Gulf Energy Development Public Company
GULF: Continued Growth Supported by New Power Plant COD
Equity Bottom-Up
198 Views, 19 May 2022 16:17
EXECUTIVE SUMMARY
- We maintain our BUY call with a target price of Bt58.0, derived using SOTP methodology, implying 51x PE’22E. The rising gas price has relatively lower impact on GULF’s earnings performance
- Positive 2Q22 and 2022 outlook,The revenue recognition from GSRC unit 1,2(COD in 2021), unit 3 commencing operation in 2Q22,along with equity income from INTUCH, should drive 2Q22 profit both YoY&QoQ.
- 27% power generation capacity expansion in 2022, including 1.3GW IPP gas power plant (TH), 100MW solar roof top (TH) and 128 MW offshore wind (Vietnam).
detail (15-minute read)
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