Mr. Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited (SET: GULF), stated regarding the economic outlook and his perspectives on Thailand’s political situation, noting that after the completion of the election, business sector and foreign investor confidence have obviously improved based on the expectation of government continuity and stability.
Overall, this is a very positive sign, as reflected by the notable increase in the Stock Exchange of Thailand (SET) Index. This is considered the best signal in a decade, as such a situation has rarely been seen before. He hopes this will be a good starting point and the hope of everyone.
Mr. Sarath added that with the continuity of the government, he is not very concerned about policy risks. However, the short-term worry is the “vacuum period” while waiting for the official certification of the election results and the delayed cabinet formation.
This delay might cause concerns that economic stimulus measures may be slowed down. Nevertheless, considering the work of the acting government, he anticipates there will be continuity and the situation will be well managed.
He further stated that everyone hopes the new government will bring stability and address current problems, as there have been many issues over the past 2-3 years, such as household debt, public debt, and rising household expenses. He anticipates that the new government will solve these issues, restore Thailand’s place on the world map, and attract increased foreign investment into the country.
Regarding energy, with the government’s policy to reduce electricity rates to ease people’s expenses, he stated that it may be time to restructure the energy system, as the current system has been in use for over 30 years.
However, the structure must reflect actual costs, the current economic situation, and current electricity usage. As for green energy policy, it is necessary to promote this as it aligns with global trends. However, it must be accepted that green energy cannot generate power 24 hours a day.
Mr. Sarath added that the liberalization of direct power purchase agreements (Direct PPA) is a positive sign, as many countries have already adopted this practice, and competition is beneficial to consumers. He stated this policy should proceed but must be implemented gradually, since there are several system points that need to be addressed.
For the 2026 energy business outlook, Mr. Sarath noted concerns about geopolitical issues that could cause oil price volatility, as well as global economic conditions. Domestic electricity rates are tied to global energy prices, so if international conflicts persist and the global economy slows, these will impact global energy prices and subsequently Thailand. Therefore, close monitoring is needed.
Mr. Sarath stated that GULF’s 2025 operating results showed a profit of THB 28.77 billion, growing by 33% in line with investment plans and company management. He aims that this performance will continue to grow sustainably.
Regarding the company’s acquisition of a 10.03% stake, or a value of THB 235.80 million, in Kasikornbank Public Company Limited (SET: KBANK), Mr. Sarath confirmed that it was a normal capital market investment to increase value for the company and shareholders. There is no restriction on buying a specific stock or buying more than a stipulated amount.
As for increasing the shareholding proportion if KBANK’s performance improves, he stated anything is possible. If the share price rises to an appropriate profit, the company may consider selling for profit, which is normal portfolio management.
