GULF adds 3% “All-Time High” Broker indicates that this year’s budget grows by 60%. Increased power generation and profit sharing to support

The reporter reported that today (4 Jan 2022) the share price Gulf Energy Development Public Company Limited or GULF At 15:02, it was at 47.25 baht, an increase of 1.50 baht or 3.28%, with a peak of 48.50 baht and a low of 46.00 baht with a turnover of 2.86 billion baht.

DBS Vickers Securities stated in the analysis that profits in 2022 are expected to grow by leaps and bounds The new capacity will be added in Q4/21. In addition, the Gulf SRC (GSRC) Unit 2 has a capacity of 662.50 MW, which is a gas-fired IPP power plant. Started distributing electricity to the EGAT system as scheduled on October 1, 2021 (Unit 1 with a capacity of 662.50 MW has been paid into the system on March 31, 2021).

by GULF There will be new production capacity continually coming in 2022. GSRC 3rd and 4th units (662.50 MW each) will COD in March and October 2022. The Gulf PD (GPD) power plant with a total capacity of 2,650 MW will COD during 2023-2024 with a 25-year power sales agreement with EGAT.

also GULF signed a contract with Singtel Singapore to set up a data center in Thailand Aiming for a digital infrastructure business with strong growth potential

However, the operating results in 2022 are likely to grow outstandingly 55-60% from the same period of the previous year from (1) COD of several new power plants (2) Recognizing a share of profit from INTUCH, which holds 42.25% shares for the full year, and (3) Recognition of profit sharing from investment in Oman Phase 1 project

For a strategic recommendation, “Buy”. GULF Give a target price of 46.50 baht (IAA Consensus)

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