Stock dimension – Kasikorn Securities’ GULF notes that 4Q22 profit is expected to be 4.8 billion baht, up 57% YoY and 339% QoQ from 1) higher MWe, 2) higher Fx earnings and 3) Ft. We believe 1Q23 net profit will increase YoY from higher MWe and Fx earnings, while we expect net profit to be flat QoQ.
We recommend ‘Hold’ with a TP of 49.00 based on limited upside. GULF is currently expanding capacity and we expect its MWe to increase from 5.8 GWe at the end of 2022 to 9.9 GWe by the end of 2022. By the end of 2025, the main power plants expected to support GULF’s generation capacity include 1) GPD, an IPP with a capacity of 1.9 GWe, which we expect to gradually COD in 2023-24; 2) Hin Kong, an IPP with a Generation capacity of 686 MWe, which we expect COD gradually in 2024-25.
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