GPSC: Overseas Expansion and ESS Business to Drive Growth

GPSC: 34% Capacity Expansion from New Overseas Investment

GPSC: New Capacity Addition to Drive 2H21 Earnings

GPSC: 3Q20 Earnings to Grow YoY While Remain Flat QoQ

GPSC: 2Q20 Earnings to Grow from IPP Seasonality

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)

<p><strong>Last week analyst meeting came out in a positive tone. We maintain the BUY rating with a target price of Bt89.0, derived using DCF methodology (WACC of 4.5% and TG 1%). Our valuation implies 31x PE’21.</strong></p><div>• Expect 1Q21 earnings to remain flat both YoY &amp; QoQ.</div><div></div><div>• Positive 2021 earnings outlook as we expect a 9.0% YoY EPS growth on the back of Improving GPM from lower SPP gas cost, better XPCL contribution and escalating synergy benefits from GLOW,</div><div></div><div>• S-curve from new ESS business. 30MWh battery pilot plant set to COD in 2Q21.</div>

Last week analyst meeting came out in a positive tone. We maintain the BUY rating with a target price of Bt89.0, derived using DCF methodology (WACC of 4.5% and TG 1%). Our valuation implies 31x PE’21.• Expect 1Q21 earnings to remain flat both YoY &amp; QoQ.• Positive 2021 earnings outlook as we expect a 9.0% YoY EPS growth on the back of Improving GPM from lower SPP gas cost, better XPCL contribution and escalating synergy benefits from GLOW,• S-curve from new ESS business. 30MWh battery pilot plant set to COD in 2Q21.

Global Power Synergy Company Ltd

GPSC: Eyes on New S-Curve ESS Business