GPSC : Rising Gas Prices Dragged 3Q22 Earnings

GPSC: Weak 4Q21 Outlook from Rising Gas Cost

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

GPSC: 1Q22 Earnings Hit by Low SPP Margin

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

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Equity Bottom-Up

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul>
<li>We maintain the HOLD rating based on a target price of Bt69.0,derived using DCF methodology (WACC 5.7% and TG 1%),implying 32x PE’23E.Our valuation reflects weak SPP operations outlook in 2022</li>
<li>Expect the 2Q22 earnings to improve QoQ,from 1) better SPP margin backed by upward Ft adjustment 2) Full quarter profit recognition from GE phase 5 after maintenance shut down (3Q21-1Q22)</li>
<li>Full year 2022 outlook remains weak, as we expect the EPS to shrink by 37%.YoY due to continued pressure on SPP margins from high fuel cost. We are more positive </li>
</ul>


We maintain the HOLD rating based on a target price of Bt69.0,derived using DCF methodology (WACC 5.7% and TG 1%),implying 32x PE’23E.Our valuation reflects weak SPP operations outlook in 2022
Expect the 2Q22 earnings to improve QoQ,from 1) better SPP margin backed by upward Ft adjustment 2) Full quarter profit recognition from GE phase 5 after maintenance shut down (3Q21-1Q22)
Full year 2022 outlook remains weak, as we expect the EPS to shrink by 37%.YoY due to continued pressure on SPP margins from high fuel cost. We are more positive 


GPSC: Improving Earnings Performance from Tariff Adjustment