The share price of Banpu Power Public Company Limited (BPP) rose ฿0.90/share or 4.74% to ฿19.90/share as of 15:41 local time in Thailand, with a trading value of 552 million baht.
Thailand National Electric Vehicle Policy Committee hastened the plan to boost use of electric vehicles, targeting the country to go full EV by 2035.
The committee ordered the establishment of four subcommittees to focus on build and development of a proper ecosystem for EVs. Also promoting the production for EV and battery.
LH Securities recommended “Speculative Buy” on BPP with a target price of ฿21.20/share, seeing a positive sentiment from government’s electric vehicle roadmap. Furthermore, the analyst expected new production capacity in Shanxi Lu Guang (SLG) power plant in China will significantly ramp up BPP’s earnings in 2021-2022.