TRIS Rating affirms the company rating on Gunkul Engineering Public Company Limited (SET: GUNKUL) at BBB+ with a stable outlook. The rating mirrors the reliability of earnings from the power business, GUNKULs competitive strengths in the electrical equipment business, and merits from vertical integration. However, the rating is tempered by the more challenging environment of the power industry and associated risks of non-power businesses. The rating also recognizes the execution risks of the company’s new ventures in the hemp and cannabis business.
