On Wednesday at 10:20 AM (Bangkok time), the share price of Gulf Energy Development Public Company Limited (SET: GULF) jumped by 5% or THB 2.00 to THB 42.00, with a trading value of THB 498.49 million.
Kasikorn Securities (KS) stated that GULF received a positive sentiment following its announcement of a partnership to co-invest in the cloud business with Google. This marks the commencement of a strategic alliance focusing on cloud services, cybersecurity, and AI in Thailand for the promotion of digital transformation and innovation. The project is scheduled to be launched by mid-2025.
Moreover, KS highlighted that GULF’s data center business could benefit from the Thai government’s policies supporting direct Power Purchase Agreements (PPA) in the medium and long term. This move could enable GULF to directly supply clean energy through direct PPA agreements.
The analyst expected GULF’s 2Q24 earnings momentum to be positive in both QoQ and YoY, while the company’s 2024 earnings is projected to grow by 20%. KS gave a base price for GULF at THB 55.5 per share.
