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).