Stocks in Focus on November 17, 2023: GPSC and ICHI

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on November 17, 2023.


Maybank Securities (Thailand) (MST) gave a “BUY” recommendation on Global Power Synergy Public Company Limited (SET: GPSC) with a target price at ฿57.75/share.

MST stated that the value of Thai baht has strengthened by 1%, reaching 35.2 baht/USD, which is favorable for GPSC, given its foreign currency debt. Additionally, the price of Brent crude oil has sharply dropped by 4.36%, reaching its lowest point in almost four months, presenting a positive outlook for energy costs.

Furthermore, in terms of the reference electricity price, The Energy Regulatory Commission has initiated a hearing for a potential increase in the electricity bill. The lowest proposed case of 4.68 baht is higher than both the current electricity bill and MST’s assumption for next year at 3.99 baht. Should this occur, it would be viewed as an upside to MST’s profit estimate for next year.

From a valuation perspective, the company is currently at PER24F of 23.3x and PBV24 at 1.17x, which is considered an inexpensive level as it is below the 5-year historical average.


Pi Securities (PI) gave a “BUY” recommendation on Ichitan Group Public Company Limited (SET: ICHI) with a target price at ฿18.00/share.

PI stated that it had a positive view on ICHI’s 4Q23-2024, boosted by the recovering demand in the ready-to-drink tea market, while the utilization rate could reach 73% in 2023 and 75% in 2024 from only 60% in 2022. 3Q23 earnings (+71% YoY and 28% QoQ) at 328 million baht was ICHI’s record high.