On Monday at 10:23 AM (Bangkok time), the share price of Global Power Synergy Public Company Limited (SET: GPSC) rose by 1.83% or THB 0.75 to THB 41.75, with a trading value of THB 209.81 million.
Land and Houses Securities (LHS) wrote that despite an expected rise in natural gas costs by approximately 10-15% quarter-on-quarter in the second quarter of 2026—which may put pressure on SPP margins—the impact is anticipated to be offset by increased sales of electricity to industrial users.
Additionally, the performance of the GHECO-One power plant is expected to improve as a result of the absence of maintenance shutdowns, allowing associated revenue from availability payments to resume.
Looking further into 2026, GPSC is forecast to benefit from improved year-round earnings at GHECO-One. Profits are projected to increase by around THB 600 million, supported by a reduction in coal loss mismatch charges and higher profit sharing.
Following these, LHS gives a ‘Buy’ recommendation on GPSC, with a target price of THB 49.00 per share. This valuation is based on a projected 2026 price-to-earnings ratio of 22x and a price-to-book ratio of 1.2x.
