The share price of Global Power Synergy Public Company Limited (SET: GPSC) at the time of 11.03 a.m. was at THB 40, a THB 1.5 or 3.9% increase with a total trading value of THB 268.06 million.
J.P. Morgan has reiterated its Overweight rating on GPSC, with a target price of THB 41, citing resilience in earnings and a surprising increase in dividend payouts despite operating in a historically weak quarter.
GPSC posted a 4Q25 headline net profit of THB 1.5 billion, marking a 14% quarter-on-quarter decline but a robust 50% increase year-on-year. This result aligned broadly with market consensus. After adjusting for non-recurring items—including a THB 515 million gain on a bargain purchase of Ratchaburi Power (RPCL) and a THB 291 million foreign exchange loss—core earnings for the quarter stood at THB 1.3 billion, down 4% sequentially yet up 27% versus the previous year, also in line with analysts’ expectations.
The company’s operational performance reflected seasonal weakness, particularly in its Independent Power Producer (IPP) and Small Power Producer (SPP) segments, along with reduced contributions from Lao’s Xayaburi Power Plant (XPCL). However, these headwinds were partially offset by stronger results from Changfang and Xidao offshore wind farm (CXFD) and narrower losses at Avaada Energy, GPSC’s renewable power platform in India.
For the full year, GPSC’s core earnings reached THB 5.5 billion, representing a sizable 28% year-on-year increase, and was roughly 10% higher than J.P. Morgan estimates.
A key highlight was the company’s dividend declaration. The board approved a 2H25 dividend per share of THB 0.95, more than double the THB 0.45 DPS paid in 2H24. This brings the full-year 2025 dividend to THB 1.45 per share, translating to a payout ratio of approximately 64% and an annualized yield of about 3.8%.
J.P. Morgan has reaffirmed its Overweight stance on GPSC, highlighting the company’s solid core earnings outlook and enhanced shareholder returns as strong investment points.
