On Thursday, the share price of Global Power Synergy Public Company Limited (SET: GPSC) closed at THB 42.00, a THB 2.00 or 5.00% increase with a total trading value of THB 371.75 million.
Phillip Securities (Thailand) projects a recovery in the second-half earnings outlook for GPSC, supported by the upcoming high season for hydropower plants in Laos (Lao PDR). Additionally, in 3Q25, GPSC is expected to book a special profit from partial share divestments in AVAADA (India) and TSR (Thailand), with post-tax gains anticipated to total approximately THB 850 million.
The research team at Phillip Securities also notes a positive macroeconomic backdrop characterized by an easing monetary policy in Thailand, where the current policy interest rate is at 1.50%. Analysts see the possibility of one more rate cut this year to 1.25%.
Similarly, KGI Securities (Thailand) highlights GPSC’s strong 3Q25 outlook, identifying it as the “peak season” for the company. KGI points to additional upside from economic stimulus measures in India, where GPSC is invested in solar energy projects. The research team expects the third quarter profits to show significant quarter-on-quarter growth, marking a peak for the year.
KGI analysts further underscore a broadly positive sentiment, fueled by both India’s economic stimulus measures and other positive factors, such as lower interest expenses (driven by a downward trend in rates) and reduced energy costs. Valuation remains favorable, with GPSC currently trading at a Price-to-Book Value (PBV) of just 0.97 times, making it an attractive proposition for investors as multiple tailwinds converge for the rest of 2025.
