Debt
2,647
2,601
2,321
Deferred Revenue
- -
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
32.24%
11.72%
-1.89%
Free Cash Flow
31.32%
184.23%
-198.69%
Net Income, GAAP
5.37%
-0.4%
-25.46%
Sales/Revenue/Turnover
45.03%
16.57%
-9.21%
Total Cash Common Dividend
- -
492.51%
94.45%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
823
816
846
981
3,466
2025
893
634
742
877
3,146
2026
884
731
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.15
0.1
0.09
0.24
0.58
2025
0.19
-0.01
0.09
0.18
0.45
2026
0.21
0.05
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.1
- -
- -
0.1
2025
- -
0.2
- -
- -
0.2
2026
- -
0.32
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Varut Tummavaranukub
Full Time Employees
43
Sector
Utilities
Industry
Alternative power generation
Address
325/14 Lan Luang Road Bangkok BM Thailand 10300
IPO Date
Sep 27, 2017
Website
sermsang.com
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Business
Sermsang Power Corporation Public Company Limited (SSP.BK) is a Thailand-based holding company that invests in subsidiaries generating and distributing electricity from renewable energy sources including solar farms, wind farms, biomass power plants, and municipal waste-to-energy facilities; it also provides solar rooftop solutions through power purchase agreements and engineering, procurement, and construction services, alongside other sustainable investments such as flexible packaging. The company operates projects across Thailand, Japan, Vietnam, Mongolia, Indonesia, the Philippines, and Taiwan, selling electricity to state utilities, publicly traded entities, and industrial users, with a total capacity exceeding 400 megawatts from approximately 30 solar farm, wind farm, biomass, waste-to-energy, and rooftop projects. Founded in 2010 and headquartered at 325/14 Lan Luang Road, Bangkok, Thailand, SSP maintains subsidiaries like Winchai Co., Ltd. (fully acquired in March 2024), Sermsang Infinite Co., Ltd., Plus Energy Co., Ltd., and Access Energy Co., Ltd. Recent developments include the issuance of its first Green Bond worth 2,000 million baht in February 2025 to enhance financial flexibility; a Green Loan facility of 3,140 million baht from the International Finance Corporation and Sumitomo Mitsui Banking Corporation in June 2025 for the 45-megawatt Romklao Wind Farm refinancing and expansion; financial close achievement in July 2025 for two 9.9-megawatt municipal waste-to-energy plants in Surat Thani and Nakhon Ratchasima provinces; and the launch of the "To Infinity and Beyond | Sermsang Power Innovation 2025" initiative to drive operational innovation.