Yesterday (February 4), the Stock Exchange of Thailand (SET) Index became lively again after foreign capital returned with net purchases totaling THB 2.16 billion. The buying pressure focused on big-cap stocks, led by Gulf Development Public Company Limited (SET: GULF) and Advanced Info Service Public Company Limited (SET: ADVANC), which became key driving forces, significantly supporting the market index.
Ms. Yupapin Wangviwat, Chief Financial Officer of GULF, told “Kaohoon” that the company’s board meeting on February 17 will propose the dividend payment for the 2025 period. Whether there will be a special dividend depends on the board’s decision, after the company has received both regular and special dividends from ADVANC amounting to over THB 30 billion.
Maybank Securities (Thailand) estimates that GULF has an opportunity to increase dividend payments after ADVANC announced a higher payout ratio. This will enable GULF, as a shareholder in ADVANC, to recognize increased profit sharing and cash flow significantly.
It is anticipated that the special dividend from ADVANC will boost GULF’s cash position to around THB 90 billion, strengthening its financial position and increasing flexibility for future capital management. This factor has resulted in a positive outlook for the stock and supports the prospect of GULF’s share price reacting positively due to expectations of higher dividends in the future.
Additionally, Krungsri Securities (KSS) views the opportunity for special dividends positively, as GULF’s cash will increase after receiving the special dividend from ADVANC, up from around THB 53 billion at the end of 3Q25.
These factors further strengthen the company’s cash flow and enhance readiness to raise debt to support investments in data centers and renewable energy power plant projects under development. Moreover, the significantly improved stability in cash flow also increases the possibility that the company may adjust its dividend policy.
In the short term, GULF’s normalized operating profit for 4Q25 is expected to be THB 7.54 billion, a 59% increase YoY and up 4% QoQ, continuing to set new records. Major contributors include rising profit shares from investments, especially from ADVANC, the Jackson Project, and the BKR2 Project.
For the outlook in 1Q26, normalized operating profit is expected to continue reaching new highs in a stepwise growth pattern, driven by key factors such as the continued strong performance of ADVANC, commencement of commercial operation of a 354-megawatt solar power plant project in late 4Q25, and profit contributions from the Jackson Project.
The recommendation remains “BUY”, with GULF selected as a top pick in the sector. The 2026 target price is set at THB 59.00 per share, reflecting the company’s short- and medium-term drivers from new project investment opportunities, establishing it as one of the firms that best embodies Thailand’s new economic structural growth, especially in the data center business.
GULF’s 2026 performance outlook is also expected to remain clearly positive, making this an opportune moment for stock revaluation as the current price continues to trade below historical averages and has yet to fully reflect sector uptrend potential and the visibility of future profits.
