Maybank Securities (Thailand) has named Gulf Development Public Company Limited (SET: GULF) its weekly top pick, issuing a “Buy” rating with a target price of THB 68.00, implying roughly 7.09% upside from the stock’s reference price of 63.50 baht.
In its weekly equity note dated August 31, 2026, the brokerage laid out three key reasons behind its bullish call on the energy and utilities heavyweight.
Maybank pointed to the Energy Regulatory Commission’s move to open the draft 2026 Power Development Plan (PDP) for public hearing on September 8, with the house view that GULF stands to receive the largest allocation among independent power producers (IPPs) once the plan is finalized.
The brokerage highlighted GULF’s expanding growth engines beyond conventional IPP and small power producer (SPP) operations, including a broadening renewable energy portfolio spanning solar, wind and hydropower, as well as the company’s push into the data center business.
Maybank expects GULF’s core profit to continue growing year-on-year in the third quarter of 2026, supported by newly commercial-operation-date (COD) renewable energy projects ramping up production capacity alongside higher IPP sales volumes.
Maybank forecasts a return on equity (ROE) of 9.5% for FY2026, with dividend yields projected at 2.5% for FY2026 and 2.6% for FY2027. The brokerage firm set its support level at THB 63.00, resistance at 68.00 baht, and a stop-loss at THB 61.00.
Separately, Globlex Securities echoed the constructive view on GULF in a company update dated August 26, 2026, maintaining a “BUY” rating with a sum-of-the-parts target price of THB 82.00, implying upside of roughly 30% from the share price of THB 63.25 at the time of writing.
Globlex highlighted that on August 24, 2026, GULF secured funding for three new wind farm projects worth a combined 11.7 billion baht — Esan Clean Energy in Mukdahan (90MW), Alpha One in Chumphon (48MW), and Alpha Two in Prachuap Khiri Khan (70MW) — adding 208MW of capacity with commercial operations targeted for 2027 under 25-year power purchase agreements with EGAT. The brokerage noted these wind assets form part of GULF’s broader 7.6-gigawatt renewable pipeline under construction, alongside 9.8GW of committed capacity and 2.2GW currently operating as of the second quarter of 2026.
Like Maybank, Globlex flagged the upcoming Power Development Plan 2026 as a major catalyst, arguing GULF could capture more capacity than the market’s expected 2-3 gigawatts once the plan clears its public hearing in September, given the company’s scale advantage in both renewable and conventional gas-fired generation, as well as new Direct PPA and Independent Power Supplier schemes that would let GULF sell electricity directly to data center customers.
The brokerage also pointed to GULF’s hydropower holdings in Laos, which remain sizable at 3,142MW even after the divestment of a majority stake in the Pak Lay plant earlier in 2026, and cited growing contributions from the company’s infrastructure and digital businesses, including its stake in ADVANC, as additional supports for its BUY call.
