Yupapin Wangviwat, Chief Financial Officer of Gulf Development Public Company Limited (SET: GULF), revealed to “Kaohoon” that GULF recently secured a win in the first phase of a wind farm bidding process, covering a total capacity of 1,200 megawatts (MW).
The company has already signed contracts with the Electricity Generating Authority of Thailand (EGAT) for nine projects, amounting to a consolidated capacity of 622 MW, while agreements for the remaining projects are set to be finalized in due course.
GULF expects sustained growth in 2Q25, building upon the momentum from 1Q25, mainly driven by full revenue recognition from its Independent Power Producer (IPP) projects, which are all now commercially operational with a combined output of 5,000 MW, and from both units of the Hin Kong Power Plant with a total installed capacity of 1,540 MW.
Additionally, solar rooftop projects under GULF1 initiative are expected to ramp up operations, adding further revenue streams. Notably, the second quarter traditionally sees favorable wind conditions, providing a seasonal boost to electricity generation from wind power assets.
Moreover, in the three month period ended in June, GULF expects to record higher dividend yields following its increased shareholding in Kasikornbank (KBANK).
Looking forward to the full year 2025, GULF projects a robust 25% year-on-year revenue increase. This growth is supported by the gradual commercial operation launches of approximately 1,500 MW in new power plants including:
The HKP Unit 2, with an installed capacity of 770 MW, began commercial electricity sales as scheduled in January.
Several domestic ground-mounted solar farm projects.
Solar farms integrated with battery energy storage systems (BESS), totaling seven projects and a combined capacity of 597 MW, are planned to commence commercial operations towards year-end.
Meanwhile, the GULF1 solar rooftop program is expected to supply an additional electricity of approximately 100 MW to customers.
Bualuang Securities have revised up GULF’s long-term profit forecast by approximately 4-5% and raised their target price from THB 72.50 to THB 76 per share. The analysts estimate that GULF’s Debt-to-Equity (D/E) ratio will stand at 0.5x in 2Q25, providing the company with the capacity to take on an additional THB 1 trillion in debt. Over the long-term, GULF’s core profit is projected to achieve double-digit average growth over the next 10 years.
