The share price of Gulf Energy Development Public Company Limited (SET: GULF) rose THB2.25/share or 4.59% to THB51.25/share as of 11.50 local time in Thailand, with a trading value of THB2,095 million.
Maybank Securities (Thailand) (MST) expects GULF’s 2022 earnings to grow +45% YoY, the most outstanding among the power plants under its coverage. In 2022, total capacity rises 33% to 5,045MW, focusing more on alternative energy. It will increase around 200-400MW next year. Increasing gas prices has limited impact. (Income from the Industrial Estate is only 10% of the total). Recommend “BUY” with a target price of THB52.00.
