In this briefing:
1. GUNKUL (GUNKUL TB): Solar to Drive Top-Line Growth
- Good payout ratio, good growth in core profit, and strong long-term sales growth relative to its sector
- Acquisition of 49% stake in a 30MW solar farm in Malaysia with a commercial operation date (COD) set for 1Q20 to support revenue growth
- High volume of solar rooftop installation projects planned for Charoen Pokphand Foods Pub (CPF TB) and other private firms to boost GUNKUL’s construction revenue
- Attractive at 19CE* PEG ratio of 0.5 relative to ASEAN Industry at 1.6
- Risk: Lower than expected electricity demand, unfavorable weather conditions
* Consensus Estimates
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