On Thursday at 11:05 AM (Bangkok time), the share price of Gulf Development Public Company Limited (SET: GULF) surged by 4.63% or THB 2.50 to THB 56.50, with a trading value of THB 2.90 billion.
Finansia Syrus Securities (FSS) views Gulf Development (GULF) as one of the stocks that is only minimally affected by the US-Iran war, which has resulted in rising energy prices.
This is because most of the company’s power plants are independent power producers (IPP), allowing them to pass on the increased costs. Additionally, GULF enjoys a solid share of profits from its associate, Advanced Info Service (ADVANC), which serves as another main profit base.
In the short term, it is expected that GULF’s 1Q26 profits will remain strong, supported by new solar power production capacity that achieved commercial operation date (COD) at the end of 2025, while ADVANC’s profit outlook remains robust. Full-year 2026 profit is forecast to grow by 28% year-on-year.
Following these, the brokerage recommends a ‘Buy’ rating on GULF, with a target price of THB 67.50 per share.
