GPSC: 1Q22 Earnings Hit by Low SPP Margin

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Equity Bottom-Up

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul>
<li>Last week analyst meeting came out in a neutral tone. we see the overhang from rise in fuel cost (in 2021) to remain till 2H22, and later recover </li>
<li>Expect the 1Q22 earnings to improve QoQ,from 1)Slightly improved SPP margin from upward Ft (tariff) adjustment and  2) Increasing IU sales. However, spike in fuel cost would drag SPP margins</li>
<li>We are more positive on 2H22,2023 outlook,as we expect a 15% EPS growth in 2023 from recovering SPP margins, Increased IU sales volume, and higher share of profit from Avaada</li>
</ul>


Last week analyst meeting came out in a neutral tone. we see the overhang from rise in fuel cost (in 2021) to remain till 2H22, and later recover 
Expect the 1Q22 earnings to improve QoQ,from 1)Slightly improved SPP margin from upward Ft (tariff) adjustment and  2) Increasing IU sales. However, spike in fuel cost would drag SPP margins
We are more positive on 2H22,2023 outlook,as we expect a 15% EPS growth in 2023 from recovering SPP margins, Increased IU sales volume, and higher share of profit from Avaada


GPSC: High Fuel Cost to Pressure SPP Margin in 1H22