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Thai Equity - Bottom-up - Equities, Pi Securities PCL, 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>Last week analyst meeting came out in a neutral tone. The natural gas cost is expected to continue the rally and peak in 2Q22, which will continue to pressure </li>
<li>Expect 4Q21 earnings to drop both YoY and QoQ on the back of 1) seasonal weak IPP and SPP operation, 2) decline in SPP gross margin due to rising </li>
<li>We anticipate the earnings to gain momentum 2022 onwards. This will be mainly driven by the new acquisitions in 3Q21 viz., Avaada projects (1.9GWe in 2021-23 period), and CFXD offshore </li>
</ul>


Last week analyst meeting came out in a neutral tone. The natural gas cost is expected to continue the rally and peak in 2Q22, which will continue to pressure 
Expect 4Q21 earnings to drop both YoY and QoQ on the back of 1) seasonal weak IPP and SPP operation, 2) decline in SPP gross margin due to rising 
We anticipate the earnings to gain momentum 2022 onwards. This will be mainly driven by the new acquisitions in 3Q21 viz., Avaada projects (1.9GWe in 2021-23 period), and CFXD offshore 


GPSC: Weak 4Q21 Outlook from Rising Gas Cost