Stocks in Focus on November 10, 2023: GULF and PTTEP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on November 10, 2023.


KGI Securities (KGI) gave an “Outperform” rating on Gulf Energy Development Public Company Limited (SET: GULF) with a target price at ฿55.00/share.

KGI stated that GULF’s 3Q23 net profit of Bt3.36bn (+17% QoQ, +210% YoY) met its estimates, but beat the street. Core profit was Bt4.20bn (+18% QoQ, +94% YoY), pushing 9M23 core profit to Bt10.1bn (+68% YoY). KGI foresaw 4Q23F core profit rising QoQ.

KGI maintained its Outperform rating with a target price of Bt55.00. The stock should gain positive sentiment from the reversal in bond yields, US$/THB, and oil prices.


Maybank Securities (Thailand) (MST) gave a “BUY” recommendation on PTT Exploration and Production Public Company Limited (SET: PTTEP) with a target price at ฿194.00/share.

Crude oil prices dropped over 6% this week, driven by concerns about the Chinese economy. However, MST anticipated that existing production controls by OPEC+ and Russia will mitigate the downside.

Looking ahead to 2023-2024, PTTEP’s production is poised for robust growth at a CAGR of 11.5%, surpassing the global oil and gas production growth. This is attributed to 1.) increased renewals in the Gulf of Thailand, particularly in the Erawan gas field, and 2.) growth from new projects abroad. From a valuation perspective, the current price trades at a 9x PER, below the 5-year average, with the added support of a high dividend yield of 6% per year.