SUPER Jumps 7% as Set to Book 550MW Power Project-TRIS Upgrades Rating to “BBB”

The share price of Super Energy Corporation Public Company Limited (SUPER) rose ฿0.06/share or 6.59% to ฿0.97/share with a trading value of 790 million baht, recording a new high in 4 months.

 

Mr. Jormsup Lochaya, Chairman of the Board of SUPER, expected to commercialize another 550MW of its solar farm in Vietnam to boost its total capacity to 1,200-1,300MW, pushing its revenue in 2020 to record 15-20% growth. Meanwhile, “Tris Rating” upgraded its corporate rating from “BBB-” to “BBB” with a revision of outlook to “Stable”.

 

TRIS Rating upgrades the company rating on SUPER to BBB from BBB-, along with revising the rating outlook to Stable from Positive, reflecting a steady increase in SUPER’s operating cash flow, supported by its large and diverse portfolio of power-generating assets. The upgrade also incorporates the successful development of its sizable overseas investments.

 

SUPER stated that there are currently 3 solar plant projects under construction namely Loc Ninh 1-3 with a total installed capacity of 550MW, expecting to commence the COD by the end of this year. The company has a plan to advance in the wind power farm, targeting to increase the production capacity to 421MW and anticipating to start the COD by 4Q2021. Moreover, SUPER is set to boost its waste-to-energy plant portfolio by adding another 22MW from 2 upcoming projects.

 

Therefore, SUPER expects the company to continue growing in 2020 and 2021 due to   revenue recognition from sales of electricity from existing power plant projects and 3 Vietnam’s solar farms, pushing the revenue in 2020 to record 15-20% growth caused by an improving of total capacity to 1,200-1,300MW.