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    Renewable Utilities
Sermsang Power Corporation Public Company Limited

Sermsang Power Corporation Public Company Limited

SSP.BK
Sermsang Power Corporation Public Company LimitedTH flagStock Exchange of Thailand
4.04
THB
-0.04
- -
5.05BMarket Cap
Sermsang Power Corporation Public Company Limited
SSP.BK
(Stock Exchange of Thailand)

Recent

price

4.04

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
0.24
0.71
0.28
0.46
0.72
1.32
2.09
2.28
2.24
2.67
2.5
2.51
Revenue per Share
-0.02
0.41
0.37
0.34
0.39
0.44
0.6
0.69
0.95
0.59
0.58
0.45
0.47
Basic EPS, GAAP
- -
0.1
-0.55
-1.39
-2.02
-1.17
-0.11
0.1
1.32
1.36
0.8
-0.82
-0.62
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.15
0.16
0.08
0.01
0.19
0.06
0.1
0.2
0.2
Dividend per Share
0.35
0.62
0.98
1.73
1.63
1.89
2.41
3.07
3.59
4.03
4.3
4.54
4.78
Book Value per Share
0.34
0.62
0.62
2.76
2.37
2.42
3.06
4.14
5.36
5.55
3.94
4.09
4.43
Tangible Book Value per Share
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
Basic Weighted Avg Shares
- -
293
869
284
560
882
1,616
2,597
3,117
3,072
3,466
3,146
3,138
Sales/Revenue/Turnover
- -
218.06
68.28
172.52
112.19
94.57
68.73
51.91
47.41
45.59
45.34
41.1
40.82
Operating Margin (%)
- -
- -
119
120
214
317
533
751
920
857
1,024
1,041
1,062
Depreciation Expense
-30
498
449
340
482
546
736
859
1,302
812
754
562
588
Net Income, GAAP
- -
- -
- -
2.37
0.36
2.17
2.66
6.56
2.9
9.8
9.39
8.39
7.35
Effective Tax Rate (%)
- -
170.19
51.62
119.75
86.02
61.84
45.56
33.08
41.76
26.44
21.77
17.87
18.75
Profit Margin (%)
-373
-113
174
1,018
868
103
603
-1,295
3,097
2,895
-803
102
266
Working Capital
1,849
2,178
3,251
4,062
6,868
8,783
10,183
11,415
11,770
10,603
11,479
14,826
15,342
LT Debt
431
794
1,297
3,422
3,858
4,005
4,804
6,374
8,277
8,467
8,100
7,947
8,454
Total Equity
- -
20.79
- -
7.41
6.52
6.47
7.08
6.78
6.9
6.07
6.46
4.85
4.7
Return on Invested Capital (%)
- -
20.9
- -
8.65
7.85
6.58
7.35
6.86
9.86
7.66
7.33
5.34
5.1
Return on Capital (%)
- -
83.64
45.61
23.09
25.76
25.21
27.88
25.35
29.82
15.55
13.58
9.97
10.11
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
2,565
2,647
2,601
LT Borrowings
13,239
14,108
14,619
LT Finance Leases
746
718
723
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,249
1,249
1,249
Market Capitalization
4,355
4,078
4,472

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
3,248
3,612
3,887
Cash, Cash Equivalents & STI
2,095
1,505
2,458
Accounts Receivable, Net
522
713
748
Inventories
35
28
31
Total Current Liabilities
3,001
3,510
3,621
Payables & Accruals
372
774
966
ST Debt
2,565
2,647
2,601
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

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

FRC

•

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
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

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

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

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