In the stock dimension – Liberator Securities revealed that the research department has a positive view on GULF, with Q2/2023 earnings expected to grow both qq and yy, driven by revenue recognition of power plants that started COD, including Expected higher gross margins from electricity sales to industrial users, in line with higher ft.
The share price in the past has already responded to the negative factors from the risks of political policies. Recently, the chances that the Progressive Party will lead the government have begun to decrease. After the voices supporting Khun Pita from Senator, there are only 13 people. Recommend “Buy”, target 60 baht.
On the side of “Dao Securities” revealed that Q2/2023 results showed normal profits growing YoY, QoQ from new projects. Estimate Q2/23 normalized profit at 3.8 billion baht (+22% YoY, +2% QoQ), driven by 1) full-quarter revenue recognition from new projects, GPD unit 1 (IPP) 663MW, 2. Margin. Better SPP from lower gas price to 403 baht/MMBTU (-19% QoQ), which is still better than impact from Ft adjustment to 0.91 baht/min (from 1.55 baht/unit last quarter. )
3. Higher share of profits from INTUCH following ADVANC’s recovery offset negative factors 1) BKR2 and JV GUNKUL wind power plants entering the low season and 2) losses from the Jackson project continue to be recognized as a BUY target. 60 baht
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2023-07-14 02:25:48
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