GPSC : Rising Gas Prices Dragged 3Q22 Earnings

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

GPSC: 1Q22 Earnings Hit by Low SPP Margin

GPSC: Improving Earnings Performance from Tariff Adjustment

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul>
<li>We maintain our HOLD rating due to limited upside following the rise in gas cost in 2H22. GPSC’s 2Q22 net profit doubled QoQ to Bt684m (-70%YoY),in line with our expectations.</li>
<li>2Q22 earnings improved QoQ but dropped YoY GPSC’s 2Q22 net profit improved QoQ to Bt684m (-70% YoY, 118% QoQ). The results came out in line with our expectations.  </li>
<li>GPM in 2Q22 improved to 5.4% QoQ (vs 2.6% in 1Q22) while worsened YoY (18.3% in 2Q21).  </li>
</ul>


We maintain our HOLD rating due to limited upside following the rise in gas cost in 2H22. GPSC’s 2Q22 net profit doubled QoQ to Bt684m (-70%YoY),in line with our expectations.
2Q22 earnings improved QoQ but dropped YoY GPSC’s 2Q22 net profit improved QoQ to Bt684m (-70% YoY, 118% QoQ). The results came out in line with our expectations.  
GPM in 2Q22 improved to 5.4% QoQ (vs 2.6% in 1Q22) while worsened YoY (18.3% in 2Q21).  


Global Power Synergy Company Ltd

GPSC : 2Q22 Earnings Recovered QoQ