On Thursday at 10:30 AM (Bangkok time), the share price of Global Power Synergy Public Company Limited (SET: GPSC) jumped by 5.44% or THB 2.00 to THB 38.75, with a trading value of THB 411.90 million.
Kasikorn Securities (KS) has assigned a target price of THB 43.00 per share for GPSC, supported by its projected net profit for the first quarter of 2026 at THB 1.55 billion—an increase of 36% year-on-year and 3% quarter-on-quarter. This performance is primarily attributed to a stronger gross profit margin (GPM), lower operating costs, and a turnaround to post exchange rate gains of approximately THB 250 million.
However, revenue for the period is expected to decline by 22% year-on-year and 14% quarter-on-quarter due to a reduction in the Feed-in Tariff (Ft) and weaker electricity sales to the Electricity Generating Authority of Thailand (EGAT), notably impacted by the full-quarter maintenance shutdown of the GHECO-1 power plant. Despite this, sales of electricity and steam to industrial customers have shown seasonal recovery.
Kasikorn noted that a potential easing of the Middle East conflict could provide positive momentum for the power plant business, as gas input costs are likely to moderate in the forthcoming period.
