GULF : Weak Earnings in 2Q22 Due to FX Losses

GULF: INTUCH to Be Treated Under Equity Method 4Q21 Onwards

GULF: Huge Dividend Gain from INTUCH in 3Q21

GULF: 4Q21 Earnings Grew from INTUCH Profit Share

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Gulf Energy Development  / Equity Bottom-Up

<ul>
<li>We maintain our BUY call with a target price of Bt58.0, derived using SOTP methodology, implying 51x PE’22E. The rising gas price has relatively lower impact on GULF’s earnings performance </li>
<li>Positive 2Q22 and 2022 outlook,The revenue recognition from GSRC unit 1,2(COD in 2021), unit 3 commencing operation in 2Q22,along with equity income from INTUCH, should drive 2Q22 profit both YoY&amp;QoQ.</li>
<li>27% power generation capacity expansion in 2022, including 1.3GW IPP gas power plant (TH), 100MW solar roof top (TH) and 128 MW offshore wind (Vietnam).</li>
</ul>


We maintain our BUY call with a target price of Bt58.0, derived using SOTP methodology, implying 51x PE’22E. The rising gas price has relatively lower impact on GULF’s earnings performance 
Positive 2Q22 and 2022 outlook,The revenue recognition from GSRC unit 1,2(COD in 2021), unit 3 commencing operation in 2Q22,along with equity income from INTUCH, should drive 2Q22 profit both YoY&amp;QoQ.
27% power generation capacity expansion in 2022, including 1.3GW IPP gas power plant (TH), 100MW solar roof top (TH) and 128 MW offshore wind (Vietnam).


GULF: Continued Growth Supported by New Power Plant COD