Stocks in Focus on January 15, 2023: GULF and COCOCO

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on January 15, 2023.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Gulf Energy Development Public Company Limited (SET: GULF) with a target price at ฿56.50/share.

MST stated that the risk of interference in energy prices is believed to be more limited as the ERC has gradually increased electricity prices from January to April 2024, reaching 4.18 baht/unit compared to the original 3.99 baht/unit. Simultaneously, adjustments to the natural gas price structure, calculated on a single pool basis, are expected to have positive implications for lower SPP power plant costs, supporting increased profit efficiency.

GULF’s quarterly core profit is anticipated to reach its highest level over the next five quarters (4Q23-4Q24), propelled by the commencement of new COD projects.

The announcement of a new PDP plan this year could provide an upside to GULF’s forecast, especially if there is significant progress.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Thai Coconut Public Company Limited (SET: COCOCO) with a target price at ฿12.50/share.

The 4Q23 earnings outlook is projected to expand QoQ, despite being in a low season, buoyed by strong export sales, constituting approximately 80% of total sales, particularly in the Chinese market. Furthermore, the Gross Profit Margin (GPM) of the coconut water business is expected to rebound significantly compared to the previous quarter, following the company’s capacity increase in production at the end of the last year.

The 2024 estimated net profit from the Bloomberg Consensus stands at 710 million baht, reflecting a 34% YoY growth. This growth is notably more substantial than that of other companies in the beverage group, such as SAPPE, PLUS, where profits grow on average 15 times. Additionally, the Forward Price-to-Earnings Ratio (PER24E) for COCOCO is 18 times lower than that of PLUS, and SAPPE’s PER24E falls in the range of 20-23 times.