GPSC: Improving Earnings Performance from Tariff Adjustment

GPSC : Rising Gas Prices Dragged 3Q22 Earnings

GPSC: New Capacity Addition to Drive 2H21 Earnings

GPSC: Weak 4Q21 Outlook from Rising Gas Cost

GPSC: High Fuel Cost to Pressure SPP Margin in 1H22

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

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Equity Bottom-Up

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul>
<li>GPSC reported 1Q22 net profit of Bt313m (-84%YoY, -73% QoQ),an all time low. The result came out lower than our expectation, mainly dragged by the slump in SPP margins due </li>
<li>The gross profit margin in 1Q22 fall to an all time low of 3%,compared to 20% in 1Q21 and 8% in 4Q21, following the rise in natural gas fuel cost</li>
<li>We turn negative on GPSC 2022 earnings outlook,the SPP margins are expected to remain under pressure in 1H22 and gradually pick up 3Q22 onwards as the fuel price begins normalizing.</li>
</ul>


GPSC reported 1Q22 net profit of Bt313m (-84%YoY, -73% QoQ),an all time low. The result came out lower than our expectation, mainly dragged by the slump in SPP margins due 
The gross profit margin in 1Q22 fall to an all time low of 3%,compared to 20% in 1Q21 and 8% in 4Q21, following the rise in natural gas fuel cost
We turn negative on GPSC 2022 earnings outlook,the SPP margins are expected to remain under pressure in 1H22 and gradually pick up 3Q22 onwards as the fuel price begins normalizing.


GPSC: 1Q22 Earnings Hit by Low SPP Margin