#Than Hoon – We estimate net profit in 2023 and 2024 at 14,701 million baht and 16,647 million baht, respectively, with GULF getting a big boost from 1) start-up of IPP GPD power plants, units 1-4, generating Total 2,650MW (holding 70% 1,855MW) where unit 1 has been opened on 31 March 23 and units 2-4 will be gradually opened on 1 October 23, 31 March 24, 1 October 2024, respectively 2) revenue from THCOM business and intercommunication synergy 3) offshore wind project in Vietnam 4) revenue recognition from infrastructure business, renewable energy domestically and internationally and digital infrastructure business in the forecast
We maintain a ‘BUY’ recommendation with a 2023 target price of Bt63.00 based on SOTP. and benefits from low financial costs Including investing in many industries to diversify risks, however, the stock price in the short to medium term is affected by political policies. Either the reduction in the Ft value or the change in the structural policy on the country’s power reserve rate is good. which can affect the company’s income and the growth trend of the electricity production industry We therefore believe that the pressure will continue until the formation of the government is clear. Including the seriousness in the direction of enforcing the campaign policy of the Company’s Executives It was seen that the domestic manufacturing sector still needs a lot of clean energy. Therefore, supporting investment in the renewable energy industry is still necessary in the long term. In addition, management said that renewable power is not stable enough to replace all gas-fired power plants, so high power reserves are normal.
raw material cost volatility, control of production costs, natural gas prices which remain high and may decline more slowly than expected, delays in ongoing projects such as power plant construction plans Infrastructure construction plan and new investment plan
Introducing a “Knock” on technical factors Short-term alignment candlesticks do not create new lows and create higher ones. Tested through the 5-day and 13-day SMA, the trend reversal forms a U-Shape, the intraday support line stands at 49-48.75, the main support. 48.00 is a point to consider according to the model Increasing trading volume is a sign of progress, testing psychological resistance 50.00 / 51.50.
ASL recommendations
In the case of “getting shares”, holding / buying more, test the 50/51.50 resistance as a point to consider.
In case of “no stocks”, buy short term, focus on 49/48 support, it should not be lower than
