Gulf Energy Development Public Company Limited (GULF) has grown day after day since breaking into business lines outside the energy group. Focus on digital infrastructure (Digital Infrastructure) by acquiring shares of Intouch Holdings Plc. (INTUCH), holding a total of 46.07% of shares, becoming the main shareholder. Leading to the recognition of profit sharing in the fourth quarter of 2021 for the first time, pushing the net profit for the year 2021 almost doubled to 7,670.30 million baht and the net profit is expected to continue to grow in 22-23 years.
And most recently, GULF purchased 450,870,934 shares of Thaicom Public Company Limited (THCOM), representing 41.13% of INTUCH and will tender offer the remaining 645,231,020 shares, representing 58.87%, the same price as the purchase price of ordinary shares. 9.92 baht per share, totaling 6,400.69 million baht, is expected to be completed within the first quarter of 2023 after the official submission of the tender starting tomorrow.
Brokers see that the digital infrastructure business (Digital Infrastructure) which has started to see more clarity from the acquisition of THCOM has been extended to the satellite business. and expansion to Digital Asset Exchange business through partnership with Binance, as well as partnership with Singtel and ADVANC to launch data center business (DATA Center) in Thailand The plan is expected to become clearer in Q1/66, which is very interesting . and should be able to add value to GULF in the future
while the energy business continues to grow from continuously increasing power generation capacity Commercial electricity distribution (COD) and acquisition of power plants (M&A) led to the year 2023 net profit continuously growing to a new record.
GPSC’s share price at 3:14 pm was 55.25 baht, an increase of 0.25 baht +0.45%, while the SET index was -0.51%.
โบรกเกอร์ คำแนะนำ ราคาเป้าหมาย(บาท/หุ้น)
หยวนต้า ซื้อ 66.00
เอเซียพลัส ซื้อ 65.00
โนมูระฯ Traging Buy 55.00
ฟินันเซีย ไซรัส ซื้อ 66.00
พาย ซื้อ 62.00
อินโนเวสท์ เอกซ์ ซื้อ 63.00
Mr. said Teethanat Jindarat, fundamental investment analyst at Yuanta Securities (Thailand), that THCOM will support GULF’s net profit in 2023 by 2% or 300-400 million baht (which is still not included in the net profit forecast in 2023), but in the long term, in the next 2-3 years, it is expected to be able to recognize more profit. from the sale of new satellites and an extension to the satellite business which should be seen more clearly in the future
In addition, GULF has also partnered with the Binance Group to jointly study and develop a business plan for Digital Asset Exchange in Thailand and other related businesses. It has established a joint venture called Gulf Binance Limited (Gulf Binance) (GULF holds 51% and Binance Capital Management holds 49%).
Currently, it has already applied for a license to operate a digital asset trading center (Digital Asset Exchange) from the Securities and Exchange Commission (SEC). Expected to receive a license Within the 1st quarter of 2023 and can start doing business immediately.
Mr Tee Thanat said that the digital asset exchange business (Digital Asset Exchange) if it happens as expected by the company. has a positive effect on profit depending on trading volume And the number of customers who will come to use the service, how many will there be? which still need to be monitored Including further work on the Gulf strategy in the said business. Because at the moment not many details have been seen.
However, such investments, although not reflected immediately this year. But it is considered a good value addition for the Gulf in the future. for business expansion
*Profits in 2023 remain high even without THCOM’s Digital Asset Exchange Business
Yuanta Securities estimates that GULF’s net profit in 2023 continues to grow to a new record (New High) continuously at 18,900 million baht from 2022, the net profit is expected to grow to 12,023 million baht, excluding THCOM and the center digital asset trading business (Digital Asset Exchange) to such estimates As it has no significant impact on short-term profits.
Growth in 2023 will still come from the power business according to the megawatt (MW) which has passed the eligibility criteria to participate in the renewable energy project in the form of the Electricity Feed-in Tariff (FiT) 2022-2030. The group has no fuel costs. The total production capacity is 5,203 megawatts. The first round can come and expect this technique. likely to be selected Will know the result on March 22, 2023
Although the new PDP plan is expected to be clear in the first quarter of 2023, it is expected that the government will be more open to buying electricity from renewable energy. To be consistent with Thailand’s Net Zero 2050 goal according to the global community. It is also supported by the recovery of power plants in the global market again. GULF is expected to have new projects in Europe and the United States after acquiring a 49% stake in the Jackson natural gas power plant project in the United States.
GULF continues to recognize profit sharing from INTUCH, expecting that in 2023 it will be able to realize approximately 5,000 million baht or 26% of the net profit forecast.
Regarding the performance in the fourth quarter of 2022, there is a New High chance of recognizing profit sharing from the 170 MW wind power plant in the share of 50% of the first full quarter of the investment by GUNKUL, the commercial. electricity distribution, commercial operation (COD) of the IPP power plant and entering the BKR2 season and COD of the 4th unit of GSRC for a full quarter of more than 660 MW, as well as recognizing additional profit from the sale of shares in the wind power station project on the sea. Germany Borkum Riffgrund 2 in the share of 50% to the Keppel Group, the sale value is 305 million euros or approximately 11 billion baht.
Performance trends in 1Q23 are expected to grow compared to the same period last year. Recognizing the Jackson project in a full quarter and the COD of additional IPP power plants in 2Q23, which is not included in the new capacity that will be added. of acquisitions (M&A) throughout the year
Recommend BUY with a target price of Bt66/share, well above the current share price.
