Krungsri Securities has identified Gulf Development (SET: GULF) as a high-conviction “Buy” with a target price at THB 59.00, positioning the stock as a core infrastructure play with deep value as global markets continue their recovery.
The brokerage highlights GULF’s strategic pivot toward defensive growth, capitalizing on Thailand’s emerging infra-tech trends and solidifying its role as a market leader—especially ahead of the anticipated 2026 general election.
Key themes driving the call include sector rotation from cyclical/tech to defensive growth and yield plays, with GULF among the biggest beneficiaries. Notably, the current downtrend in interest rates—reflected in falling Thai bond yields—acts as a key tailwind, lowering GULF’s cost of capital and supporting a valuation re-rating. Krungsri notes that GULF’s share price remains laggard compared to the quality of its assets and long-term income visibility.
GULF is also entering a profit recovery cycle, driven by new power plant projects coming online and anticipated synergies across its expanding ecosystem—spanning power, gas, infrastructure, and digital infra. Margins are expected to improve as gas costs stabilize, further strengthening earnings momentum.
With its robust asset base and clear catalysts for both the short and medium term, Krungsri recommends “Buy” on GULF, setting a trading range with key support at 41.25/40.75 baht, resistance at 43.25/44 baht, and a stop loss at 40 baht.
