InnovestX Securities (INVX) noted that Gulf Development Plc (SET: GULF) posted a robust net profit of THB 8,852 million for 4Q25, surpassing its expectations by 7% and consensus by 26%.
The outperformance was driven partly by a one-off gain of THB 519 million from an acquisition, as well as strong profit contributions from Advanced Info Service (SET: ADVANC), in which GULF holds a 40.4% stake. Notably, core profit rose 69.5% year-on-year and 10.8% quarter-on-quarter, with ADVANC accounting for 59% of the figure. ADVANC itself saw a sharp profit surge of 73% YoY and 25% QoQ.
Additional profit drivers included the Jackson power plant in the US, which returned to profitability with THB 371 million in profit, a turnaround from a net loss in 4Q24, and increased contributions from GJP’s IPP and SPP plants and the Hin Kong unit 2 plant, which began full operation in January 2025.
The board of GULF approved a total dividend of THB 3.25 per share for the April–December 2025 period, notably higher than expected. This includes a regular dividend of THB 1.05 per share (70% payout of core EPS) and a special dividend of THB 2.20 per share, following a recent special payout from ADVANC. The stock will trade ex-dividend on 27 February 2026, with the payout scheduled for 7 May 2026.
Looking into 2026, GULF maintains a positive outlook, forecasting further growth driven by continued profit expansion at ADVANC (expected 10% growth), full-year recognition of elevated capacity payments, and ongoing progress in projects including solar farms, waste-to-energy plants, and new highway infrastructure.
GULF’s analyst meeting is set for 24 February. Market consensus remains positive, with recommendations to “Outperform” and continued share price momentum expected. The firm set a target price at THB 73.00 per share.
Additionally, analysts from CGSI set a target price at THB 66.50 per share, while Morgan Stanley, highlighting GULF’s solid strategic position and banking ambitions following its increased stake in KBank, set a target of THB 69.00 per share.
