GPSC: New Capacity Addition to Drive 2H21 Earnings

GPSC: Weak 4Q21 Outlook from Rising Gas Cost

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

GPSC: Overseas Expansion and ESS Business to Drive Growth

GPSC: 3Q20 Earnings to Grow YoY While Remain Flat QoQ

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<p><strong>We maintain the BUY recommendation, while  revise up the target price by 7% to Bt95.0, incorporating the Bt6.0/sh contribution from investment in Avaada Energy (India). Our valuation is derived using DCF methodology (WACC of 5.3% and TG 1%), implying 30x PE’22E.</strong></p><div>• GPSC announced investment of Bt30bn in overseas renewable energy projects, including Bt15bn for 41.65 stake in Avaada energy India (1.6GWe) and another Bt15bn for 25% stake in Ci Changfang &amp; Ci Xidao Taiwan (149MWe).</div><div></div><div>• Net positive view on the investment as both the projects deliver an EIRR above 8% (GPSC’s average). We include the contribution of Bt6.0/sh from Avaada to our valuation, while Bt2.5/sh from Taiwan project is left as an upside due to late deal closure (2Q22)</div>

We maintain the BUY recommendation, while  revise up the target price by 7% to Bt95.0, incorporating the Bt6.0/sh contribution from investment in Avaada Energy (India). Our valuation is derived using DCF methodology (WACC of 5.3% and TG 1%), implying 30x PE’22E.• GPSC announced investment of Bt30bn in overseas renewable energy projects, including Bt15bn for 41.65 stake in Avaada energy India (1.6GWe) and another Bt15bn for 25% stake in Ci Changfang &amp; Ci Xidao Taiwan (149MWe).• Net positive view on the investment as both the projects deliver an EIRR above 8% (GPSC’s average). We include the contribution of Bt6.0/sh from Avaada to our valuation, while Bt2.5/sh from Taiwan project is left as an upside due to late deal closure (2Q22)

GPSC：新たな海外投資により生産能力が34%拡大